ORDER:- This suit has been filed for a direction to the defendants to pay to the plaintiff a sum of Rs. 1,90,325.50 together with contractual rate of interest at 21% per annum with quarterly rests from the date of plaint till realisation, for a charge decree in case of default, for a personal decree and for costs.

2. Plaint averments are as follows :

On behalf of the first defendant, its partners viz. defendants 2 and 3 have approached the plaintiff for Packing Credit Loan. Accordingly, the plaintiff sanctioned the said loan to the tune of Rs.1,50,000/-. The defendants 2 and 3 have borrowed the said loan on 16-2-1990 and jointly executed a promissory note in favour of the plaintiff agreeing to repay the loan together with interest at the contractual rate of 7.58 per annum with quarterly rests. The defendants 2 and 3 have also executed Packing Credit Loan Agreement. They have executed a letter of hypothecation on 16-2-1990. Guaranteeing the due repayment of the loan amount, the 4th defendant has executed a letter of guarantee on 16-2-1990. In respect of the said loan, the defendants are liable to pay interest at the rate of 21% per annum, since the loan availed by them was for the pur

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