1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. SUIT NO.3321 OF 1997 Punjab & Sind Bank. ...Plaintiff. Vs. Excell Products (I) & Ors. ...Defendants. .... Mr. A.C. Mahimkar i/b. Mahimkar & Co. for the Plaintiff. None for the Defendant. ..... CORAM : DR.D.Y.CHANDRACHUD, J. July 20, 2009. P.C.: The suit has been instituted by the Plaintiff for the recovery of a sum of Rs.3,49,257/- together with interest towards the outstanding dues of the Bank. 2. On the request of the First Defendant, the Plaintiff granted to the First Defendant a Packing Credit Facility against hypothecation of goods in the amount of Rs.1,16,254.10. In consideration thereof; the Defendants executed in favour of the Plaintiff, a Demand 2 Promissory Note dated 12th August 1994; a letter of continuity; an Agreement of Hypothecation and a Packing Credit Agreement. The Defendants availed of the Packing Credit Facility, but failed to repay the outstanding dues, despite a letter of demand dated 7th August 1997. Accordingly the suit has been instituted for the recovery of the outstandings. 3. The Defendants have been served with the writ of summons, but failed to enter appearance. As a result, the averments which have been made in the Plaint have not been challenged. The Plaintiff has relied upon an affidavit of evidence of a Competent Officer and on a compilation of the original documents. The documents forming part of the compilation include a Promissory Note, a letter of continuity, an agreement of hypothecation, Packing Credit Agreement and an agreement of Guarantee executed by the Defendants. The statement of account duly certified under the Bankers’ Books Evidence Act has been proved. The claim has been duly proved. The suit shall accordingly stand decreed in terms of 3 prayer clauses (a) and (g) 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. ......