- (1.) The dispute is more than three decades old arising from a loan availed of by respondent No.1 from the petitioner-Bank for a harvester combine of Rs. 3,25,000/- on 30.12.1980. This loan was secured by the mortgage of the agricultural land measuring 164 Kanals 2 marlas of respondents No.2 and 3 situated in village Daudhar, Tehsil Moga through a registered mortgage. Respondents No.2 and 3 also stood guarantor for the loan.
(2.) Further loan of Rs. 75,000/- is stated to have been sanctioned on 28.3.1981 at the same rate of interest for which documents were executed.
(3.) There was default in the payment of the loan with the result that a civil suit under Order 37 of CPC bearing No.377 dated 11.11.1989 was filed for recovery of Rs. 11,14,443/- inclusive of interest upto that date with future interest in costs. This suit was decreed on 7.2.1991 alongwith future interest @ 15% p.a with quarterly rests from the date of the institution of the suit till realisation with costs against respondents No.1 and 3. The suit continued to be pursued against respondent No.2. In view of the provisions of The Recovery of Debts due to Banks and Financial Institutions Act, 1993 having come into force, proceedings against respondent No.2 are stated to have been transferred to Debts Recovery Tribunal, Jaipur. The recovery certificate was also issued against the said respondent No.2 on 29.1.1997.;