AMAR NATH KOUL Vs. J&K BANK LTD

JUDGEMENT

(1.) JAMMU and Kashmir Bank, filed a suit against M/S Gana Koul and Sons and others for recovery of Rs. 99399.78, on account of outstanding in cash credit account facility extended by the Bank to the defendant business concern. This suit was instituted in the High Court at Srinagar. The suit was decreed on 30 -04 -1964. The decree holder -Bank, put the judgment and decree in execution. The execution petition was transferred to District Judge, Srinagar on 7 -1 -1965, on the motion of the decree holder. During pendency of the execution proceedings 54 of 1964, judgment debtors raised number of objections to the maintainability of the execution petition and execution of the decree as such.

(2.) THE District Judge, Srinagar vide his order 11 -11 -65, overruled all the objections and held the execution petition in order and maintainable. Against this order of District Judge, Srinagar, an appeal was filed before this Court on 12 -11 -1965 (Civ. 1st. Appeal 66/65).

(3.) IN the Appeal, the order of District Judge, Srinagar was challenged on the ground that though the sugar weighing about 2915 Mts, valued at Rs. 131175/ - was pledged with the Bank, the Bank sold only 180 bags of the sugar, which it thought was fit for consumption. The remaining bags though found deteriorated had some saleable value, but the Bank took no steps at all to sell these bags, as per the compromise. Besides, about 350 bags of salt also pledged with the Bank were also not put to sale. The sugar was sold in contravention of the terms and conditions of the compromise arrived at between the parties, culminating in the judgment and decree of the Court.