LAWS(KAR)-2004-5-3

SYNDICATE BANK Vs. MAHALAXMI GINNING FACTORY

Decided On May 28, 2004
SYNDICATE BANK, SAUNDATTI, BELGAUM DISTRICT Appellant
V/S
MAHALAXMI GINNING FACTORY, SAUNDATTI Respondents

JUDGEMENT

(1.) APPELLANT herein filed O. S. No. 57 of 1996, on the file of Civil Judge (Senior Division), Saundatti [old O. S. No. 60 of 1993, on the file of principal Civil Judge, Bailhongal] against the first respondent-firm and its four partners (respondents 2 to 5) and two sureties (respondents 6 and 7 ). The appellant and first respondent will also be referred to as the 'bank' and 'borrower firm'. Respondents 1 to 5 together will also be referred to as the 'borrowers' and respondents 6 and 7 as the 'guarantors'.

(2.) THE plaint averments, in brief, were as under:

(3.) RESPONDENTS 1 to 5 filed a written statement and respondents 6 and 7 filed a separate written statement, raising the following among other contentions: