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SUPREME COURT OF INDIA

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PETITIONER:

N.M.VEERAPPA

Vs.

RESPONDENT:

CANARA BANK

DATE OF JUDGMENT: 27/01/1998

BENCH:

S. SAGHIR AHMAD, M. JAGANNADHA RAO.

ACT:

HEADNOTE:

JUDGMENT:

THE 29TH DAY OF JANUARY, 1998

Present:

Hon’ble Mr. Justice S.Saghir Ahmad

Hon’ble Mr. Justice M.Jagannadha Rao

Ms. Lalita Kaushik, Advocate for the appellant.

Mr. Pradeep Dewan, Ms. Amita Kapur and Mr. P.B.Aggarwala,

Advocates for the respondents.

J U D G M E N T

The following Judgment of the Court was delivered:

M. JAGANNADHA RAO. J.

Leave granted,

The appellant (Managing Partner) is the 2nd defendant

in the suit. The 1st respondent-Bank filed a suit O.S.

101/1980 based on mortgage for recovery of Rs. 7,82,881.78

against M/s. Shiva Rice Industries (a partnership firm) (1st

defendant), the appellant (defendant 2) and defendants 3 to

10 (partners) on the file of the Principal Civil Judge.

Shimoga. These defendants has taken a loan of Rs. 5 lakhs on

7.4.1976 agreeing to repay in 52 monthly instalments each of

Rs. 8000/- from 7.4.1977 with interest at the end of each

q