1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. SUIT NO.4415 OF 1997 The Federal Bank Ltd. ...Plaintiff. Vs. Pradeep Chaturvedi. ...Defendant. .... Mr. O.A. Das for the Plaintiff. None for the Defendants. ..... CORAM : DR.D.Y.CHANDRACHUD, J. July 22, 2009. P.C. The suit has been instituted for the recovery of an amount of Rs.6,12,298/- together with future interest. 2. The Plaintiff extended a Demand Loan Facility to the Defendant. The Defendant made an application for a loan in the sum of Rs.5 lakh against a pledge of 54,500 equity shares of a Public Limited Company. The loan facility was sanctioned on 19th November 1994 in the amount of Rs.5 lakhs. The Defendant executed a Demand 2 Promissory Note, a letter of pledge of shares and security delivery letter all dated 19th November 1994 and agreed to pay interest at the rate of 18.75% p.a. with quarterly rests. The loan was to be repaid before 18th November 1995 and in default, the Defendant agreed to pay additional interest at 2% p.a. over and above the rate of 21.25% p.a. The Defendant failed to pay the dues. 3. The Defendant has been served with the writ of summons. The Defendant not having entered appearance, the averments in the plaint have not been controverted. The Plaintiff has relied upon an affidavit of evidence of its Chief Manager and on a compilation of the original documents. The claim has been duly proved on the basis thereof. The suit shall accordingly stand decreed in terms of prayer clause (b) with the modification that the Plaintiff will be entitled to interest at the rate of 12% p.a. On the principal sum from the date of the suit until payment or realization. 4. There shall be a refund, of Court fee if any, as per the rules. ......