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1991 Supreme(MP) 43

K.M.AGARWAL
Kamla Prasad Jaiswal – Appellant
Versus
Punjab National Bank – Respondent


Advocates:
N.S. Kale for appellant; J.P. Sanghi for respondents.

JUDGMENT

K.M. Agarwal, J. -- 1. Aggrieved by the judgment and decree for recovery of "a sum of Rs.12,466.54 p. with compound interest at 11% per annum from 1.1.1977 till 1.11.1979 (for simplicity, suit being filed on 5.11.1979), and simple interest at this rate thereafter till realisation, and proportionate costs of the suit, from the defendants 1 to 3 (jointly and severally)" passed by the Court below, only one of the defendants, i.e., Kamla Prasad has filed this first appeal.

2. On 25.2.1972 the respondent No. 2 Mohammad Hakim was advanced a loan of Rs.10,750/- by the respondent No. 1 for purchase of a Tempo. The appellant and the respondent No. 3 Nazar Mohammad Khan were the guarantors. As per agreement, the rate of interest was 5% above the Reserve Bank rate with the minimum of 11% per annum with quarterly rests. The Joan was not repaid and, therefore, the respondent No. 1 filed a suit on 5.11.1979 for recovery of a sum of Rs.20,817/- with pendente lite and post decree interest at the rate of 14% per annum. The suit was resisted by the appellant and the respondent No.3, but was decreed as aforesaid. Being aggrieved, the defendant No. 2 Kamla Prasad alone has preferred this firs











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