LOKNATH BANIYA Vs. ASSAM FINANCIAL CORPORATION

JUDGEMENT

(1.) Heard Ms. A. Das, the learned counsel appearing for the petitioner. The Assam Financial Corporation (AFC) and their Managers (respondents) are represented by the learned advocate Ms. T. Goswami.

(2.) The petitioner's brother Sambhu Ram Baniya secured loan of Rs.1,62,000/- from the Assam Financial Corporation (AFC) in 1984 to purchase a Truck. The petitioner stood as the guarantor and mortgaged his immovable assets at village Jatia in Mouza-Beltola in addition to their family property at Nagaon. The loan A/C No.918 carried interest @14.5% per annum.

(3.) The purchased truck met with an accident and accordingly the borrower with due permission, sold the vehicle on 25.02.2009 and deposited the sale proceed of Rs.1,20,000/-, with the AFC. But because of the unpaid balance, the loan account was not closed by the AFC.