PUNJAB NATIONAL BANK LTD Vs. UDYOG SILPA PVT LTD
HIGH COURT OF ORISSA
PUNJAB NATIONAL BANK LTD
UDYOG SILPA PVT. LTD
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J.K.Mohanty, J. -
(1.) The successful plaintiff has filed this appeal being aggrieved by the order of the trial court refusing to grant pendente lite and future interest at the contractual rate and to award costs at contested scale. The only point for determination, therefore, is as to whether either as matter of law or on account of equitable consideration, the plaintiff is entitled to pendente lite and future interest at the contractual rate and also entitled to costs at contested scale,
(2.) Plaintiff-Punjab National Bank (Nationalised) instituted Title Mortgage Suit No. 37 of 1971 in the court of the Subordinate Judge, Cuttack against the defendants-respondents for a preliminary decree for Rs. 2,34,797.25 p. with interest at the rate of 10 1/2 per cent per annum, which is the contractual rate of interest, and, on failure to pay the decretal amount within the time stipulated by the Court, for a decree for sale of the properties as per Schedules 'A' and 'B' of the plaint.
(3.) Defendants 1, 2 and 4 to 10 filed their written statement denying the plaintiff's case by taking various pleas. But at the time of hearing, they practically conceded the claim for Rs. 2,34,797.25 p. It may be mentioned here that by order of this Court in Civil (Revision No. 185 of 1972 the stock of Pig Iron and the C. I. Pipes pledged with the Bank were sold and the amount was deposited in April, 1974. The total amount of deposit was Rs. 2,71,791.36 p. as per Ext. A. The learned Subordinate Judge decreed the suit preliminarily on contest for Rs. 2,34,797.25 p. with costs and consolidated Pleader's Fee of Rs. 500/-. It was further ordered that the decretal amount was to be adjusted from the deposited amount as shown in Ext. A within three months and the pendente lite and future interest, if any, shall run at the rate of 3% per annum till the date of disposal of the suit. The defendants were directed to pay the decretal dues within the stipulated period given by the court. On failure to pay, the plaintiff Bank was at liberty to apply for final decree for sale of properties.;
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