' This is a suit for recovery of Rs,15,83,820 under Banking Companies (Recovery of Loans) Ordinance, 1979 read with Order 34, C.P.C. Plaintiff M/s. United Bank Ltd. Had granted to the Defendants' predecessor Qutubuddin a loan of Rs,9,00,000 (Rupees nine lacs) with interest @ 1% above bank rate with quarterly rests. The entire loan was repayable to the plaintiff in 12 equal half-yearly instalments plus quarterly interest. Qutubuddin had executed Registered Mortgage Deed and deposited the title documents of the property of Defendant No,1 factory. Defendant No,2 Mst. Hafeez Jehan is the widow of deceased borrower and is the only heir. Qutubuddin had also executed Demand Promissory Note, letter of disbursement, letter of arrangement and letter of instalments.
Out of the amount due from him, Qutubuddin repaid only Rs,10,000 on 9-11-1985. On 28-3-1990 a sum of Rs,15,83,820 was due to the plaintiff from the Defendants which they have failed to pay in spite of repeated demands. Hence the suit.
2. The Defendants were served by publication. They have chosen to remain absent in spite of service. Hence the suit has been fixed for cx parte final disposal. The plaint is verified on oath and is accompanied by photostat copies of the following documents:-
1. - Sanction Advice. 1-A. Mortgage Deed.
2. Registered Lease Deed dated 2-1-1984.
3. List of Machinery.
4. Valuation Certificate.
5. Promissory Note.
6. Letter of Disbursement.
7. Letter of Arrangement.
8. Letter of Instalments.
9. Notice dated 5-9-1987.
11. Closed Envelope.Postal A.D. Receipt dated 9-8-1989.
12. Legal Notice.
13. A.D. Receipt.
14. Certified copy of Satement of Account.
' The plaintiff's counsel has filed Affidavit of Abdul Hameed, an Officer of United Bank Ltd. Alongwith original of all these documents.
3. The above evidence of the plaintiff has gone unchallenged and unrebutted. I, therefore, decree the plaintiff's suit for a sum of Rs,15,83,820 with interest @ 14% with quarterly rests from 1-1-1990 till the recovery of decretal amount. I also pass a preliminary decree in Form 5-A of Appendix 'B' C.P.C.
In case the decretal amount is not paid within six months, final decree for sale of mortgaged property will follow. If the sale proceeds of the mortgaged property are found inadequate, the Plaintiff will be entitled to recover the same from other properties left by the deceased borrower.