V.K.JAIN, J.

IA 7213/2011 (O.37 R.3(5) CPC)

This is a suit filed under Order 37 of the Code of Civil procedure for recovery of Rs.39,40,351/-. The case of the plaintiff is that the defendant having approached it for grant of a housing loan, it sanctioned a sum of Rs.35 lakhs as loan to the defendant for purchase of a property located at 1003, 10th floor, Building 15, Unitech Horizon, Plot No.6, Sector Alistonia, Greater Noida, under its Individual Loan Scheme. The loan was paid for 240 months with interest at variable rate of 8% per annum, which at present stands at 10.5%. The plaintiff disbursed a sum of Rs.32 lakhs to the defendant who executed a promissory note dated 21st February, 2006 for the said sum in favour of the plaintiff. Under clause 2.6 of the Loan Agreement, the defendant agreed to pay EMI/Pre EMI every month. As per clause 2.7(b) of the Loan Agreement, the defendant also agreed to pay additional interest as per rules of the plaintiff, in case of delay/default in making the repayment of the loan. An additional sum of Rs.2,22,837/- was disbursed to the defendant on 5th January, 2008, thereby raising the total disbursed amount. The loan was re-payable in EMIs o