- (1.) THIS is an appeal against the judgment of Sri B. C. Chowdhury, District Judge, Nadia, dated 6th August, 1974 in other Suit No. 7 of 1973. By the said order the suit was decreed. The order of attachment of the property described in the application was affirmed. It was ordered that the petitioner would get Rs. 89,736. 89 as the amount due including interest and other legal expenses upto 27. 7. 74 from the respondent. It was further ordered that the petitioner would also get interest at the rate described in the deed of mortgage till recovery of the entire amount, The respnodent was directed to pay the decreetal amount including interest at the rate of Rs. 2,000/-per quarter and the first payment was directed to be made within 30th September, 1974 and the subsequent instalments before the expiry of the last date of each quarter. It was further ordered that in default of payment of any instalment, the attached property would be put to sale for realisation of the balance.
(2.) THE suit arises out of an application under Section 31 of the State financial Corporation Act, 1951 for the sale of the property of the respondent which was mortgaged as security for a loan advanced by West Bengal Financial Corporation. The case of the corparation is that in terms of the mortgage deed executed by the respondent on the 3rd August, 1968 a sum of rs. 60,000/- was advanced as loan to the respondent. It is alleged that according to the terms of the agreement the respondent was required to pay the amount in 3 equal instalments starting from 15th July, 1970. There was also a term for payment of interest in a manner as described in the deed. There is a provision to the effect that the property would be sold in case of default in payment of interest. It is alleged that the respondent failed to pay the instalments since 15th July 1970. It is further alleged that the respondent also failed to pay interest. The Corporation, therefore, filed the application for sale of the mort age property for the amount due from the respondent.
(3.) THE respondent admits execution of the mortgage deed in favour of the Corporation and he admits the claim of the West Bengal Financial corporation. It is, however, asserted that the respondent was unable to pay the instalments including interest as there was strike in his factory for six months. It is further asserted that the respondent had to suffer loss on account of flood at Nabadwip area. The prayer was, therefore, made for instalments for the amount due. The learned Judge, after considering the facts and circumstances of the case, decreed the suit in the manner as stated above. Being aggrieved, the West Bengal Financial Corporation has come up in appeal.;