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THE HIGH COURT OF KARNATAKA
D K SINGH, S RACHAIAH, JJ
SRI SREEKUMAR – Appellant
Versus
CANARA BANK – Respondent
| Table of Content |
|---|
| 1. liability of retired partners for partnership debts. (Para 1 , 2 , 3 , 4 , 5 , 6 , 9 , 10) |
| 2. argument regarding the bank's knowledge of partnership changes. (Para 12) |
| 3. court's analysis on novation of contracts. (Para 13 , 14 , 15 , 16 , 17 , 19 , 21) |
| 4. discharge of liability via new agreements. (Para 18 , 20) |
| 5. final ruling and orders of the court. (Para 22) |
ORAL ORDER
1. The present writ petition has been filed impugning the order dated 09.05.2025 passed by the Debts Recovery Appellate Tribunal, Chennai (DRAT) in Regular Appeal No.110/2017 and the order dated 27.01.2016 passed by the Debts Recovery Tribunal, Bengaluru (DRT) in the Original Application No.1458/2013.
3. The term loan of Rs. 35,00,000/- was repayable with an interest @14.75% per annum in 55 equated monthly instalments of Rs.92,792.50 each commencing from 30.04.2009. The last instalment was to be paid on or before 31.12.2013. The overdraft facility was initially valid upto 30.06.2009 as per the Sanction Letter dated 23.06.2008. The petitioner No.1 and the respondent No.2-firm stood as guarantors and by a Composite Hypothecation Agreement dated 04.07.2008, the newly purchased machinery as well as the r
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