1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION SUIT NO.1036 OF 2003 ICICI Bank Ltd. .. Plaintiffs versus Prashant P. Shetty & Ors. .. Defendants Mrs. Nutan Desaid for the plaintiffs. CORAM : A.S.OKA, J. DATE : 1st December 2009. JUDGMENT: . The suit is shown under caption of “Undefended Suits for Ex-parte Decree”. The plaintiffs-bank have filed present suit for recovery of a sum of Rs.79,802.50/- with interest thereon at the rate of 20.5% per annum compounded quarterly rests. The case of the plaintiffs is that the 1st defendant approached the plaintiffs with the request to grant term loan of Rs.2,00,000/- for purchase of a computer system. Against execution of various documents such as demand promissory note, letter of lien, undertaking etc the plaintiff sanctioned loan of Rs.2,00,000/- to the 1st defendant. The 2nd and 3rd defendants guaranteed repayment of loan by executing a letter of guarantee. It is stated that a life insurance policy in the sum of Rs.50,000/- was assigned by the 1st defendant in favour of the plaintiffs by way of collateral security. 2. The plaintiffs have filed an affidavit in lieu of evidence of one 2 Mr.Parshuram Lad, a manager. The original documents have been placed on record alongwith a list. Apart from the documents executed by the 1st to 3rd defendants, an extract of loan account of the 1st defendant has been filed by the plaintiffs. The documents produced alongwith affidavit and the assertions in the affidavit prove the case of the plaintiffs as regards grant of loan of Rs.2,00,000/- in favour of the 1st defendant. The letter of guarantee executed by the 2nd and 3rd defendants has been duly proved. The extract of loan account produced by the plaintiffs proves the claim of the plaintiffs. 3. The plaintiffs have prayed for further interest at the rate of 20.5% per annum compounded quarterly rests. Further interest deserves to be fixed at the rate of 12% per annum. 4. Hence, I pass the following order: : O R D E R : (a) The suit stands decreed in terms of prayer clauses (a) and (b) with a modification that further interest will be payable at the rate of 12% per annum from the date of institution of suit till the realisation or payment. (b) The plaintiffs will be entitled to refund of Court fees as per the rules. (A.S.OKA,J)