KRISHAN LAL Vs. STATE BANK OF PATIALA

JUDGEMENT

(1.) IN this revision petition the judgment debtor challenges order dated March 3, 1989, passed by the executing Court (Sub Judge 1st Class, Sunam ). rejecting his objections to the execution of the decree.

(2.) THE State Bank of Patiala advanced a loan of Rs. 5000/- under an agreement of hypothecation for purchasing a 'mechanised cart'. The amount of loan having not been refunded, the Bank filed the suit for the recovery of the said amount with interest which was decreed. It was at the time of execution of the said decree that the judgment debtor Krishan Lal filed objections. He objected to the grant of future interest under Section 34 of the Code of Civil Procedure. According to him, the Court could not grant more than six per cent future interest. This objection did not prevail and the impugned order was passed which is under challenge.

(3.) ON behalf of the petitioner, photostat copies of the letter of undertaking and an agreement for hypothecation have been produced under which the loan was advanced. The authenticity of these documents is not disputed by the counsel for the respondent-Bank. Even at the time of arguments, it was conceded that the loan was advanced for purchasing a 'mechanised cart'. The subject of the letter of under- taking indicates as under :" agricultural finance tractor loan/tubewell loan Rs. 5000/-" The terms and conditions of the agreement show that the amount advanced was to be spent for which the loan was taken. The third schedule refered to in this argeement provides as under : "the THIRD SCHEDULE referred to above ; The tools equipments/fixtures/boats/machines and other movables connected with the/relating to farming/rearing of cattle or flock/fishing/ sericulture/mechanised cart "