STATE BANK OF INDIA Vs. DEPRO FOODS LTD

JUDGEMENT

(1.) THIS order will dispose of C. P. No. 69 of 1982 and C. P. No. 75 of 1982.

(2.) BRIEFLY, the facts in C. P. No. 69 of 1982 are that the plaintiff is having a branch at G. T. Road, Bahalgarh, District Sonepat. Mr. Surinder Kumar Kalia, branch manager of the plaintiff, was authorised to institute the present suit under statutory regulations 76 and 77 of the State Bank of India General Regulations, 1955 (hereinafter referred to as "the Regulations" ). Defendant No. 1 was engaged in the business of manufacture and sale of food products at Rai in Haryana. It was ordered to be wound up by this court, vide order dated August 21, 1980. Defendants Nos. 2 to 7 were the directors of defendant No. 1 and along with defendant No. 8 its guarantors as well.

(3.) DEFENDANT No. 1 approached the plaintiff for executing a deferred payment guarantee in the sum of Rs, 6,18,390 in favourof Messrs. Techno Exports of Sofia (Bulgaria) from whom the necessary plant and equipment was being imported by the said defendant for the setting up of a dehydration iactory at Rai. The plaintiff agreed to execute a deferred payment guarantee in favour of Messrs Techno Exports in the aforesaid sum. Defendants Nos. 2 to 6 became guarantors for payment of the said amount to the plaintiff. Defendants Nos. 5, 6 and 8 created equitable mortgages of the properties as follows : Sl. Person who mortgaged Properties mortgagedno. the properties 1. Defendant No. 5 Plot situated in Mohalla Shahdana, Madhovan, Bareilly. 2. Defendant No. 6 Plot No. 10, Block G, situated in 35, Civil Lines, Ahara, Kothi Nawaleranpur, Bareilly. 3. Defendant No. 8 A plot of land measuring 711 sq. yards out of Khasra No. 504 situated in Mauza Pathanpura, Court Road, Saharanpur.