Gabriel De Prasad, President-Finance M/s.Diamond Engineering (Chennai) Private Limited vs M.Kiran Pradeep

This civil suit had been filed, to pass a judgement and decree, against the Defendant:-

a) for recovery of Rs.1,21,57,440/- along with interest at 24% per annum from the date of payment till the date repayment.

b) for costs of the suit.

The case of the Plaintiff is that the Defendant was employed as a Works Manager in the Plaintiff Company on a monthly salary of Rs.40,000/-.

Considering the relationship of the Defendant with the Managing Director of the Plaintiff Company, the Plaintiff Company sanctioned a loan of

Rs.1,22,00,000/- to the Defendant for purchase of a Flat, bearing No.B/501, 5th Floor, in S.No.1/1 with covered car parking, Egattur Village,

Chengleput on 28.02.2008, based on the resolution dated 26.2.2008. The Plaintiff through its Managing Director, P.Mohan Raj, made payments

by cheque nos.386169, dated 3.3.2008, 386172, dated 18.4.2008 and 56175 dated 1.8.2008 and disbursed the amount to the Defendant. All

these amounts totalling Rs.1,21,57,440/- had been paid by the Plaintiff Company from the funds of the Company. The Defendant executed an

acknowledgement of debt in favour of the Plaintiff Company for the total amount, agreeing to repay the principal amount with interest within three

years. The Defendant, taking undue advantage of his relationship with the Managing Director of the Plaintiff Company did not repay the loan with

interest, much less any interest even for a single month and all of a sudden, the Defendant left the Company without any information. Hence, the

Plaintiff issued a legal notice dated 8.1.2012, calling for the Defendant to repay the principal and interest. But, no reply was sent. However, the

Defendant obtained a sale deed in his favour after paying Rs.19,52,267/- in respect of the said property. The Defendant is also trying alienate the

property, which was given as security for the loan received by the Defendant for a total sum of Rs.1,21,57,440/-. Since the Defendant did not pay

the principal and interest, much less any interest even for a single month, this civil suit has been filed for the reliefs as stated above.

Though sole Defendant had been served as early as on 14.11.2012, no written statement has been filed by the Defendant and hence, the matter

was posted under the caption of ''Undefended Board''. For non filing of the Written Statement, the Defendant was set exparte and Exparte

Evidence was ordered to be recorded by the order of this court dated 14.07.2015. One Suresh, Manager of the Plaintiff Company had filed the

proof affidavit for his chief examination and receipt of 7 documents. In the Exparte Evidence, the said Manager examined himself as PW.1 and

marked Exs.P1 to P7 as documentary evidence to prove the suit claim.

Considering the oral and documentary evidence, viz. Ex.P1 to Ex.P7 adduced by PW.1, this Court is of the view that the Plaintiff has proved

the suit claim. Accordingly, this civil suit is decreed as prayed for, with costs. Time for payment is three months. The interim attachment is made

absolute.