JAYANARAYAN MOHANTA Vs. RATNAKAR MOHANTY AND ORS.

JUDGEMENT

(1.) IN this appeal the appellant has challenged the judgment and decree respectively dated 17.08.1993 and 31.08.1993 passed by the learned Sub -ordinate Judge, Baripada in Money Suit No. 23 of 1988.

(2.) THE appellant -plaintiff filed the aforesaid suit for realization Rs. 1,75,085.41 with pendente lite and future interest from defendant No. 1.

(3.) DEFENDANT No. 2, the Branch Manager, OSFC filed a written statement stating that defendant No. 1 purchased the bus availing loan from the OSFC and hypothecated the bus in its favour and as such the vehicle in question was kept as first charge with the OSFC, for which the agreement between the plaintiff and defendant No. 1 without the consent of the OSFC is not enforceable in law. Therefore, the OSFC rightly got the vehicle transferred to defendant No. 3, who agreed to liquidate its dues. Defendant No. 3 has again hypothecated the vehicle in favour of OSFC on 24.09.1987 as security for repayment of the loan with interest.