HIMACHAL PRADESH STATE Vs. MANSON (INDIA) PVT. LTD

JUDGEMENT

(1.) THE Himachal Pradesh State Industrial Development Corporation Ltd., hereinafter to be called "the plaintiff Corporation", has filed the present suit for recovery of Rs. 23,77,049.55 along with interest, costs, etc., against defendants Nos. 1 to 3. It may be stated here that the Himachal Pradesh Financial Corporation has also been impleaded as proforma defendant No. 4 in the suit.

(2.) THE suit has been filed by the plaintiff Corporation through its managing director, one Shri Yogesh Khanna at the relevant time, being also the principal officer, stated to be competent to file the suit on its behalf.

(3.) IT has been pleaded that for securing the repayment of the above mentioned loan and interest thereon, the defendants executed loan documents dated July 30, 1985, and November 22, 1985, hypothecation agreement dated July 30, 1985, and November 22, 1985. Besides this, the defendants created equitable mortgage by deposit of title deeds with proforma defendant No. 4. In addition, defendants Nos. 2 and 3 also executed deeds of guarantee on July 30, 1985, and November 22, 1985, in favour of the plaintiff Corporation for repayment of the principal amount, interest thereon and other monies found due from defendant No. 1 in connection with the said loan.