KESHARI ENGINEERING WORKS Vs. BANK OF INDIA

JUDGEMENT

(1.) This First Appeal, at the instance of the defendant Nos.1, 3 and 6 arises out of a judgment dated 19-7-1983 passed by Shri J. Ram, Subordinate Judge, Chaibasa in Money Suit No. 24 of 1979 whereby and whereunder the said learned Court decreed the plaintiff-respondent's suit.

(2.) In view of the short point involved in this appeal and further in view of the fact that the learned Court below has stated the facts of the case in great details, it is not necessary to state the entire facts of the case. Suffice it to say that the defendant No.1 Firm, along with its partners the defendant Nos. 2 to 4 entered into various agreements with the plaintiffs Bank for taking loan on various accounts.

(3.) For the aforementioned purpose, three loan accounts were opened on 29-12-1975 for a sum of Rs. 19,900.00 on 3-8-1976, for a sum of Rs.15, 000.00 on 3-8-1976 and of Rupees 10,500/- on the same day. Besides the aforementioned loan accounts, the defendant Nos.1 to 4 aforementioned also obtained cash credit facilities in respect whereof another account was opened on 3-6-1976 as a result whereof the said defendants were granted a cash credit facilities up to a sum of Rs. 50,000.00-.