PANKAJ KUMAR Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) By way of appeal, the appellant/defendant has challenged the judgments and decrees passed by learned Courts below, in terms whereof, a suit for recovery of Rs.4,47,797.00 filed by the respondent-Punjab National Bank against the appellant was decreed by learned Trial Court and the appeal filed against the judgment and decree passed by learned Trial Court was dismissed by learned First Appellate Court.

(2.) Brief facts necessary for the adjudication of the present appeal are that respondent/plaintiff filed a suit for recovery of Rs.4,47,797.00 with interest on the plea that the appellant/defendant had approached the Bank for sanction of two term loans on 27/1/2010. Total loan availed by the defendant was Rs.5,96,000.00. The term loan of Rs.4,96,000.00 was to be repaid in 84 monthly installments of Rs.5,905.00 with interest calculated at the minimum rate of 11.50% per annum and term loan of Rs.1,00,000.00 was to be repaid in 84 monthly installments of Rs.2000.00 inclusive of interest calculated @ 12.50% per annum. It was the case of the plaintiff- Bank that the defendant defaulted in the repayment of the loans and hence, it filed a suit for recovery of the outstanding amount alongwith interest.

(3.) The suit was contested by the defendant, inter alia, on the ground that the Bank had obtained his signatures on certain blank papers and the amount which was deposited by the defendant with the Bank was to Rs.2,85,000.00 as well as Rs.85,000.00 were never accounted for and the material which was purchased by raising the loan was stolen qua which the FIR was also lodged and as the material was duly insured the recovery was liable to be effected from the Insurance Company.