defendants during the period between April, 2009 and September,2010, the plaintiff supplied educational books to the defendants and submitted invoices. These invoices provided for payment of interest at the rate of 24% p.a. if payment was not made within 30 days. According to Plaintiff as on 30th September, 2010 sum of Rs.34,75,206/- was due and payable by the defendants to the plaintiffs. Defendants agreed and admitted to pay the said amount and further agreed that the defendants would return the goods worth approximate value of Rs.5.70 lacs. to the plaintiff and would make balance payment in the last week of December, 2010. By writing dated 20.12.2010 the defendant informed the plaintiffs that the sum of Rs.28,00,666 was outstanding towards supply of books to the plaintiffs and due to unpleasant situation in the business, the defendants were facing financial crisis and delay in paying the dues to the plaintiff was on account of such financial crisis. By the said letter, the defendants replaced the two cheques by another cheques i.e. one cheque for Rs. 14 lacs. and another cheque for Rs. 14,00,666/-.
