1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. SUMMARY SUIT NO.3002 OF 2007 State Bank of India ..Plaintiff. Vs. Mangesh K. Nargolkar and another ..Defendants. .... Mr. Prasad Das i/b M/s. Goenka Law Associates for the Plaintiff. None for the Defendants. .... CORAM: DR. D.Y. CHANDRACHUD, J. 1st February, 2008. P.C. : The suit has been instituted by the State Bank of India under Order 37 of the Code of Civil Procedure, 1908 for the recovery of monies due and payable under a loan agreement. A loan in the amount of Rs.1,50,000/- was sanctioned to the First Defendant. The loan was repayable in 48 monthly equated installments each of Rs.4,140/-. The First Defendant executed a letter of authority. The Second Defendant has guaranteed the loan by executing a deed of guarantee. A revival letter was executed by the Defendants on 2nd March, 2005. The loan has not been repaid 2 and on the date of the institution of the suit an amount of Rs.1,77,656.16 was due and payable inclusive of interest. The agreement provides for the payment of interest at the rate of 14.5 % per annum. The Defendants having failed to enter appearance despite service of the writ of summons, the suit has been listed for an ex parte decree. Upon failure of the Defendants to enter appearance, the Plaintiff would be entitled to a decree under Order 37 Rule 2(3). The Plaintiff has relied on a compilation of documents on the basis of which the claim stands duly proved. The suit shall accordingly stand decreed in terms of prayers (a) and (b) with the modification that the Plaintiff would be entitled to interest at the rate of 9% per annum on the principal sum from the date of the suit until payment or realization.