IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION SUIT No.3083 of 1997 PUNJAB & SIND BANK ..PLAINTIFFS VS. V.T.SHAH & ORS. .. DEFENDANTS Mr. A.C.Mahimkar i/b Mahimkar & Co. for the Plaintiffs None for the Defendants CORAM: DR. D.Y.CHANDRACHUD, J DATE : 27TH AUGUST, 2009 P.C. 1. The suit has been instituted for the recovery of monies, advanced by the Plaintiffs to the Defendants. 2. The Plaintiffs granted a term loan facility to the 1st Defendant in September, 1988, against the hypothecation of goods with a limit of Rs.60,000/-. The limit under the term loan facility was revised from time to time. In July 1994, Defendant No.1, in consideration of the revision of the limits of the term loan facility, executed a demand promissory note dated 8th July 1994, a balance confirmation letter, an Agreement for hypothecation amongst other documents. The Defendants have also deposited the title deeds of a shop with an intention to create an equitable mortgage on 27th September, 1998. 3. Defendant No.1 availed of the term loan facility, but failed to repay the dues. As on date an amount of Rs.84,718/- was due and payable to the Plaintiffs. The Plaintiffs have claimed interest thereon @ 16% p.a. 4. The Defendants have been served with the Writ of Summons, but have failed to enter appearance. In the circumstances, the claim of the Plaintiffs has not been controverted. The Plaintiffs have duly proved their claim on the basis of the Affidavit of evidence of their witness dated 30th July 2009 and on the basis of a compilation of the original documents tendered and taken on record. The statement of account has been duly certified. The suit shall accordingly stand decreed in terms of prayer clauses (a) (b-1) (b-2). However. the Plaintiffs would be entitled to the interest @ 9% p.a., from the date of the suit until payment of realization. Prayer clauses (c) and (d) are not pressed. For the purpose of prayer clause (b-2), the time for redemption is fixed at a period of six months from today. The Plaintiffs will be entitled to the costs of the suit. (Dr. D.Y.Chandrachud, J)