Bank Of India vs Ashok Joshi & Ors.
2023 Latest Caselaw 15213 MP

                                                             1
                            IN     THE      HIGH COURT OF MADHYA PRADESH
                                                 AT JABALPUR
                                                     BEFORE
                                  HON'BLE SHRI JUSTICE AVANINDRA KUMAR SINGH
                                             ON THE 14 th OF SEPTEMBER, 2023
                                                FIRST APPEAL No. 137 of 1997

                           BETWEEN:-
                           BANK OF INDIA , A BODY CORPORATE CONSTITUTED
                           UNDER THE BANKING COMPANIES (ACQUISITION AND
                           TRANSFER OF UNDERTAKINGS) ACT OF 1970 HAVING
                           ITS HEAD OFFICE AT EXPRESS TOWERS, NARIMAN
                           POINT, BOMBAY AND BRANCHES AMONGST OTHER
                           PLACES AT T.T. NAGAR, BHOPAL (MADHYA PRADESH)

                                                                                          .....APPELLANT
                           (BY SHRI PRAVEEN CHATURVEDI- ADVOCATE)

                           AND
                           1. ASHOK JOSHI SON OF SHRI S.M.JOSHI, RESIDENT OF
                           -3/252, ARERA COLONY, BHOPAL

                           2.  SMT.DURGA JOSHI, WIFE OF SHRI S.M.JOSHI,
                           RESIDENT OF E-3/2522, AREARA COLONY, BHOPAL

                           3. SHRI G.SHEKHAR. C/O BANK OF INDIA, ZONAL
                           OFFICE, ARERA HILLS, JAIL ROAD, BHOPAL

                           4. M/S.MANBHAWAN CONSTRUCTION COMPANY (P)
                           LIMITED E-3/252, AREARA COLONY, BHOPAL (MADHYA
                           PRADESH)

                                                                                       .....RESPONDENTS
                           (BY NONE)

                                 Th is appeal coming on for hearing this day, t h e court passed the
                           following:
                                                              ORDER

This appeal under section 96 of the Code of Civil Procedure has been filed by the appellant-Bank of India (for short "the Bank") against judgment and decree dated 16.12.1996 passed by the District Judge, Bhopal in Civil Suit Signature Not Verified Signed by: RAJESH MAMTANI Signing time: 15-09-2023 20:34:31

No.62-B/1994 (Bank of India Vs. Ashok Joshi & 3 others).

2. The case of the appellant-Bank as plaintiff before the trial Court was that respondent No.1/Defendant No.1 was an employee of the Bank. He submitted an application for grant of housing loan of Rs.1,50,000/- on 31.10.1991 and in this regard filed agreement dated 25.10.1991 in respect of under construction Flat No.3/2, Plot No.E-7/26, Ashoka Housing Society, according to which respondent No.1 was required to pay Rs.1,95,000/- to respondent No.4/Defendant No.4. The respondent No.1 had already paid Rs.5000/- to respondent No.4. On the application of respondent No.1 the Bank sanctioned loan of Rs.1,50,000/- in his favour and executed loan agreement,

letter of undertaking, letter of authority and undertaking for mortgage of property. It was also agreed by respondent No.1 that upto loan amount of Rs.1,10,000/- payable interest would be at the rate of 5% per annum and over amount above Rs.1,10,000/- interest at the rate of 11% would be payable.

3. On 05.8.1992 the respondent No.1 filed an application before the appellant-Bank that he is unable to deposit the margin money, therefore, his housing loan be closed.

(AVANINDRA KUMAR SINGH) JUDGE RM

Signature Not Verified Signed by: RAJESH MAMTANI Signing time: 15-09-2023 20:34:31