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Showing contexts for: temporary overdraft in The Jammu & Kashmir Bank Ltd vs M/S Rama Overseas on 28 August, 2019Matching Fragments
Brief facts of the case as stated in the plaint are that the plaintiff Bank (a Company established under J & K Companies Act 1977 ( SAMVAT), having its branch office at Rajinder Palace, 2/5 West Patel Nagar, Near Metro Station, Opp. Pillar No. 195, New Delhi
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2. Defendant no.1 is the partnership firm of defendant no.2 and 3 ( both partners) and is engaged in the business of manufacturing, trading and export of all types of garments under the name and style of M/s Rama Overseas from the afore mentioned address. It is further CS SCJ No. 750/17 Jammu & Kashmir Bank vs Rama Overseas & Ors. 2/8 stated that defendant no.1 through partners defendant no.2 and 3 have availed the temporary overdraft facility of Rs 2 lakhs from the plaintiff bank to meet the business and other requirements of said partnership concern. It is further stated that defendant no.1 was having its general current account with plaintiff bank w.e.f 30.09.13 vide Account no. 0206010100010751.
3. It is further stated that defendant no.1 through defendant no.2 and 3 requested the plaintiff bank for grant of temporary overdraft facility and on the basis of assurances made by defendants, plaintiff bank agreed to their request and advanced temporary overdraft facility of Rs. 2 lakhs on 12.02.2015 and defendant no.1 through defendant no.2 and 3 withdrew the said amount on 12.02.2015 through cheque no. 951740. Further stated that the said amount was repayable alongwith interest @ 15.20 % p.a with monthly interest as per the terms of facility and it was agreed by defendants that they would timely repay the whole amount with interest due towards the loan account in favour of plaintiff bank, however defendants have defaulted in making the payment of loan amount.