GAUTAM NANDI Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This appeal under Section 96 of the Code of Civil Procedure is directed against the judgement dated 22-12-94, passed in Title Suit (Mortg.) No. 1 of 1994 and the decree dated 2-1-1995 drawn thereon by the learned Additional District Judge, Belonia, South Tripura.

(2.) The defendant-appellant No. 1 took a sum of Rs. 1,75,000/- as loan from the respondent Bank refundable with interest @ 15% per annum by mortgaging the properties mentioned in the schedule to the plaint. The defendant-appellant failed to liquidate the entire loan amount along with the interest and this led the respondent Bank to institute the suit for a decree for realisation of a sum of Rs. 2,25,017/- payable at the time of institution of the suit with declaration of charge over the properties mentioned in Schedule A and B to the plaint. On conclusion of trial, the learned Additional District Judge passed the judgment and decree as aforesaid with a direction to the appellants to liquidate the decretal amount within a period of six months on condition that in case of default the plaintiff-respondent would be entitled to interest at the rate of 15% per annum. Being aggrieved thereby, the defendant-appellants have preferred this appeal on various grounds against the preliminary decree as enumerated in the Memorandum of Appeal.

(3.) We have heard Mr. A. C. Bhowmik, learned counsel for the defendant-appellants as well as Mr. S. Deb, learned senior counsel for the respondent Bank.