PUNJAB NATIONAL BANK LTD Vs. SATYAPAL VIRMANI

JUDGEMENT

(1.) This is an original respondent's appeal against a decree for Rs. 14,361/4/passed by the Tribunal constituted under the Displaced Persons (Debts Adjustment) Act.

(2.) The original applicant had, with the Punjab National Bank at Lahore, a call-loan account and by way of security the original applicant had deposited Government Securities of the value of Rs. 5,00,000/-. The interest was payable at 11/2 per cent per annum. On 31-12-1948 a sum of Rs. 4,86,149/1/- was due from the original applicant to the Bank in this account. With the consent of the debtor the securities were sold and after adjustment of the debt due from the original applicant a sum of Rs. 13,311/6/6 was the surplus in the hands of the Bank.

(3.) on 21-8-1951 the original applicant sent a letter to the Punjab National Bank demanding Rs. 13,311/6/6 with interest up to the date as being due from the Bank to the applicant on account of the unpaid balance of the sale proceeds of the securities. The Bank was called upon to pay the amount by meeting the 'hundi' which was drawn upon the Bank through the Central Bank of India for the original sum plus Rs. 1,049/13/6 as interest, the total being Rs. 14,361/4/-. The interest was calculated at 3 per cent per annum. On 17-11-1951 the applicant gave notice through his Pleader making the same demand. The money was not paid and the original applicant, Virmani, filed an application on 1-10-1952 under Section 13, Displaced Persons (Debts Adjustment) Act for the recovery of this money alleging that he was a displaced person and could recover under the Act.