COL K S MALIK Vs. ORIENTAL BANK OF COMMERCE

JUDGEMENT

(1.) FIRST respondent-Oriented Bank of Commerce (hereinafter referred to as 'the Respondent - Bank') filed Suit No. 1098/2001 on the file of the Hon'ble High Court of Delhi on 5.4.2001 against seven defendants, namely, (1) M/s. Geetanjali Motors Pvt. Ltd., (2) Mr. S.S. Bedi, (3) Mrs. Moksh Bedi, (4) Col. K.S. Malik (one of the appellants herein) (5) Mr. Asha Ram, (6) Mrs. H. Malik (the other appellant herein), and (7) M/s. Richer Motors Ltd. for (1) the recovery of Rs. 4,50,395.72 with future interest till realisation against defendants 1 to 5 jointly and severally under the Cash Credit Hypothecation/Deferred Payment Guarantee/Co-acceptance Bills account; for a decree for the sale of two hypothecated Eicher Center vehicles mentioned in the plaint for realising the said amount; (2) for a decree for Rs. 11,28,613.02 with future interest jointly and severally against defendants 1 to 4, 6 and 7 under the cash-credit pledge account; (3) to direct the defendants 1 and 7 not to sell the 10 Eicher Mitsubishi vehicles and for the sale of ten Eicher Mitsubishi vehicles; and also (4) a decree respectively under these two loans against the respective defendants if the amounts are not realised by the sale of the vehicles.

(2.) The case of the respondent-Bank is as follows:

(3.) IT was agreed by the 1st defendant at the time of sanction of the II loan of Rs. 15 lakhs for the purchase of the ten Eicher Mitsubishi vehicles from the 7th defendant, that as soon as the vehicles are ready for delivery by the 7th defendant, the 1st defendant shall intimate the respondent-Bank, and not to take delivery of the vehicles directly from the 7th defendant without prior permission in writing from the respondent-Bank.