AVTAR SINGH Vs. STATE BANK OF PATIALA

JUDGEMENT

(1.) Cm No.15431-C of 2014 Prayer in this application is for condonation of delay of 155 days in filing the appeal.

(2.) Plaintiff alleged that in the month of August 2006, defendant approached the plaintiff-Bank at its branch office Mukerian, for a loan of Rs.3,00,000/- for KCC/crop loan and other loan application for an amount of Rs.5,00,000/- on 28.08.2006. For the total loan amounting to Rs.8,00,000/- defendant agreed to mortgage his land situated in village Bareowal in favour of plaintiff-Bank as collateral security. Plaintiff-Bank agreed to advance loan under Kisan Gold Card Scheme and agreed to sanction the said loan on the terms and conditions subsequently reduced into writing and settled between the parties in the loan documents. Subsequently on 31.08.2006 defendant No.1, mortgaged the land as collateral security measuring 33 Kanals 19 Marlas for a total loan of Rs.8,00,000/- which was registered on 31.08.2006.

(3.) On 04.09.2006, defendant executed number of loan documents in favour of plaintiff-Bank towards PBKC/agricultural cash credit limit of Rs.3,00,000/- i.e. letter of arrangement, hypothecation agreement in favour of plaintiff-Bank. The loan was advanced to the defendant on 04.09.2006 and the same was to be repaid to the plaintiff-Bank with interest @12% per annum with half yearly rest on the next crop i.e. after one year.