IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION SUIT No.4290 of 1998 Indian Bank ..PLAINTIFFS VS. Anil Vishwanath Patil & anr .. DEFENDANTS Mr. K.H.Modi i/b JMB Partners for the Plaintiffs None for the Defendants CORAM: DR. D.Y.CHANDRACHUD, J DATE : 1st SEPTEMBER, 2009 P.C. 1. The suit has been instituted for recovery of monies lent and advanced. 2. By a letter of sanction dated 8th June 1994, the Plaintiffs granted to Defendant No.1, a Medium Term Loan of Rs. 59,500/-, for the purchase of certain equipment. The loan was repayable in 36 installments of Rs.1655/- each and was to bear interest @ 2.5% above the official rate of the Reserve Bank of India, with a minimum of 14.5% p.a. with quarterly rest. Defendant No.2 executed a Personal Guarantee. On 13th July 1994, Defendant No.1 executed a Demand Promissory Note and an Agreement of Loan against hypothecation. Defendant No.2 executed a Guarantee dated 13th July 1994. 3. The Loan was disbursed by the Plaintiffs to Defendant No.1. The Defendants executed an acknowledgment of debt dated 31st August 1996. The demand of the Plaintiffs has not been paid, despite a notice of demand. Accordingly the suit has been filed for recovery. 4. The Writ of Summons has been served on the Defendants. The Defendants have entered appearance. No Written Statement has been filed. The averments contained in the Plaint have not been controverted. 5. The Plaintiffs have relied upon an Affidavit of evidence of their Manager and a compilation of the original documents. The Affidavit of evidence contains a recital of the salient facts mentioned hereinabove. The claim has been duly proved on the basis of the Affidavit of evidence. The Suit is accordingly decreed in terms of prayer clauses (a) and (h) with the modification that the Plaintiffs will be entitled to interest @ 9% p.a. from the date of the suit until payment or realization. Prayer clauses (b) and (c) are not pressed. (Dr. D.Y.Chandrachud, J)