: 1 : IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION SUIT SUIT SUIT NO. 3708 OF 1999 NO. 3708 OF 1999 NO. 3708 OF 1999 Canara Bank, a Bank Constituted and Functioning under the provisions of the Banking Companies (Acquisition and Transfers of Undertakings) Act, 1970 having their Head Office at Bangalore, Karnataka State, and a Branch Office at Warden House, Sir P.M. Road, Fort, Mumbai-400 001. ... Plaintiffs. V/s. M/s. Mrugank Investments Pvt. Ltd., Killick Indl. Estate, Saki Vihar Road, Chandivali, Andheri (East), Mumbai-72. ... Defendants. Mr. R.C. Dubey for the Plaintiffs. None for the Defendants. CORAM CORAM CORAM : R.Y. GANOO, J. : R.Y. GANOO, J. : R.Y. GANOO, J. DATE DATE DATE : 08TH SEPTEMBER 2008. : 08TH SEPTEMBER 2008. : 08TH SEPTEMBER 2008. ORAL ORAL ORAL JUDGMENT :- JUDGMENT :- JUDGMENT :- . The Plaintiffs "Canara Bank" have instituted the suit against the Defendants for recovery of Rs.8,00,986/- alongwith interest at the rate of 18% per annum on Rs.5,59,540/- from the date of the filing of the suit till realization and for cost. 2. Few facts necessary for the disposal of this suit : 2 : are as under :- . The Plaintiffs is a Nationalised Bank and one M/s. Adit Chemicals had drawn the bill of exchange for the sum of Rs.6,99,426/- on 4th September 1996 in favour of the Plaintiffs. The due date was 2nd December 1996 and the present Defendants were the acceptors of the said bill. The discounted value of the said bill was to the tune of Rs.5,59,540/-. According to the Plaintiffs, the said bill of exchange was presented for acceptance. However, the Defendants failed and neglected to comply with the contents of the bill and they failed to pay and honour the said bill. Accordingly, noting and protest was done on 29th July 1997. The Plaintiffs thereafter called upon the Defendants by their Advocates Notice dated 6th March 1999 to make the payment in so far as the said bill is concerned. The Defendants failed and neglected to comply with the said demand. 3. It is, in these circumstances, Plaintiffs filed the present suit for recovery of the principal amount of Rs.5,59,540/- alongwith the interest at the rate of 18% per annum on the said amount as set out in the : 3 : particular subject. The Summons for Judgment was taken out wherein the Defendants were directed to deposit the sum of Rs.5,59,540/-. That amount has not been deposited and hence, the suit is taken up for hearing and disposal. Since no written statement was filed, issues have not been framed and Court will have to consider whether the Plaintiffs are entitled to decree or otherwise. 4. The Plaintiffs have examined Mr. Sham Manohar Latkar as PW-1. He is an Officer working with the Plaintiffs. No other witness has been examined by the Plaintiffs. The Defendants have remained absent at the stage of trial. 5. The Plaintiffs witness Mr. Sham Manohar Latkar, who is working with the Plaintiffs as Officer has filed his evidence on affidavit dated 7th July 2008. The Defendants have remained absent all along and the word of this witness PW-1 Mr. Latkar has gone unchallenged. The Plaintiffs had relied upon the documents such as bill of exchange, the invoices raised on the goods which have been sold is at P-2 and the Statement of account is at P-5. I have heard learned Advocate Mr. : 4 : Dubey on behalf of the Plaintiffs. In the absence of the cross examination by the Defendants, the claim of the Plaintiffs that the bill of exchange which was accepted by the Defendants and not honoured has gone unchallenged to that extent. The Plaintiffs are entitled to recover the amount namely Rs.5,59,540/- being the amount which was to be treated as discounted value of the said bill. 6. Since no specific rate of interest is mentioned on the bill, the Plaintiffs are entitled to recover the interest at the rate of 18% per annum as per Section 80 of the Negotiable Instruments Act. 7. On consideration of the evidence on record and the documents, I am inclined to observe that the Plaintiffs have made out the case for grant of the decree in favour of the Plaintiffs to the extent of Rs.5,59,540/- being the principal amount. The Plaintiffs would also be entitled to recover from the Defendants interest at the rate of 18% per annum from the due date till filing of the suit which turns out to be Rs.2,41,446/-. The Plaintiffs are also entitled to recover from the Defendants interest on Rs.5,59,540/- : 5 : from the date of the filing of the suit till realization. In view of the provisions of Section 34 of the Code of Civil Procedure, I am inclined to grant interest at the rate of 6% per annum, from the date of filing of the suit till realization. The Plaintiffs are entitled to the costs of suit. . For the aforesaid reasons, I pass the following order :- (i) The Defendants do pay to the Plaintiffs Rs.8,00,986/-. (ii) The Defendants do pay to the Plaintiffs interest on Rs.5,59,540/- at the rate of 6% per annum from the date of filing of the suit till realization. (iii) The Defendants do pay to the Plaintiffs costs of the suit. (R.Y. (R.Y. (R.Y. GANOO,J.) GANOO,J.) GANOO,J.)