SANJAY KISHAN KAUL, J. ( 1 ) THE plaintiff is a company incorporated and registered under the Companies act, 1956, engaged in the business of hire purchase, leasing and financing of motor vehicles etc. It is the case of the plaintiff that the defendant, a limited company, through its Managing Director, Mr. K. K. Gupta, approached the plaintiff on various occasions for grant of inter-corporate deposits commencing from April, 2000 onwards. The inter-corporate deposit of Rs. 15. 00 lacs was granted on 5. 4. 2000 vide cheque No. 063828 dated 5. 4. 2000 drawn on Punjab national Bank, New Delhi and was to carry an interest of 18% per annum payable monthly. ( 2 ) IN order to secure the inter-corporate deposit, the defendant deposited with the plaintiff the original title deeds with respect to the immovable property bearing Flat No. 1-F, First Floor, Vandhna Building, Tolstoy Marg, New Delhi. It is further stated that the carpet area is admeasuring 820. 16 sq. ft. in which the defendant was running its office. ( 3 ) THE plaintiff granted further inter-corporate deposits. The second such deposit of Rs. 10. 00 lacs carrying similar interest was granted on 7. 4. 2000 vide cheque No. 063841 of even date drawn on Punjab National Bank, New Delhi. The third inter-corporate deposit of Rs. 10. 00 lacs was granted on 2. 6. 2000 vide cheque No. 065370 of even date drawn on Punjab National Bank, New Delhi carrying similar interest. The mortgaged property was to remain as a security against the inter-corporate deposits. ( 4 ) THE defendant is stated to have defaulted in the payment of both, principal and interest. The statement of accounts have been filed as Annexure 'a', 'b' and 'c' to the plaint. The plaintiff has, thus, filed a suit for recovery of a sum of Rs. 73,48,807/- consisting of the principal amount along with accrued interest as also pendente lite and future interest @18% per annum. The suit has been filed under the provisions of Order 34 of the Code of Civil Procedure, 1908 (hereinafter referred to as the said Code) and a preliminary decree is prayed at this stage with a further prayer of a final decree in case the amounts are not paid within the time stipulated under Order 34 of the said Code. The suit has been filed under the provisions of Order 34 of the Code of Civil Procedure, 1908 (hereinafter referred to as the said Code) and a preliminary decree is prayed at this stage with a further prayer of a final decree in case the amounts are not paid within the time stipulated under Order 34 of the said Code. ( 5 ) THE defendant was served by publication but did not enter appearance and was accordingly proceeded ex parte on 27. 2. 2007. ( 6 ) THE plaintiff has filed the affidavit of evidence of Mr. Rajiv Gupta, Director of the plaintiff company who has instituted the suit. He has proved the copy of the Resolution of the Board of Directors dated 31. 7. 2006 as Ex. PW1/a whereby mr. Gupta was authorised to institute the suit. The original title documents in respect of the flat in question is on record consisting of an agreement dated 2. 2. 1973 which was originally in favour of Shri Jwala Prasad who transferred it in the name of the defendant, which transfer is endorsed on the agreement on 1. 12. 1993. A power of attorney was also executed by Shri Jwala Prasad on 1. 12. 1993. This was preceded by an agreement to sell dated 28. 8. 1993. The share certificate as a membership of the builder corporation has also been transferred in the name of the defendant. The site plan is also enclosed with the title documents. The title documents have been proved as PW1/b to PW1/e. The statement of accounts has been proved as Ex. PW1/f as issued by the bankers and annexures A, B, and C have been proved as PW1/g, PW1/h and PW1/i. The legal notice making demand has been proved as Ex. PW1/j and the postal receipt is ex. PW1/k. The undelivered envelopes and A. D. cards received back have been proved as Ex. PW1/l and PW1/m. ( 7 ) THE plaintiff has also examined as PW2 the Manager of Punjab National Bank, connaught Place Branch, who has identified the signatures of the Senior relationship Manager at Ex. PW1/f and filed a certified copy of the statement of accounts of the plaintiff as Ex. PW1/l and PW1/m. ( 7 ) THE plaintiff has also examined as PW2 the Manager of Punjab National Bank, connaught Place Branch, who has identified the signatures of the Senior relationship Manager at Ex. PW1/f and filed a certified copy of the statement of accounts of the plaintiff as Ex. PW2/a. ( 8 ) THE aforesaid fact show that the plaintiff has been able to prove the inter-corporate deposit and the transfer of money to the defendant which the defendant has failed to pay. ( 9 ) INSOFAR as the mortgage of the immovable property is concerned, the original title deeds have been filed on record and it is stated that the same were deposited with the intent of creating an equitable mortgage. The defendant has chosen not to appear. The suit is uncontested. ( 10 ) A decree for recovery of Rs. 73,48,807/- is passed in favour of the plaintiff and against the defendant. The plaintiff will also be entitled to pendente lite and future interest @18% per annum simple interest. Plaintiff shall also be entitled to costs of the suit. ( 11 ) IN view of the fact that the present suit has been filed under the provisions of Order 34 of the said Code, a preliminary decree is passed in favour of the plaintiff and against the defendant to the effect that if the defendant pays the decretal amount within six months, the property shall stand redeemed and original property documents released to the defendant. In case the defendant fails to pay the aforesaid amount within six months from the date of the decree in terms of Order 34 Rule (2) (c) (i) of the Code, the plaintiff shall be entitled to apply for a final decree for recovery of the said amount by sale of the said property and the defendant would be debarred of the right to re-deem the said property as per Order 34 Rule 2 (c) (ii) of the said Code. The suit accordingly stands decreed.