AMAR NATH GHOSH Vs. SUKHRAJ RAI

JUDGEMENT

(1.) This is an appeal from the judgment and decree of the High Court of Judicature at Patna of 18-12-1942, which dismissed the appellant's appeals and allowed certain cross-objections of the respondents from a judgment and mortgage decree of the Subordinate Judge of Bhagalpur on 8-4-1940.

(2.) The relevant facts can be very shortly stated. The respondents are members of a joint Hindu family governed by the Mitakshara School of Hindu law. The appellant's father had from the year 1918 onwards, from time to time borrowed substantial sums from the respondents. The first loan was on 10-7-1918, in the sum Rs. 51,000. Ultimately on the 19-5-1930, a mortgage bond was given by the appellant's father to cover not only all previous loans, but a large sum which was then freshly borrowed. This bond carried interest at the rate of Rs. 7-8-9 per cent. per annum with annual rests.

(3.) It is necessary to refer only to two provisions of the mortgage deed. It provided that the due date of payment should be March, 1945, but it further provided by cl. 10 that, in the event of the borrower failing to pay the entire sum of interest and compound interest for two consecutive years, the mortgagee should have the option to file a suit oil the basis of that indenture, either for compound interest and interest alone, or for all that was due to him for principal and interest.