PUNJAB NATIONAL BANK v. DIAMOND CABLES AND CONDUCTORS COMPANY
2001-09-03
A K Sikri
body2001
DailyLaw.ai
A. K. SIKRI ( 1 ) THE plaintiff has filed the suit for recovery of Rs. 6,79,226. 69 paisa along with pendente lite and future interest. The plaintiff is stated to be the body corporate constituted under the banking Companies Acquisition and Transfer of Undertakings Act, 1970 having its. Head office at 7, Bhikhaji Cama Place, New Delhi-110 066. The plaintiff has its Branch Office at shdhdara, Delhi. It is also stated that Mr. K. K. Malhotra is the Manager of the said Branch who is duly authorised to institute the suit and verify the pleadings. ( 2 ) THE defendant No. 1 which is a partnership concern of the defendants 2 and 3 as partners opened a Current Account No. 5720 with the plaintiff Bank at its Shahdara Branch on 9/12/1992. It is the case of the plaintiff that the defendant No. 1 through its partners the defendants 2 and 3 sold goods to the defendant No. 4 vide bill dated 29/01/1993. for Rs. 3,99,545. 12. The documents were to be presented through the plaintiff bank. The defendant No. 1 had to collect Rs. 3,99,545. 12 from the defendant No. 4 if paid upto 19/2/1993 and if the payment was made thereafter then Rs. 3,99,545. 12 along with interest at the rate of 24 per cent per annum. The defendant No. 1 drew Hundi being No. 25 dated 29/1/1993 upon the defendant No. 4 which was to become due on 19/2/1993. The Hundi if not paid on due date was to carry interest at the rate of 24 per cent per annum. The Hundi was to be presented for payment through Bank of India, Khan Market Branch, The hundi was accepted by defendant No. 4 on 29/1/1993. The defendant No. 4, through the defendant nos. 2 and 3 requested the plaintiff to discount the said Hundi dated 29/01/1993 which request was accepted and the defendant nos. 1 to 3 were allowed discount of bill on the pay-in-slips for bill dated 29/01/1993. The plaintiff discounted the said bill and credited a sum of Rs. 2,84,488. 00 in the current account No. 5720 of the defendant No. 1 on account of discounting of the Hundi No. 25 dated 29/01/1993 and the bill dated 29/01/1993 by keeping margin money, interest, commission and other bank charges. The defendant nos. 1 to 3 withdrew Rs. 2,84,000. 00 from their account on 29/01/1993.
2,84,488. 00 in the current account No. 5720 of the defendant No. 1 on account of discounting of the Hundi No. 25 dated 29/01/1993 and the bill dated 29/01/1993 by keeping margin money, interest, commission and other bank charges. The defendant nos. 1 to 3 withdrew Rs. 2,84,000. 00 from their account on 29/01/1993. ( 3 ) HOWEVER, when the said Hundi was sent for payment to Bank of India, it was informed by bank of India that payment was not forthcoming and the Hundi was returned. The plaintiff sent letter dated 236/1993 about the non-realising of the amount as payment was not forthcoming from the defendant No. 4 and demanded the defendants 2 and 3 to pay the amount. The suit is filed against all the defendants. The defendant No. 4 is impleaded being the person who had purchased the goods from the defendants 1 to 3 and was liable for rs. 3,99,545. 12, and had accepted Hundi in question and, therefore, was liable to pay this amount to the plaintiff. ( 4 ) AS the defendants could not be served by ordinary process in spite of repeated efforts made. the plaintiff was allowed to serve the defendants by publication in statesman and amar Ujala as well as affixation at their last known address and at the Notice Board of the court for 1/8/2000. Defendants were duly served by the aforesaid modes. However, none of the defendants put in appearance, by order dated 20/03/2001 they were proceeded against ex-parte. The plaintiff was directed to lead evidence by means of affidavits. ( 5 ) AFFIDAVIT of Shri S. V. Chauhan, Chief Manager, Branch Office of Shahdara, Delhi of the plaintiff Bank has been filed. He has deposed to the aforesaid facts and have also proved original documents. Original Bill No. 29/1/1993 is Ex. PW-1/1 and Original Challan of this date is Ex. PW-1/2. Hundi dated 29/1/1993 accepted by the defendant No. 4 is Ex. PW-1/3 which mentions that if the amount is not paid on due date it would carry interest at the rate of 24% per annum. Pay-in-slip dated 29/1/1993 where by this Hundi was discounted by the plaintiff bank and a sum of Rs. 2,84,488. 00 was credited in the account of defendant No. 1 is Ex. PW-1/ 4. A copy of the statement of Current Account No. 724 is Ex. PW-1/7 which is duly certified.
Pay-in-slip dated 29/1/1993 where by this Hundi was discounted by the plaintiff bank and a sum of Rs. 2,84,488. 00 was credited in the account of defendant No. 1 is Ex. PW-1/ 4. A copy of the statement of Current Account No. 724 is Ex. PW-1/7 which is duly certified. Letter dated 23/3/1993 of Bank of India returning of Hundi is Ex. PW-1/9. ( 6 ) FROM the aforesaid unrebutted testimony of the plaintiff, the plajntiff has been able to prove its case. A decree for a sum of Rs. 5,39,357. 15p is passed in favour of the plaintiff and against the defendants 1 to 3. The plaintiff shall also be entitled to pendente lite and future interest at the rate of 12% per annum till the payment of the decretal amount. ( 7 ) IN so far as defendant No. 4 is concerned he is liable to pay the amount on account of dishonour of the Hundi. Hundi was for Rs. 3,99. 545. 12p. Thus decree for Rs. 6,79,226. 69p along with pendente lite and future interest 12% is passed against defendant No. 4. If the plaintiff is able to recover the amount from defendant No. 4 in excess of the amount of decree passed against the defendants 1 to 3, the balance amount shall be paid by the plaintiff to the defendants 1 to 3. The plaintiff shall also be entitled to the costs. Decree be drawn accordingly. Suit stands disposed of.