AMAR NATH KOUL Vs. J&K BANK LTD
HIGH COURT OF JAMMU AND KASHMIR
Amar Nath Koul
JANDK BANK LTD
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(1.) JAMMU and Kashmir Bank, filed a suit against M/S Gana Koul and Sons and others for recovery of Rs. 99399.78, on account of outstanding in
cash credit account facility extended by the Bank to the defendant
business concern. This suit was instituted in the High Court at Srinagar.
The suit was decreed on 30 -04 -1964. The decree holder -Bank, put the
judgment and decree in execution. The execution petition was transferred
to District Judge, Srinagar on 7 -1 -1965, on the motion of the decree
holder. During pendency of the execution proceedings 54 of 1964, judgment
debtors raised number of objections to the maintainability of the
execution petition and execution of the decree as such.
(2.) THE District Judge, Srinagar vide his order 11 -11 -65, overruled all the objections and held the execution petition in order and
maintainable. Against this order of District Judge, Srinagar, an appeal
was filed before this Court on 12 -11 -1965 (Civ. 1st. Appeal 66/65).
(3.) IN the Appeal, the order of District Judge, Srinagar was challenged on the ground that though the sugar weighing about 2915 Mts,
valued at Rs. 131175/ - was pledged with the Bank, the Bank sold only 180
bags of the sugar, which it thought was fit for consumption. The
remaining bags though found deteriorated had some saleable value, but the
Bank took no steps at all to sell these bags, as per the compromise.
Besides, about 350 bags of salt also pledged with the Bank were also not
put to sale. The sugar was sold in contravention of the terms and
conditions of the compromise arrived at between the parties, culminating
in the judgment and decree of the Court.
This court on 3 -11 -1966 after hearing the parties passed the following order: -
"... We would, therefore, remit this case to the trial court with
the direction that it should consider the effect of the sale of the suger
by the decree holder before the period fixed in the decree and its effect
on the rights of the judgment debtors. The learned Judge will also find
out whether the sale took place with the unqualified consent of the
judgment debtors. The learned Judge will take the evidence of both the
parties on this plea and send its finding to this Court..."
By another order dated 16 -5 -66, the Court also directed District
Judge, Jammu to sell 350 bags of salt stored in the Godown of Shri S. C.
Magotra by auction and to deposit sale proceeds in the Court of District
Judge, Jammu. The District Judge, Jammu sold the salt (593 bags actually
found in the godown) on auction on 1 -6 -66, in accordance with the
directions of the Court and the sale proceed of Rs. 5142.50 were
deposited in the Jammu Treasury in terms of report dated 20 -7 -66 of the
Nazir of District Court Jammu.;
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