2002 (2) TMI 1269

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....g, Janpath, New Delhi. Defendant No. 1 is a company registered under the Companies Act, 1956, carrying on business at 14A/1, Sahibabad Industrial City-IV, Ghaziabad, U.P. Defendant No. 1 was at all material times, carrying on the business of manufacture of pre-cast, prestressed hollow core concrete slabs. Defendant Nos. 2 to 5 are the directors of defendant No. 1. 3. The plaintiff sanctioned various credit limits from time to time to defendant No. 1 including the cash credit, bridge loan and bills purchase and letters of guarantee. Sometime in April, 1977, a bridge loan of Rs. 3.5 lakhs was granted to defendant No. 1 carrying interest at the rate of 7.5 per cent over bank rate with minimum 16½ per cent per annum with quarterly res....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....erved on the defendants. The defendants by way of reply to the plaintiff's notice never disputed any of the liabilities. Hence, this suit. 5. As nobody was appearing on behalf of the defendants for the last two/three dates of hearing, defendants were proceeded ex parte vide order dated 19-8-1997. Plaintiff has filed affidavit by way of evidence and proved the following documents : (i)Exhibit PW 1/1 is the power of attorney in favour of Mr. Raghava Varma to sign, verify and institute the suit; (ii) Exhibits PW 1/2 and PW 1/3 are the letter dated 8-12-1976 and 25-3-1977 whereby defendant No. 6 requested the plaintiff bank to grant bridge loan facility to defendant No. 1; (iii) Exhibit PW 1/4 is the letter dated 8-8-1977 whereby defendan....