The appellant-Bank, which is not able to get a decree as against all the three defendants together but only as against the third defendant, has filed this appeal.

2. The following substantial question of law was formulated for consideration:-

“1. Whether the framing of issues with reference to passing of consideration in respect of the promissory note, despite presumption available under Section 118 of the Negotiable Instruments Act is proper?

2. Whether fixing the liability as against the third defendant, exonerating the first and second defendants, is proper when the appellant has allegedly made payment to the third defendant on behalf of first defendant who is the debtor,for the repayment of which the second defendant was the guarantor ?”

3. Whether the finding of court below on limitation is perverse?

3. The brief facts:-

The first defendant, who wanted to avail a loan under self-employment scheme executed the promissory note dated 15.03.1988 (Ex.A-1) in favour of the appellant and for which the second defendant stood as a guarantor by virtue of Ex.A-3-letter of guarantee. The third defendant was expected to deliver the lathe to the first defendant to which the appel