MUKULMUDGAL ( 1 ) THIS is a suit on behalf of the plaintiff-Bank praying for passing a decree of Rs. 5,30,156. 00 along with pendente lite/future interest and also for passing a preliminarydecree of sale in respect of the mortgaged property under Order xxxiv of CPC. Thedefendants were duly served but did not enter appearance and by the Order of thiscourt dated 12. 11. 1998, the defendants have been proceeded ex-parte. ( 2 ) THE plaintiff-Bank is body corporate, constituted under the Banking Companiesact 5, 1970. The plaint is duly signed and verified by Shri Krishna Kumar Kanshal,manager and Principal Officer of the plaintiff-Bank. who is authorised to sign andverify the plaint on behalf of the plaintiff-Bank. ( 3 ) IT is averred in the plaint that the defendant No. 1 as principal borrower,approached the plaintiff-Bank for financial assistance in the form of Term Loanfacility in the sum of Rs. 2,53,272. 00 vide loan application dated 07. 09. 1988 (Ex. PW-1/1) for purchasing a truck. The plaintiff sanctioined a loan facility in the sum ofrs. 2,40,000. 00 vide Sanction Letter (Ex. PW-1/2) duly acknowledged by defendantno. 1 vide letter (Ex. PW01/3 ). The defendant No. 1 in consideration of the said loanfacility executed the loan documents as a security infavour of the plaintiff-Bank in theshape of medium Term Loan Agreement (Ex. PW-1/4) ; Affidavit (Ex. PW-1/5);irrecovable Letter of Authority (Ex. PW-1/6); Demand Promissory Note (Ex. PW-1/7);money Consideration Receipt (Ex. PW-1/8); Letter of Waivement (Ex. PW-1/9);another Demand Promissory Note (Ex. PW-1/10); Money Consideration Receipt (Ex. PW-1/11); Letter of Waivement thereof (Ex. PW-1/12), another Demandpromissory Note (Ex. PW-1/13); Money Consideration Receipt thereof (Ex. PW-1/14) and Letter of Waivement thereof (Ex. PW-1/15 ). It is also averred in the plaint thatdefendants 2 and 3 stood as Guarantors and executed Agreement of Guarantee (Ex. PW-1/16-17 ). The defendants agreed to pay an interest @ 12. 5% per annum withquarterly losts. The defendant No. 1 agreed to repay the entire loan facility in 36monthly instalment of Rs. 6. 670. 00 each with interest thereon and the first instalmentwas to commenced w. e. f. November, 1998. In addition to the above defendant No. 1also undertook to pay the increased rate of interest as per the directions of R. B. I andalso agreed to produce the truck once in a month for inspection before the plaintiff-Bank. 6. 670. 00 each with interest thereon and the first instalmentwas to commenced w. e. f. November, 1998. In addition to the above defendant No. 1also undertook to pay the increased rate of interest as per the directions of R. B. I andalso agreed to produce the truck once in a month for inspection before the plaintiff-Bank. ( 4 ) IT is also the plaintiff s case that as a security, defendant No. 3 with an intention tocreate Equitable Mortgage deposited Sale Deed (Exs. PW-1/20 and 21) with theplainiff-Bank and mortgaged his property bearing No. B-927, Shastri Nagar, Delhi,being Plot No. 26 measuring 200 Sq, Yds. situated in Village Neemri,shastri Nagar,delhi, In favour of the plaintiff-Bank by an Agreement of Mortgage dated 13. 10. 1988 (Ex. PW-1/18 ). The undertaking given bydefendant No. 3 with respect to mortgageaforesaid mortgage property is Ex. PW-1/19. Thereafter the loan facility was availedby defendant No. 1 at different intervals and he purchased the Truck bearing No. DIG-7266 out of the loan facility availed from the plaintiff-Bank. ( 5 ) IT is further the plaintiff s case that after availing the loan facility, the defendantno. 1 failed to repay the regular monthly instalments as undertaken by him, as a resultof which plaintiff-Bank sent letters (Exs. PW-2/2, PW-2/3, PW-2/4, PW2/5. PW2/6,pw-2/7) and the copy of legal notices (Ex. PW-2/8, PW2/9, PW2/10) to call upondefendant No. 1 to clear up his dues and maintain the financial discipline thereof. Theu. P. C. receipt with respect to legal notice (Ex. PW-2/10) is Ex. PW-2/11 and thepostal receipt thereof are Exs. PW-2/12, PW-2/13, PW-2/14. In a Balance Confirmationletter dated 30. 03. 1990 (Ex. PW-2/15), the defendant No. 1 has admitted the debitbalance of Rs. 2,67,291. 70 ). Hence the plaintiff has filed the present suit under Orderxxxiv of the Civil Procedure Code for the recovery of the amount due and for the sale of themortgaged property against the defendants. ( 6 ) THE defendant were proceeded ex-parte as per the Court,s Order dated12. 11. 1998. Thereafter the plaintiff-Bank has filed evidence by way of affidavits ofmr. Vijay Kumar Rathore, Mr. Krishan Kumar Kansal and Mr. Jatinder Batra (Exs. PW -1,2 and 3), Officers of the plaintiff-Bank to prove its case. The averments made inthe plaint have been supported by the aforesaid affidavits. The plaintiff has provedthe following documents relied upon in support of its claim in the plaint, namely:1. Vijay Kumar Rathore, Mr. Krishan Kumar Kansal and Mr. Jatinder Batra (Exs. PW -1,2 and 3), Officers of the plaintiff-Bank to prove its case. The averments made inthe plaint have been supported by the aforesaid affidavits. The plaintiff has provedthe following documents relied upon in support of its claim in the plaint, namely:1. Loan Application dated 07. 09. 1988 Ex. PW-1/12. Sanction Letter Ex. PW-1/23. Defendant No. 1 s letter Ex. PW-1/34. Medium Term Loan Agreement Ex. PW-1/45. Affidavit Ex. PW-1/56. Irrecovable Letter of Authority Ex. PW-1/67. Demand Promissory Note Ex. PW-1/78. Money Consideration Receipt Ex. PW-1/89. Letter of Waivement Ex. PW-1/910. Demand Promissory Note EX. PW-1/101 1. Money Consideration Receipt EX. PW-1/1112. Letterofwaivement Ex. PW-1/1213. Demand Promissory Note Ex. PW-1/1314. Money Consideration Receipt Ex. PW-1/1415. Letter of Waivement Ex. PW-1/1516. Agreement of Guarantee Exs. PW-1/16-1717. Agreement of Mortgage dated 13. 10. 88 Ex. PW-1/1818. Defendant No. 3,s Undertaking Ex. PW-1/1919. Mortgage Sale Deed Ex. PW-1/20-2120. Plaintiff s letters Ex. PW-2/2 to PW-2/721. Legal Notices Exs. Pw-2/8 to PW-2/1022. U. P. C. Receipt of PW-2/10 Ex. PW-2/1123. Postal Receipts Exs. PW-2/12 topw-2/1424. Balance confirmation Letter dt. 30. 3. 90 Ex. PW-2/1525. Affidavits of Evidence Ex. PW. 1 to PW. 3there is no rebuttal to these pleas. ( 7 ) ACCORDINGLY, the plaintiff is entitled to a decree. The suit is decreed as prayed. Adecree is passed for a sum of Rs. 5,30,156. 00 in favour of the plaintiff-Bank andagainst the defendants with costs. The defendants jointly and severally are also directedto pay pendente lite interest from the date of filing of the suit, i. e. , 25. 7. 1995 till thedate of the decree to the plaintiff-Bank @ 17. 50% per annum with quarterly rests inrespect of the suit amount of Rs. 5,30,156. 00. The plaintiff-Bank is also entitled tointerest at 12 per cent from the date of the decree till realisation as the transaction isof a commercial nature. This amount be paid within six months from today. ( 8 ) IT is further directed that if the amount due as per this judgment is not paid by thedefendants in terms of the preliminary decree within six months from today, theplaintiff-Bank shall be entitled to apply for a final decree against defendant No. 3 forthe sale of the mortgaged property bearing No. B-927, Shastri Nagar, Delhi, beingplot No. 26, Measuring 200 Sq. Yds. Yds. situated in village Neemri, Shastri Nagar, Delhi,the proceeds of sale after the adjustment of the sale expenses be deposited into thiscourt and applied in Payment of the dues to the plaintiff-Bank with interest, costs aswell as subsequent costs, charges, interest etc within six weeks from the date of suchdeposit. It is further ordered in case the sale proceeds do not satisfy the full decretalamount, the defendants shall nevertheless be Jointly and severally liable for thebalance decretal amount. ( 9 ) DECREE sheet be drawn up accordingly. The suit is thus disposed of accordingly.