BANK OF BARODA Vs. SHANTI CONDUCTORS PVT LTD

JUDGEMENT

(1.) Heard Mr. P. C. Deka, learned Senior counsel, assisted by Mr. N. Deka, learned counsel for the petitioner, and Mr. K. N. Choudhury, learned Senior Counsel, assisted by Mr. A. Parvez, learned counsel, appearing on behalf of the respondent Nos. 1 to 4.

(2.) On 24/12/87, the respondent No. 1 was granted by the writ petitioner a Term Loan up to the limit of Rs. 14,70,000.00, Cash Credit (Hypothecation) up to a limit of Rs. 18,00,000.00, Cash Credit (Supply Bills) up to a limit of Rs. 15,00,000.00 and letter of credit up to a limit of Rs. 18,00,000.00.

(3.) On 30/3/1996, the petitioner bank instituted Title Suit No. 54/1996, in the Court of the Assistant District Judge No. 1, Kamrup, for recovery of Rs. 1,41,73,221.50 as on 25/3/1996 with interest accruing thereon. The petitioner bank based its entire claim on 3 accounts, viz., Cash Credit (Hypothecation), Cash Credit (Supply Bills) and Cash Credit (Pledge) as indicated hereinabove. In the year 1997, this suit was transferred to the Debts Recovery Tribunal, Guwahati (hereinafter referred to as the 'DRT') and the same came to be registered and numbered as O.A. No. 118/97.