INDIAN OVERSEAS BANK Vs. SHREE SARASWATI SPINNING MILLS

JUDGEMENT

(1.) THIS is plaintiffs regular second appeal against the judgment and decree of the Additional District Judge whereby decree awarded by the trial Court has been reversed, thus, dismissing the suit filed by the plaintiff.

(2.) PLAINTIFF -Bank through its Branch Manager Shri J. R. Tutlani filed suit for recovery of Rs. 21,16,837. 19 paise and for mortgage decree under Order 34 CPC.

(3.) TRIAL Court on the basis of evidence i. e. documentary as well as oral adduced by the respective parties finally found merit in the case of the plaintiff and so awarded a preliminary decree for a sum of Rs. 21,16,837. 19 paise with costs. Defendants were allowed six months time to pay or deposit the decretal amount. Interest at the rate of 14% per annum was allowed from the date of suit till 11. 2. 1987, the time fixed by the Court for payment the decretal amount and thereafter the plaintiff was entitled to interest at the rate of 14% per annum at the aggrieved amount of principal, interest and costs upto the date of realisation of actual payment. In case the defendants fail to comply with the aforesaid decree plaintiff was held entitled to move the Court for final decree under Order 34 Rule 5 CPC.