RATNAM J.

This civil revision petition has come before us on a reference made by Sethuraman J. The petitioner is a nationalised bank carrying on the business of banking, subject to the provisions of the Banking Regulation Act, 1949, and the control of the RBI. On October 12, 1971, the petitioner advanced to respondents Nos. 1 to 3 herein a sum of Rs. 1, 850 as agricultural medium term loan, which respondents Nos. 1 to 3 agreed to repay with interest at 4 1/2 per cent. per annum over the official rate of the RBI with a minimum interest of 10 1/2 per cent. per annum with quarterly rests. A promissory note, exhibit A-1, dated October 12, 1971, was also executed by respondents Nos. 1 to 3 along with the fourth respondent as a co-obligant. On October 1, 1974, the respondents wrote under exhibit A-3 to the petitioner acknowledging their liability to repay the amounts as agreed, but nevertheless, no amounts were paid. Thereafter, a notice, exhibit A-4, was issued by the petitioner on May 20, 1975, which was received by all the respondents to which only the first respondent replied with exhibit A-9 on June 28, 1975, praying for some time to repay the amounts due to the petitione