ANIL SRIVASTAVA Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) THIS letters patent appeal has been filed to quash the order dated 4 October 2002 on MJC. No. 1609 of 2002 in CWJC. No. 10885 of 2001: Anil Srivastava vs. The State Bank of India and others.

(2.) THE contention of learned counsel for the appellant on this letters patent appeal is that when the order dated 18 July 2002 had been passed he had not been heard. The learned Judge has recorded that the order had been passed on merits and it is not that the case has been dismissed for default.

(3.) NEITHER equity nor law is in favour of the appellant. Taking a loan from the Bank rests on a contract which rests on equity. The appellant has violated every principle of equity in not discharging a loan for 17 years. The law cannot come to his aid. The High Court should not exercise its discretion in his favour as the time has come for the court to observe its concern that if persons like the appellant who took loans from finance institutions and Banks make a habit of not paying their debts then such person contribute to the deficit financing of the nations planned economy. For every person in the category of the appellant who avoid payment of loans, innocent people have to suffer when this deficit has to be made up by raising taxes direct or indirect.