NARAYAN Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Defendant is Appellant in this appeal.

(2.) Two questions arise for consideration in this appeal : (1) Whether the limitation is to be condoned? and (2) Whether there is any merit in this first Appeal ?.

(3.) Plaintiff advanced loan of Rs. 92,347.45 paise to defendant for purchasing a tractor on 11.11. 1991 on execution of necessary documents by plaintiff. Loan was given for development in agricultural sector within the category of agricultural loan. This loan was to he paid in 60 monthly instalments. interest on the loan was at 12.5. per cent per annum with periodical rests. defendant purchased a tractor and went on paying different amounts from 4.1.1992 to 29.6.1987. When further payment was not made, plaintiff filed a suit for realisation of balance loan with interest amounting to Rs. 1,35,246.41 paise. Prayer was made to decree the suit for realisation of amount with pendente we and future interest at contractual rate.