STATE BANK OF INDIA Vs. LAXMINARAYAN
HIGH COURT OF CHHATTISGARH
STATE BANK OF INDIA
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(1.) This appeal is directed against the judgment and decree dated 18-7-1990 passed by the Vth Additional District Judge, Bilaspur in Civil Suit No. 24-B of 1989 (State Bank of India v. Laxminarayan and Anr.) by which the suit filed for recovery of loan together with interest has been dismissed.
(2.) Plaintiff/appellant filed a suit for recovery of Rs. 88,276.81 against the defendants/respondents by sale of mortgage and hypothecated property on the ground that the respondent No. 1 applied for a loan of Rs. 73,400.00 for purpose of tractor and trolley and other agricultural implements on 7-2-1981, that loan was sanctioned by the Branch Manager on 11-2-1981 and the debt of Rs. 73,400.00 was paid to respondent No. 1 with interest @ 6% above the bank rate with a minimum of 10.5% per annum or at such rate which may be prevalent at the bank for such loans and in default of payment of instalment, penal interest @ 2% was stipulated. Both the respondents executed the loan documents including the deed of hypothecation and instrument of guarantee. Respondent No. 1 also mortgaged his agricultural land as security for due repayment of the loan dues. The amount having not been paid by the respondents, therefore, for recovery balance of the loan amount, i.e., Rs. 88,276.81 together with interest @ 12.5% a suit had been filed, with additional relief of sale of mortgaged and hypothecated property.
(3.) Both the respondents filed their written statements separately. They did not dispute the grant of loan or signatures on documents. Respondent No. 1 pleaded that his signature has been obtained in the blank forms and no separate agreement for payment of interest was made. Respondent No. 2 pleaded that he' had signed some papers as witness.;
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