Drat Allahabad Court January 2005 Judgments

Indian Overseas Bank Vs. Shanti Talpatra and ors.

Court: DRAT Allahabad

Reported in: III(2006)BC88

This appeal has been preferred by the above named appellant-Bank against the judgment and order passed by the then Presiding Officer, DRT, Allahabad in T.A. No. 1063 of 2000, whereby and whereunder the recovery claim of the appellant-Bank has been dismissed.1. On the basis of open, current and mutual account, the appellant-Bank filed a suit No. 172/95 on 13th February, 1995 before the Court of Civil Judge, Ghaziabad (U.P.) for recovery of Rs. 43,83,2737- together with pendente lite and a future interest @ 24.70/% per annum with quarterly rest and cost and it was further prayed that if the amounts are not being paid by the defendant-borrowers, the hypothecated goods and mortgaged property be sold. One Shri B.B. Talpatra was the proprietor of Talpatra Enterprises and he was enjoying various credit facilities from the appellant-Bank in the form of temporary overdraft and term loan taking credit, etc. He executed D.P. Note for Rs. 9.00 lacs on 14th June, 1979 and also executed several oth...