The judgment and decree, dated 9.10.2006 made in A.S.No.34 of 2006 on the file of the learned Additional District and Sessions Judge, Fast Track Court No.V, Chennai, confirming the judgment and decree dated 8.4.2005 made in O.S.No.368 of 2003 on the file of the learned XII Assistant Juge, City Civil Court, Chennai, are under challenge in this second appeal.

2. The appellant is the defendant in the suit in O.S.No.368 of 2003, whereas the respondent is the plaintiff.

3. For easy reference and for the sake of convenience, the appellant may hereinafter be referred to as the defendant and the respondent be referred to as the plaintiff wherever the context so require.

4. The necessary facts leading to the filing of the suit are as under:-

a. On 5.1.1995 the defendants had sanctioned the overdraft credit facility for a sum of Rs.55,00,000/- on completing the formalities. The plaintiffs were operating the facility through their current account No.CC270. Again on 14.5.1997, the defendants had enhanced the overdraft credit facility to Rs.60,00,000/- from Rs.55,00,000/- in respect of the said current account and also sanctioned additional secured overdraft facility to the plaintiffs for