DAYA SINGH Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This appeal is directed against the decree and judgment of the learned Additional District Judge, Amritsar in Civil Appeal No. 195 of 1996 dated 21.10.1997.

(2.) The respondent-Bank filed a suit for the recovery of Rs. 1,05,870/- According to the plaintiff, the appellants obtained a loan of Rs. 67,000/- for the purchase of a tractor and they executed a Promissory Note on 28.12.1984 promising to repay the principal amount with interest @ 3-1/2% P.A. over and above Reserve Bank of India rate subject to minimum of 12-1/2% P.A. with half yearly rests. Mortgage Deed and Hypothecation Deed were executed and it was also agreed that the amount has to be repaid in 13 half yearly instalments.

(3.) After framing of appropriate issues and on a consideration of the evidence on record, the trial Court decreed the suit. The appeal filed by the appellants was also unsuccessful. Hence the present appeal.