U CO BANK, BOLANGIR Vs. BIPIN BIHARI PANSARI

JUDGEMENT

(1.) The appellant in this second appeal questions the judgment and decree passed by learned Subordinate Judge, Balangir (as then) in T.S. No. 5 of 1983 confirmed by learned Addl. District Judge, Balangir in the first appeal under section 96 of the Code of Civil Procedure which stood numbered as Title Appeal No. 71/57 of 1991-92.

(2.) For the sake of convenience, in order to bring in clarity and avoid confusion, the parties hereinafter have been referred to as they have been arraigned in the trial court.

(3.) The plaintiff-Bank's case is that cash credit facility has been granted to the extent and limit of Rs.50,000/- to one Madhusudan Pansari with minimum interest of 15.5% per annum for the purpose of cloth business run in the name and style of M/s. Sarita Clothes Store. Said Madhusudan Pansari is thus said to be the debtor. This defendant for the purpose of said cash credit facility is said to have stood as guarantor. It is stated that the defendant had mortgaged the property described in the schedule of the plaint as collateral security for smooth recovery of the outstanding dues on account of said cash credit facility to Madhu Sudan, in case of default in due payment by the debtor which in the case has been done.