USHARANI PANDA Vs. SUBASH CH. PANDA AND ORS.

JUDGEMENT

(1.) The unsuccessful plaintiff has preferred this appeal challenging the judgment and decree passed by the learned District Judge, Dhenkanal in R.F.A. No. 43 of 2008 confirming the judgment and decree passed by the learned Additional Civil Judge (Senior Division) Dhenkanal in C.S. No. 274 of 2006 dismissing the suit of the plaintiff.

(2.) The plaintiff's suit is for recovery of sum of Rs. 78,026/- from the defendant No. 1 (respondent No. 1) together with the interest at the rate of 18% per annum with effect from the date of maturity of the sum invested in fixed deposit accounts lying with the defendant No. 2 till payment.

(3.) The defendant No. 1 however contested the suit. It is stated that he being an unemployed person and a distant relation of the plaintiff, a proposal was given by the plaintiff and her husband for managing their business. The defendant No. 1 then agreed that they would be investing the money in equal proportion for the business and would be getting the profit proportionately shared. It is his further case that the husband of the plaintiff persuaded him to make loan application for extension of money for business development. Accordingly, the Bank authorities were consulted and they demanded for security deposit for grant of such loan in shape of a cash credit facility with the defendant No. 2 up to a limit of the sum of Rs. 60,000/-. It is stated that the amount from out of the loan account had been invested in the business. He at the same time denies involvement in the matter of practicing any fraud upon the plaintiff in getting those signatures on the printed forms with false assurance and getting those pledged and about misutilisation of those in the way as afore stated.