N.Sekar vs A.Shanmugam

The suit has been filed for the following reliefs:-

(i) To direct the defendant to pay the plaintiff a sum of

Rs.50,27,840/- along with interest on the principal amount of

Rs.38,44,000/- at the agreed rate of 12% per annum, from the date of

plaint till realization;

(ii) For cost of the suit.

The facts in nutshell are as follows:-

According to the plaintiff, the defendant is running a Petrol

Bunk under the name and style of M/s.Sri Thirumurugan Agencies. He

approached the plaintiff and obtained a loan of Rs.31,00,000/- [Rupees

Thirty One Lakhs only] on 04.12.2008 for improvement of his business on

executing a promissory note, agreed to pay interest at the rate of 12% per

annum.

The plaintiff would further state that the loan amount and

interest accumulated to Rs.38,44,000/- in the month of December 2010.

So, the defendant had offered to execute another promissory note.

Accordingly, the second promissory note was executed on 09.12.2010 for

Rs.38,44,000/-. Despite several demands made by the plaintiff, the

defendant willfully evaded payment and hence the suit.

The learned counsel for the plaintiff would submit that the

plaintiff examined himself as P.W.1 and marked the following documents

as Exs.P1 to P3 as documentary evidence in order to prove the suit

claim:-

The defendant had borrowed a sum of Rs.31,00,000/- on

04.12.2008 and executed a promissory note in his favour is marked as

Ex.P1 Subsequently, he had not paid both the principal and interest

which was accumulated into Rs.38,44,000/- and for which he executed

second promissory note on 09.12.2010 for the said sum of Rs.38,44,000/-

in his favour and second promissory note is marked as Ex.P2 and on the

same day, defendant executed an acknowledgment of liability in his

favour is marked as Ex.P3. Thereafter, the defendant paid Rs.2,00,000/-

by way of cash on 11.11.2011. Subsequently, the defendant did not pay

the principal and interest totalling to Rs.50,27,840/- and hence, the

above suit for recovery of a sum of Rs.50,27,840/- along with interest on

the principal amount of Rs.38,44,840/- with interest at the rate of 12%

per annum from the date of plaint till the date of realisation.

The learned counsel for the plaintiff further submitted that

the plaintiff has proved his case and the Suit will have to be decreed.

The defendant was set-exparte on 10.04.2017. The said

position continued as of now. Taking into consideration, the pleadings,

the evidence of P.W.1 and Exs.P1 to P3, this Court is of the view that the

plaintiff has proved his case and the Suit is liable to be decreed and

accordingly, the Suit stands decreed. No costs.