R.S.GARG
SAI UDYOG (PVT. LIMITED), RAIPUR – Appellant
Versus
CENTRAL BANK OF INDIA, RAIPUR – Respondent
( 1 ) THE applicants/defendants being aggrieved by the order dated 14-2-95, passed by the District Judge, Raipur in Civil Suit No. 43-A/89, rejecting the applicants application filed under Section 151 CPC seeking stay of the civil suit, have preferred this revision petition.
( 2 ) THE facts material for disposal of the present revision petition are that non-applicant/bank filed a civil suit against defendants for recovery of Rs. 1,26,26,441/- pendente lite and future interest, sale of hypothecated goods and mortgaged property has also been claimed. According to the Bank, transactions commenced in the year 1980 and thereafter the said limits were enhanced several times. The plaintiff/bank submits that lesser rate of the interest was agreed between the parties as the goods to be manufactured by the defendants were to be exported. Bank submitted that contrary to the terms of the agreement, the goods were sold in the open market, were not exported and, therefore, the Bank is entitled to interest at the rate of 18% p. a. The Bank also submitted that after breaking open the locks of the godowns, the defendants surruptiously removed the pledged goods. The Bank feeling aggrie
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REFERRED : State of U.P. v. Ramchandra Trivedi
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