CHOPRA RUBBER INDUSTRIES Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This revision petition seeks to challenge the order dated 8.11.1993 passed by the Sub Judge 1st Class, Karnal on an objection petition filed by the petitioner in an execution application presented before him by the Punjab National Bank.

(2.) Punjab National Bank obtained a decree for recovery of sum of Rs. 1,71,012.37, against the judgment debtor. The liability of defendant No. 5 was limited to the term loan alone and interest was payable at the rate of 11.5 percent p.a. on the decretal amount from the date of the institution of the suit till realisation of the same. The defendants were required to repay the amount within six months from 23.4.1988 failing which the property mortgaged and hypothecated with the Bank could be sold in accordance with the liability of the defendants. Since the judgment-debtor had failed to make the payment in time, the execution petition was filed and during the pendency of the petition, the principal Debtors filed objection petition in which it is asserted that the decree holder had filed a mortgage suit and the Court has passed a money decree which could not have been done as per the settled law that in the case of a mortgage suit no money decree can be passed and if such a decree was passed, the property mortgaged can not be sold. The Executing Court after hearing the parties rejected the objections which had occasioned the filing of the present revision petition.

(3.) At the time of admission of this petition, notice was given only in view of the statement made by the petitioner that suitable instalments should be fixed in order to enable him to repay the entire amount. Now when the matter has come up for hearing after a lapse of more than 5 years, the position remains the same. Shri Sachin Mittal, learned counsel for the petitioner initially asked for an adjournment in order to enable him to seek instructions regarding the payments that have already been made by the petitioners towards the debt and also to find out how the petitioners want to repay the balance amount. Today, Shri Mittal stated that his clients are approaching the Head Office of the Punjab National Bank for recalculating the amount due in view of the circular dated July 12, 1999 regarding protested Advances viz. Circular No. 4/99 received by the Bank from the Reserve Bank of India.