V. D. Misra, C. J.—This is an application under Order 37, Rule 3 (5) of the Code of Civil Procedure for leave to defend the suit.

2. The plaintiff is Indian Bank. The suit against the defendant is for the recovery of Rs 71,933.15 with costs and future interest at the rate of 21.5 per cent per annum from the date of institution of the suit till the payment. The suit is based on the Demand Promissory Note dated 14-7-1980. This promissory note is for Rs. 45,798.96. By this promissory note the defendant has undertaken to pay the amount with interest thereon at the rate of 8 per cent per annum over the official rate of Reserve Bank of India with a minimum of 17 percent per annum with quarterly rests from the date of loan to the date of payment in full.

3. The case of the plaintiff is this. On 7-10-77 the defendant opened a current account with the plaintiff and simultaneously requested for over-draft facility in this account. The plaintiff accepted the request of the defendant and the latter was allowed over-draft facility to the extent of Rs. 25,000 in the said current account. On 13-2-1978 the plaintiff called upon the defendant to pay the entire amount failing which the plaint