IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. SUMMONS FOR JUDGMENT NO.93 OF 2008 IN SUIT NO. 1319 OF 2003 Oriental Bank of Commerce. ...Plaintiff. Vs. M/s.Malleban Exports & Ors. ...Defendants. .... Mr. K.S. Shetty for the Plaintiff. Mr. D.M. Shah for the Defendants. ..... CORAM : DR.D.Y.CHANDRACHUD, J. APRIL 6, 2009. P.C. An overdraft facility was granted by the Plaintiff to the First Defendant which is a partnership firm of which the Second Defendant and the Third Defendant are partners. The overdraft facility which was in the amount of Rs.13,96,200/- was granted on 13th May 1997 as against the pledge of eight fixed deposit receipts issued by a third party. The Defendants executed a Demand Promissory Note on 13th May 1997 to cover the overdraft facility followed by another Demand Promissory Note of 7th June 2000 in the amount of Rs.11,60,000/-. An amount of Rs.13,21,787/- was due on 23rd November 2001 and upon adjustment of the FDR the balance of Rs.4,25,226/- was due upon which interest has been claimed. The transaction originally took place with the Global Trust Bank Ltd. which came to be merged with the Plaintiff in 2004. The defence that has been urged before the Court is that the suit essentially is on accounts and that the Plaintiff has already deposited and the Bank ought to have encashed the fixed deposit receipts earlier. There is no merit in the defence. The Bank extended an overdraft facility. The Bank has been secured by the execution of Demand Promissory Notes. After adjusting the amount of the fixed deposit receipts, the suit has been filed for recovering the balance. The suit is maintainable under Order 37 of the Code of Civil Procedure, 1908. At the same time, in my view, it would be in the interests of justice to grant to the Defendants conditional leave to defend the suit subject to the deposit of the principal sum. Conditional leave to defend the suit is granted subject to the deposit of Rs.4,25,000/- within a period of eight weeks from today. Upon deposit, the amount shall be invested in a fixed deposit of a Nationalised Bank to be renewed periodically during the pendency of the suit. The Summons for Judgment is accordingly disposed of. .....