MISRA, J. :- This is an appeal by the defendant No. 1 arising out of a suit for recovery of Rs. 63,786/- on the basis of two bonds dated 5th February, 1952 and 29th March, 1952 respectively. The material facts may be briefly stated as follows :

The defendant No. 1 was a public limited company duly incorporated under the Indian Companies Act, Sri N. L. Bidani was its General Manager and a director. The defendant No. 1 promised to pay a sum of Rs. 48,000/- and another sum of Rs. 15,000/-under two bonds dated 27th March, 1952 and 5th February, 1952 respectively with interest at 7 per cent. per annum within two years from the date of the respective bonds. The plaintiff alleged that on 29th August, 1952 the defendant No. 1 paid a sum of Rupees 10,000/- to the defendants Nos. 2 and 3 as part payment of the loan dated 27th March, 1952 but nothing was paid towards the loan due under the bond of 5th February, 1952. Subsequently the defendants Nos. 2 and 3 assigned the said debts under the said bonds to the plaintiff by virtue of two assignment deeds dated 21st February, 1955. The plaintiff asked the defendant No. 1 to make payment of the debts due under the said two bonds but it fai