( 1 ) SYNDICATE Bank, Asaf Ali Road, has filed a suit for recovery of Rs. 5,42,314. 31p. through its Chief Manager and Principal Officer Sh. K. G. P. Pillai. He also claims to be duly constituted attorney of the plaintiff Bank and titled to institute the suit. He is the person who has signed and verified the plaint. I. I. M/s. Begum International, a partnership firm comprising of two partners, namely, S. Krishna Sharma and S. Ravi, availed credit facilities under the following three heads:

(A) Packing Credit limit 4/81 dated 29. 5. 1981 with a limit of Rs. 50,000. 00. (b) Over-draft against hypothecation ODH 56/81 dated 16. 9. 81 for Rs. 2,00,000. 00. (e) Packing Credit Limit 6/81 dated 4. 11. 1981 for Rs. 50,000. 00.

1. 2. Both the partners in consideration of and to secure repayment of the Packing Credit limit 4/81 executed an Export Credit Agreement, a Demand Promissory Note for a sum of Rs. 50,000. 00 and a Letter of Guarantee on 29th May, 19981. They availed the entire amount of Rs. 50,000. 00. On 20th April, 1984, the two partners executed acknowledgement of debt on behalf of defendant No. 1 to the extentofrs. 43,253. 30p. undertheplaintiffcreditlimit. On31staugust