SWADESH CHANDRA DUTTA Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This appeal is directed against the judgment and decree dated 16-3-93 passed by the Assistant District Judge, West Tripura district in T.S. No. 89 (Mort.) of 1989.

(2.) We have heard Mr. K. N. Bhattacharjee, learned senior counsel assisted by Mr. R. Debnath, learned counsel for the appellants as well as Mr. S. Deb, learned senior counsel along with Mr. S. N. Bannerjee, learned counsel for the respondent-Bank.

(3.) The undisputed facts are that the appellant No. 1 (defendant No. 1) approached the plaintiff-respondent for Bank loan of Rs. 1,44,900/- for purchasing a TATA chassis. The loan was sanctioned on 9-5-81. Before securing the loan, the defendant No. 1 also executed a deed of agreement for medium term loan and also executed some valuable documents in favour of the plaintiff. The defendant No. 2 stood as a guarantor and deposited her title deed in favour of the plaintiff by creating equitable mortgage. In the agreement it was stipulated that the amount shall be repaid by 40 instalments commencing from August, 1981. It was also agreed that the defendant No. 1 will pay the interest upon the loan amount till realisation of the full amount and the said vehicle will remain hypothecated to the plaintiff-Bank. The defendant No. 1 having failed to repay the loan amount by instalments as stipulated in the agreement, the plaintiff-Bank filed a suit on 17-11-89 claiming Rs. 3,33,881.10 including the interest as on 17-11-89.