HIMCHAL GRAMIN BANK Vs. NARAINGIR

JUDGEMENT

(1.) THIS Regular Second Appeal is directed against the judgment and decree dated 17.12.1997 passed by the learned District Judge, Mandi in Civil Appeal No. 6 of 1995.

(2.) BRIEF facts necessary for the adjudication of this Regular Second Appeal are that the appellant - plaintiff (hereinafter referred to as 'the plaintiff for convenience sake) filed a suit in the Court of learned Sub -Judge, 1st Class (1), Mandi, H.R for recovery of Rs. 31,307/ -. The suit was resisted by the respondents -defendants (hereinafter referred to as 'the defendants ' for convenience sake). The learned Sub -Judge decreed the suit on 30.12.1994 with costs for recovery of Rs. 31,307/ - with future interest @ 14% per annum with quarterly rests from the date of filing of the suit till the final realization of the decretal amount. The defendants feeling aggrieved by the judgment dated 30.12.1994 preferred an appeal before the learned District Judge, Mandi. The learned District Judge, Mandi came to a conclusion that the defendants could not escape from the liability to pay the loan amount along with interest. However, the learned District Judge directed the defendant to pay a sum of Rs. 31,307/ - along with costs on or before 30.9.1998 and in the event he failed to pay the amount by 30.9.1998, the plaintiff -bank was entitled to future interest from the date of decree @ 14% per annum till the realization of the decretal amount in full. The Regular Second Appeal has been filed only on the question of interest. The Regular Second Appeal was admitted on the following substantial question of law: 1. Whether the impugned judgment and decree can be passed by the learned lower appellate Court particularly in view of the provisions of the Banking Regulation Act as amended from time to time and Section 34 of the Code of Civil Procedure?

(3.) MR . Ashwani Sharma, Advocate has supported the judgment and decree dated 17.12.1997 passed by the District Judge whereby the defendants have been directed to pay the decretal amount by 30.9.1998 failing which the bank could recover interest @ 14% per annum till the realization of the decretal amount in full.