- (1.) A loan was advanced to respondent No.2 on 25.03.1988 of ? 97000/- for purchase of a Tractor. The loan was payable with interest @ 15% per annum with half yearly rests. In order to secure the loan, respondents No.3 and 4 stood guarantee and respondent No.1 mortgaged his immovable property with the petitioner bank by a registered mortgage deed.
(2.) There were defaults in repayment of the loan and as a consequence the petitioner bank filed a petition on 01.07.1996 under Section 8 of the Haryana Agriculture Credit Operation and Miscellaneous Provisions (Banks) Act, 1973 (hereinafter referred to as the 'said Act') for recovery of ? 1,91,954/- which amount was inclusive of interest up to 31.03.1996. This petition was allowed vide order dated 07.09.1998. Operative part of the order reads as under:- "I have heard both the parties and also gone through the record of the case. It is very much clear that the respondent No.1 had taken loan for the purchase of tractor as explained in the application land in lieu thereof had mortgaged his land with the bank for the security of the amount. Respondents No.2 and 3 stood as guarantors taking responsibility for the repayment of the loan with interest, but the respondents have failed to discharge their obligations and a sum of ? ? 1,91,954/- including interest up to 31.03.1996 with future interest @ 15.5% is due from the respondents till the date of realization. I, therefore, order the respondents to repay the amount of ? 1,91,954/- jointly and severally failing which the amount is ordered to be recovered by the applicant bank by the sale of mortgaged property of respondent No.1."
(3.) In order to absolve himself of the liability and to prevent the foreclosure of the mortgage, respondent No.2 paid the sum of ? 1,92,000/- on 11.03.1999 i.e. within about six months i.e. prior to filing of any further application by the petitioner to foreclose the mortgage and recover the dues by sale of the property.;