S.N.VARIAVA
Bank of India – Appellant
Versus
Aiyars Advertising and Marketing Pvt. Ltd. and ors. – Respondent
S.N. VARIAVA, J.:--This is a Bank Suit for recovery of a sum of Rs.. 21,18,692-65 ps. with interest thereon at the rate of 17.1/4% per annum from the date of the Suit till judgment and at the rate of 6% per annum from judgment till payment or realisation thereof.
2. The facts are as follows :
By and pursuant to an application made by the 1st defendant company, on 19th November 1973, the plaintiffs granted to the 1st defendant company a Cash Credit Facility in a sum of Rs 20 lakhs with interest thereon. The amount due under said facility were guaranteed by defendants 2 to 8 under a Deed of guarantee dated 19th November 1973, and by defendant No. 9 under another Deed of guarantee dated 19th November, 1973. The suit is for recovery of the amounts due under the said Cash Credit Facility against the 1st defendant as the Principal Debtor and against the other defendants as guarantors.
3. After the date of the filing of the suit, by an order dated 30th April 1976 the 1st defendant has been ordered to be wound up and the Official Liquidator, High Court, Bombay is appointed as the Liquidator of the 1st defendant Company. The plaint has therefore been amended on 22nd September 1976
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