SEN, C.J. - (1.) This is an appeal by the plaintiff United Bank of India. It arises out of O.S. Suit No. 460 of 1983. The appeal is directed against the judgement and decree dated May 23, 1986 passed by a learned single Judge of this court. That decree had been passed partly in favour of the plaintiff but the plaintiff has felt aggrieved by the reduced interest - both interim and on judgement and by the installment's granted by the learned Judge in decreeing the plaintiff's claim.
(2.) The plaintiff-appellant had lent and advanced various amounts to the defendant No. 1, The New Glencoe Tea Company Ltd. on hypothecation of moveable including the plants. machinery, stores, raw materials, finished and semi finished products etc. In 1983 the plaintiff instituted the above suit against the defendants for a decree for Rs. 58,41,677.25, interim interest and interest on judgement at the rate of Rs. 18 per cent; for a declaration that moveable specified in the Schedule stand charged and/or mortgaged in favour of the plaintiff and a decree for sale thereof.
(3.) When this suit came up for hearing before the learned trial Judge, it was found that pending the suit a sum of Rs. 26,28,647.60 had been paid by the defendant No. 1, leaving a balance of Rs. 32,13,029.65. Accordingly the learned trial Judge decreed the suit against defendant No. 1, for a sum of Rs. 32,14,000/- together with a sum of Rs. 5,50,000/- towards interim interest and interest on judgement at 7 per cent. He further directed payment of the decorate amount on installment's extending over 7 years and only on default of payment of three consecutive installments there will be a decree for sale. Plaintiff appellant has felt aggrieved by the fact that while the contractual rate of interest was 18% the interim interest and interest on judgement had been decreed at a rate not exceeding 7per cent and further by the fact that the decree providing for payment on installments has deferred sale of the moveable indefinitely beyond seven years.;