CHHUTAN LAL Vs. PUNJAB NATIONAL BANK LTD

JUDGEMENT

(1.) THE two execution first appeals can conveniently be disposed of by one judgment.

(2.) MAHARAJA Kisnangarh Mills Ltd. had dealings with Punjab National Bank Ltd. Money was advanced to the Mills by the Bank on the surety of one Bhagchand soni. Title deeds of the property belonging to the firm Jawaharmal Gambhirmal of ajmer of which Bhagchand Soni was the Karta were delivered to the Head Office of the Punjab National Bank Ltd. at Delhi between 15-11-54 and 27-11-54. These pertained to the properties situated at Ajmer, Kishangarh, Jaipur and Jodhpur. When the Maharaja Kishangarh Mills became indebted heavily the matter was referred to the arbitrators. One award was given on 12-2-58 for Rs. 94,070/ -. A decree was passed on the basis of this award on 18-2-58 by the Senior Civil judge, Ajmer. It was a mortgage decree. Another award was given on 8-6-58. It was for Rupees 2,81,724. 72. A mortgage decree was passed on the basis of this award on 30-5-59.

(3.) THE first decree for Rs. 94,070/-was put into execution on 4-2-61 for the recovery of Rs. 1,11,883. 05. Bhagchand Soni was adjudged insolvent on 21-12-62 and a receiver of his estate was appointed and one Chhutan Lal was appointed receiver of his estate. He filed a number of objections which were overruled by the executing court. Chuttan Lal bas preferred execution first appeal No. 24/64 against that award. The first contention is that the decree which was passed was not executable as it was only a preliminary decree for mortgage. The decree is in the following terms:-1. That the plaintiff is entitled to recover a sum of Rs. 94,070/- (rupees ninety four thousand and seventy only) from Messrs. Maharaja kishangarh Mills Ltd. and defendant No. 2 Seth Bhagchand Soni. In the first instance, the company will be liable for the amount and failing realisation from it, for any reason whatsoever, the defendant No. 2 will be liable for the full amount. 2. The company (defendant No. 1) and defendant No. 2 subject to above for self and as Karta of the family will pay Rs. 7,500/- half yearly the first instalment to be due on 1-8-1958. 3. The properties mortgaged covered by the title deeds as mentioned in the Schedules 1 and 2 attached to the agreement of reference and as per plans attached will remain mortgaged with the plaintiff as before as security for the aforesaid dues of the plaintiffs. The plans of the Jaipur properties were not prepared and handed over to the arbitrator.