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1. Plaintiff has filed the present suit to pass a decree in favour of the plaintiff and against the defendant for sum of Rs. 1,55,113/­ along with pendent lite and future interest @ 17.5 % per annum compounded monthly from the date of filing of the suit till its realization and cost of the suit be also awarded in favour of the plaintiff.

2. Plaintiff's Version:­

(i) Plaintiff stated that the plaintiff bank is a body corporate under the Banking Companies (Acquisition of Transfer and Undertaking) Act, 1970 having its head office at Manipal (Karnataka State) and inter alia a branch office at Kirti Nagar, New Delhi and Sh. Naresh Kumar is posted as Senior Manager at the aforesaid branck of the bank holding a power of attorney executed by the directors of bank in his favour by virtue to which he is competent to sign and verify the pleadings and institute suits on behalf of the plaintiff bank. Further, plaintiff stated that the defendant representing himself as Sole Proprietor of M/S Vandana Embroidery approached the plaintiff bank branch and requested for opening a current account which was acceded to by them and a current account bearing No. 3922 (New Number 90391010002340 in the name of M/S Vandana Embroidery) was opened in their books of account and the aforesaid current account was operated by the defendant from time to time by depositing and withdrawing diverse sum of money. On 05.11.2009, when the current account of th defendant showed a credit balance of Rs. 570.05 the defendant requested the plaintiff bank for temporary overdraft for making payment to the factory labour/office salary which was allowed by passing the self cheque bearing No. 543656 dated 02.11.2009 in a sum of Rs. 1,00,000/­ which was withdrawn by him resulting in the current account showing a debit balance of Rs. 99,429.95/­.

(ii) Further, plaintiff stated that the temporary overdraft was allowed by the plaintiff bank to the defendant on the clear condition duly agreed to by the defendant that the aforesaid amount would be cleared within 15 days from the date of availment i.e by 20.11.2009. It was further agreed that the penal interest @ 2% above the normal interest applicable on such type of advances would also be paid by him as per RBI/Bank directions which at present is 17.50% per annum compounded monthly. But the defendant failed to keep up his promise of clearing the amount in respect of the temporary overdraft and as a matter of fact stopped operation in the account resulting in the debit balance continuing to remain in the account.