ANIL CHANDRA DEBNATH Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This appeal is directed against the judgment and decree dated 27-7-1993 passed by the learned Asst. District Judge,West Tripura, Agartala in Title Suit No.16 of 1991.

(2.) We have heard Mr. A.C. Bhowmik, learned counsel for the appellant. Also heard Mr. S. Deb, learned Sr. Counsel assisted by Mr. S.N. Bannerjee, learned counsel for the respondent Bank.

(3.) The aforesaid title suit was filed by the State Bank of India, Agartala Branch againstthe appellant. The appellant borrowed a sum of Rs.1,45,000 on 15-7-1981 for purchassing a TATA Chasis for transport business. But the respondent-Bank having granted loan asked the appellant to enter into an agreement creating equitable mortgage of immovable property and accordingly the appellant entered into an agreement creating equitable mortgage over his landed property. The loan money having been disbursed, the appellant purchased a Lorry bearing No.TRL-2881 and the said Lorry was also remained hypothecated against the loan. Since the appellant in default in repaying the loan amount with interest at agreed rate, the respondent -Bank having served notice filed the suit. The learned trial Court having recorded the evidence decreed the suit for an amount of Rs.2,18,902.81 p. and also decreed for a payment of interest @ Rs. 12.5%p.a. over the decretal amount till realisation of the same. It was also directed by the learned trial Court that in the event of failure of the appellant to repay the decreetal amount within a period of six months, the hypothecated Lorry bearing No. 2881 and the mortgaged properly as shown in schedule-B of the plaint be sold for satisfaction of the decretal amount.