BANK OF INDIA Vs. KISAN CHEMICAL INDUSTRIES

JUDGEMENT

(1.) THIS appeal has been preferred to set aside the decree passed by Sri P. Topno, 2nd Addl. Subordinate Judge, Giridih, in Title Mortgage Suit No. 13/78/32/79.

(2.) BY the impugned judgment and decree, Title Suit No. 13/77 and Mortgage Suit No._ 13/78 were heard and decided and the appellant Bank of India was decreed on contest with cost and it was declared that the appellant Bank of India was entitled to recover a sum of Rs. 3,12.432.12 only from the defendant Nos. 1,2,3,4 And 5, who were the defendants in Mortgage Suit and that no further interest would be paid to the Bank of India on any of the aforesaid sum as the interest already claimed by it (Bank) had come upto the tune of Rs. 1,47,425.12. It was further directed that the defendant K.C. Industries might pay off the aforesaid dues (Rs. 3,12,432.12) soon and it might resume business and dealings with the Bank of India. The aforesaid decretal amount was directed to be paid within nine months from the date of the judgment failing which the decretal amount was to be recovered by the sale of the properties under security and hypothecation and if the sale proceeds did riot cover the dues the remaining dues would be recovered from the persons of the defendant Nos. 2, 3 4 and 5. It was also declared that there was a valid and" subsisting charge in favour of the Bank of India on the hypothecated goods and there was a valid and subsisting mortgage on the immovable properties of the defendants. The other reliefs like injunction against the defendants restraining them from dealing with or encumbering the properties which had been hypothecated prayed for by the appellant was disallowed.

(3.) ALL the aforesaid circumstances compelled the appellant -Bank to file a Mortgage Suit No. 13/1978.