' The plaintiffs have filed the suit for recovery of Rs,1,57,52,539.41 with interest thereon at the rate of 10% per annum with qua,rtccts from the date of the suit and for an order directing the sale of the hype other led goods of to)e defendants. The case of the plaintiffs, as set out in, is as fellows:-
2. The defendant No,1 had a current Account No,2375 with fly plaintiff's brawl, known as Foreign Exchange Branch, at Karachi. The plaintiffs granted to defendant No,1 overdraft facility to the extent of Rs,50,00,000 and the limit was subsequently enhanced to Rupees one Crore. As security for repayment of the overdraft, the defendants executed and delivered to the plaintiffs on the 14th May, 1979 a Promissory Note for Rs,1,03,92,382.58 with interest thereon at the rate of 4% over the State Bank of Pakistan rate with minimum of 9% per annum with quarterly rests. The defendant No,1 further hypothecated its goods, namely, stocks of Raw Cotton by agreements dated the 20th December; 1966 and the 23rd January, 1970. In or about May, 1969, the over-draft account of the defendant No,1 was, at their request, converted into Cash Credit Account and the amount of over- draft of Rs,1,03,92,382.58 which was then due was transferred to Cash Credit Account No,51. On the 11th March, 1970 the liability of the defendant No,1 stood at Rs,1,13,76,701.68; and as security for payment of the said amount the defendant No,1 executed a Promissory Note, Letter of Continuity and the Letter of Arrangement all dated the 11th March, 1970. The defendants Nos.2 and 3 executed a guarantee dated the 11th March, 1970 for repayment of the said amount. As the defendants failed to repay the amount, the plaintiff caused a legal notice dated the 20th October, 1970 to be served on the defendants but the defendants still failed to make the payment and consequently a sum of Rs,1,57,52,539.41 is due and payable by the defendants jointly and severally to the plaintiff as on the date of the suit.
3. The defendant No,1 filed its written statement denying the claim of the plaintiff and raising certain other pleas. The defendants Nos.2 and 3 filed their separate written statements adopting the written statement of the defendant No,1 and denying that they had executed any guarantee.
4. Issues were subsequently framed and the suit came up for regular hearing in due course on the 17th September, 1991, when Mr. Mansoorul Arfin, Advocate who was appearing for the defendants stated that they have taken away the brief from him long time ago. On that date Mr. M.A. M.
Namazi, the learned counsel for the plaintiff sought adjournment as his witness was unable to come to the Court owing to illness. The hearing was, therefore, adjourned to today and the plaintiff was directed either to produce his witnesses or to file an affidavit by way of ex parte proof. Today Mr. Namazi has filed such affidavit sworn by one Mohammad Ahsanul Haq, Assistant Vice- President of the plaintiff.
5. In the affidavit Mohammad Ahsanul Haq has reiterated and supported the case of the plaintiff, as set out in the plaint, and in support of the claim the following documents have been filed by the plaintiff.
(1) Letter dated December 2, 1967 from the defendant No,1.
(2) Promissory Note dated the 14th May, 1969, for Rs,1,03,92,382.58 with interest thereon at the rate of 4% over the published State Bank of Pakistan rate with a minimum of 9% per annum with quarterly rests.
(3) Agreement of Hypothecation dated the 20th December, 1966; whereby the Raw Cotton belonging to the defendant No,1 was hypothecated.
(4) Copy of Resolution passed by the defendant No,l.
(5) Promissory Note dated the 11th March, 1970 for Rs,1,13,76,701.68 with interest thereon at the rate of 5% over the published State Bank of Pakistan rate with minimum of 10% per annum with quarterly rests.
(6) Letter of Continuity dated the 11th March, 1970.
(7) Letter of Arrangement dated 11th March, 1970.
(8) Letter of Guarantee dated 11th March, 1970 by the defendants Nos, 2, and 3..
(9) A copy of legal notice dated October 20, 1970 addressed to the defendant No,2 and Legal Notice dated October 20, 1970 addressed to the defendant No,1.
(10) Statement of Account duly certified, showing a sum of Rs,1,57,52,539.41 outstanding at the end of December, 1972.
(11) Letter of undertaking dated 30th December, 1967.
6. It appears from the affidavit filed by Mohammad Ahsanul Haq and from the documents referred to above that the amount claimed by the plaintiff in the suit is due by the defendants to the plaintiff. The suit of the plaintiff is, therefore, decreed for Rs,1,57,52,539.41 with interest thereon at the rate of 10% per annum with quarterly rests from the date of the suit till payment and costs of the suit. As for the stocks of Raw Cotton hypothecated by the defendant No,1 to the plaintiff, the plaintiff may seek attachment and sale there of in execution of the decree.