JAI LAL Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This is defendants' appeal under Section 96 of the Civil Procedure Code against the judgment and decree dated 19.8.1987 passed by the learned Additional District Judge, Dholpur in Civil Suit No. 28/79. The brief facts are as under :-

(2.) The plaintiff-respondent-Punjab National Bank, Dholpur had filed a suit against the defendant-appellant on or about 28.2.1979 stating that the defendant-appellant had taken credit facilities and loan from the plaintiff-Bank for running his proprietary concern in the name of M/s Mangal Industries has created a charge on his immovable properties besides hypothecating the machinery in favour of the plaintiff-Bank and that the amount was payable in accordance with the agreement arrived at between the parties with interest at the rate of 7-1/2% above the Reserve Bank of India's rate of interest and that the amount due was acknowledged in writing by the defendant-appellant and that a sum of Rs. 39,912.0 P. was due to the plaintiff-Bank from the defendant-appellant as on 22.2.1979. The plaintiff-Bank thus prayed that the decree for the suit amount be passed besides a preliminary decretal amount and in case of his failure to pay the same to sell the property mortgaged for realisation of the decretal amount and costs. The suit was contested by the defendant-appellant only on the grounds that he had not hypothecated any machinery and that the mortgage created was not proper and that he was entitled to pay the amount due from him in annual instalments of Rs. 1000/- each. After framing the necessary issues and according to the evidence produced by the parties besides hearing their learned counsel, the learned Trial Court, vide the impugned judgment passed the impugned decree holding that the defendant-appellant was liable to pay to the plaintiff-Bank a sum of Rs. 27,124.53 P. as on the date of filing of the suit and the suit amount is payable by the defendant with interest at the rate of 13% per annum till the payment is made and also passed the preliminary decree directing the defendant to pay the amount within a period of six months from the date of the impugned judgment, failing which, the suit property has been ordered to be sold for realisation of the amount in question. Feeling aggrieved the defendant-appellant had approached this Court by filing this appeal.

(3.) I have heard the learned counsel for the parties and have also perused the record of the case.