This suit has been filed for recovery of a sum of Rs. 98, 23, 910.90 with further interest at 22% per annum on Rs.78, 99, 682.35, for selling the schedule mentioned property in the event of default, for a direction to the first defendant to pay the amount, so deficient if any, with further interest at 22% per annum and for costs.

2. The plaint averments are as follows : The first defendant approached the plaintiff for financial assistance upto Rs. 25.00 lakhs in order to process, store and export Marine products, some time in March and April 1993. He represented that a packing credit of Rs.25.00 lakhs could be sanctioned to him with which he would achieve a target of an export turn over of Rs. 300 lakhs per annum and in turn the plaintiff could charge apart from interest at 14% per annum on such credit, also service charges at 3% of the F.O.B. value of such exports. D1 further offered to keep all processed and finished stock at D1's cold storage fully hypothecated to the plaintiff, to secure repayment of the loan. It was contemplated that the plaintiff could negotiate the export documents, immediately on the opening of such letters of credit, realise the full value there