The defendant in a suit for money is the appellant. The
parties are referred to by their status in the suit.
2. The plaintiff is a Limited Company. M/s. Sree Ananth
Refineries Ltd. is a sister concern of the plaintiff. The plaintiff
had availed an open cash credit facility and a vehicle loan from
the defendant Bank. M/s. Sree Ananth Refineries Ltd. had
availed an open cash credit facility and a term loan from the
defendant. There were defaults in the repayment of the loan
accounts. The plaintiff owned 9.869 cents in Sy.No.2307, with a
three-storeyed building in Ernakulam Village. An agreement was
entered into between the plaintiff and the defendant on
31.1.2000, for the sale of the property to the defendant. The
time fixed for completion of the sale was 6 months. The 1 st and
2nd floors of the building were in possession of the State Bank of
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Travancore, who wanted time till the end of the year 2000 to
vacate the building. The time for completion of the sale was
extended to 31.12.2000, and the same was endorsed in the
agreement. The sale consideration fixed was `220 lakhs.
According to the plaintiff, `170 lakhs out of the said amount
were agreed to be adjusted towards the liability of the plaintiff,
and the balance `50 lakhs was agreed to be credited towards
the liability of M/s.Sree Ananth Refineries Ltd. The sale deed
executed on 28.12.2000 contains a recital to that effect.