JUDGEMENT

The Appeal Suit is filed against the Judgement and Decree dated

31.08.2009 passed in O.S.No.8127 of 1996. The defendant is the appellant in the Appeal Suit and the respondent/plaintiff instituted a suit for recovery for a sum of Rs.5,35,797/- together with interest at 17.5% p.a. from the date of plaint till the date of realisation with quarterly rests and for costs.

2.The facts in nutshell in the plaint are that the defendant had approached the plaintiff's Bank and borrowed a sum of Rs.3,40,774/- on 22.05.1990 as vehicle loan for the purchase of two Ambassador tourist Taxis and executed Sanction Ticket, agreeing to repay the same with 48 monthly installments with interest at 8% p.a. He also executed an agreement of Hypothecation, hypothecating the 2 tourist cars bearing Reg.Nos.TN-01-A-9739 and TN-01-A-9741 and made endorsements on the R.C. books to and in favour of the plaintiff on 13.06.1990. The defendant has acknowledged his liability on 31.03.1993 by execution of acknowledgment of debts for Rs.3,03,517.92/- indebtedness as on 31.12.1992. The defendant was a defaulter and was irregular in repayment of monthly dues. Thus, the respondent/plaintiff instituted a suit for rec