Judgment :- 1. This appeal by a debtor is against the order of the court below refusing him relief under the provisions of Act XXXI of 1958. The decree in the case was obtained against the appellant by the respondent on the basis of a chitty hypothecation bond executed by the appellant in favour of the Investment Corporation on 27-5-1121. The rights under the bond were assigned to the respondent in 1124. 2. The learned judge who heard the appeal has referred it to the Division Bench for the decision of the two points raised by the appellant. They are, that in the case of a chitty hypothecation bond there is no borrowing as contemplated under sub-clause (xi) of clause (c) of S.2 and secondly, that in order that the clause should apply the initial borrowing must itself be from a Bank mentioned in that sub-clause. 3. The court below held that sub-clause (xi) of clause (c) of S.2 would apply and refused the application of the appellant to pay the debt in accordance with the provisions of S.4 (2) of the Act. 4. We think, that sub-clause has no application. It has been held by a Full Bench of the Travancore High Court in XVI T.L.J. 143 that there is no element of borrowing in the case of a prized subscriber receiving the prize money and in executing a hypothecation bond as security for payment of the future instalments. This decision has been followed in another case of the same High Court-XVII T.L.J. 7. We respectfully follow the above decisions and hold that sub-clause (xi) of clause (o) of S.2 has no application. 5. In the view we have taken on the above point, it is unnecessary to decide the second contention raised by the appellant in this case. 6. We allow this appeal, but make no order as to costs. Allowed.