INDIAN OVERSEAS BANK Vs. JAIGURU TYRE SALES

JUDGEMENT

(1.) THIS Money Appeal has been preferred against the judgment and decree dated 16th day of October, 1993 (decree signed and sealed on 25.11.1993) passed by Sri Sharangdhar Singh, Subordinate Judge, Seraikela in Title (Mortgage) Suit No. 7 of 1988, whereby and whereunder he has pleased to decree the suit in part with 6% simple interest directing the respondents/defendants to make payment the dues in thirty six installments and also without cost of the suit.

(2.) THE Indian Overseas Bank on an application of the defendants sanctioned a loan of Rs. 9.01 Lacs on 17.9.1979. The defendant respondent No. 2 Lily Purkayastha wife of Col. P.C. Purkayastha (Retd.) defendant respondent No. 3 had applied for loan as they had a business functioning as M/s. Jaiguru Tyre Sales, a Sole Proprietorship concern having its office and factory at C -14 Phase VI, Adityapur, P.S. Adityapur, District Singhbhum (East). The advances were made in following manner : ''

(3.) THE learned trial Court framed as many as nine issues : ''