Kalyan Jyoti Sengupta, J - (1.) This application is for pronouncing final judgment on a sum of Rs. 39, 19,424.00 against the defendant under Chapter XIII A of Original Side Rules of this Court. There is no dispute rather there are unconditional acknowledgement and/or admission either in writing or by act and conduct of the defendant, that the principal sum of Rs. 35 lacs was paid by the plaintiff. There is no dispute further that the defendant to secure aforesaid loan for its repayment together with interest made over or deposited various shares, stocks and securities with the plaintiff by transferring to the 'Demat Account' of the plaintiff being numbered 10082308 in the Global Trust Bank Limited. Upon plaintiffs own showing the following were the terms and conditions : (a) The said short terms accommodation loans were repayable by the defendant to the plaintiff on demand. (b) The defendant would pay interest to the plaintiff on the said loans at the rate of 18% per annum payable on a quarterly basis. (c) The defendant would secure the principal amount of the said three short terns accommodation loans and the interest payable thereon by making over and depositing with the plaintiff shares, stocks and securities belonging to the defendant of an equivalent value. (d) In the event the price of the shares, stocks and securities deposited by the defendant with the plaintiff increased and exceeded the indebtedness of the defendant to the plaintiff, then and in such event, the plaintiff would return to the defendant a portion of the shares, stocks and securities held by the plaintiff so as to ensure that at all times the indebtedness of the defendant to the plaintiff on account of principal and interest was equivalent to the value of the shares held by the plaintiff. (e) In the event, the price of the shares, stocks and securities deposited by the defendant with the plaintiff fell below the indebtedness of the defendant to the plaintiff, then and in such event the defendant would deposit with the plaintiff further shares, stocks and securities of the defendant so as to ensure that at all times the indebtedness of the defendant to the plaintiff on account of principal and interest was equivalent to the value of the shares held by the plaintiff."
(2.) It is the case of the plaintiff that the securities given by the defendant has become insufficient and/or wholly inadequate to cover the amount of loan along with interest due. Therefore, the plaintiff in terms of the agreement has demanded repayment of the entire amount of loan together with interest. The defendant has failed to do so.
(3.) Mr. Pratap Chatterjee, Learned Senior Counsel appearing with Mr. Joy Saha, learned Counsel contends that there cannot be any defence against the claim of the plaintiff as in view of admission/acknowledgement the decree shall be passed as a matter of course. The securities are not securities at all to assuage the plaintiffs anxiety. Since the prices of the shares and stocks have drastically fallen so the defendant was asked to take back the same but he has failed to do so.;