Bimal Chandra Basak, J. - (1.) This appeal arises out of a Judgment and order passed by the learned Trial Court on 19th June 1984 in made by the defendant respondents herein. The facts of this case are very simple.
(2.) There was an usual agreement between the appellant-plaintiff bank and the defendant-respondents whereby the plaintiff bank agreed to lend advance to defendant No.1 of which the defendants Nos. 2, 3,4, 5 and 6 were the partners and wherein the defendant No.7 subsequently became a partner, originally, the transaction was in the Cash Credit Account and the bill discount account at its branch at 25, Strand Road, Calcutta after, with effect from 31st March 1978 by agreement between the said Cash Credit account of the defendant No.1 was transferred from the Strand Road Branch of the plaintiff to the plaintiff's branch at Chowringhee Road, Calcutta and the agreements with the plaintiff continued.
(3.) We are concerned with the Cash Credit account with the said transferred Branch only. The arrangement was to advance money in the said account at the said branch upto a limit of Rs. 900,000 on the following terms and conditions : "(a) The interest payable in the said account would be at the rate 6% per annum above the Reserve Bank of India rate subject minimum of 15% per annum with quarterly rests in respect of the advance as made against hypothecation of goods upto a limit of Rs. 4,00,000 ; (b) Interest would be paid at the rate of 6% per annul Reserve Bank of India rate with a minimum of 15% per annum with quarterly rests against advances made against hypothecation of book debts unto a limit of Rs. 5,00,000.";