J&K BANK LTD Vs. BASHIR AHMAD QAZI

JUDGEMENT

(1.) AGGRIEVED by the judgment and decree of the trial court by which the dcecretal amount was directed to be paid by installments of Rs. ISO/ - per month till final liquidation and the interest pendentilite was not allowed, the present appeal has been preferred by the appellant Bank mainly on the ground that the same was in violation of the provisions of law applicable in the case.

(2.) THE facts giving rise to the filing of the present appeal are that:

(3.) THE appellant filed a suit for the recovery of Rs. 17517.14 against the respondents with costs. The defendants appeared in the trial court and admitted the claim of the plaintiff -Bank with a pry per that the same may be directed to be paid in installments as the defendant was not in a position to pay the amount in lump sum for reasons stated in the application filed on 27th August. 1979. The defendant -respondent also led evidence to prove that he was not in a position to pay the whole of the amount in lumpsum. It was stated that he received a total sum of Rs. 15,00O/as from the Bank and had paid Rs. 10507.91 as interest before the date of the suit. Being satisfied that the averment made in the application on the basis of the evidence led in the case, the trial court passed the judgment and decree as stated hereinabove. The plaintiff appellant -Bank has submitted that the court below committed a mistake of law by not allowing the agreed rate of interest and by not directing the payment of whole amount in lumpsum or directing the sale of the hypothecated stocks.