D.K.SEN, J. - (1.) The Central Bank of India instituted the above suit against Tauras Foundry Private Limited and three of its directors on 2-12-1982 claiming, inter alia, a decree for Rs. 33,25,206.78 p; a declaration, if necessary, that the goods specified in the plaint are charged or hypothecated for payment of the plaintiff's claim and a decree for sale of the same with liberty to the plaintiff to appropriate the balance proceeds of the same in pro tanto satisfaction of the plaintiff's claim.
(2.) The claim of the plaintiff is alleged to have arisen in respect of three accounts of the defendant company with the former namely, current (over-draft) account where a sum of Rs. 17,45,417.71p. is stated to be due; a Packing Credit account where a sum of Rs. 12,03,156.15p. is stated to be due and Export Bill Discounting account where a sum of Rs. 376,732,26p. is stated to be due.
(3.) The plaintiff alleges that the defendants executed, inter alia, a letter of hypothecation dated 12-12-1979 to secure the dues of the plaintiff in the Packing Credit account by which defendant 1 hypothecated all its tangible movable properties including stock in trade and cast iron goods such as manhole covers and frames, water meters, pig iron and scraps, patterns, movable plant and machinery.;