In a suit for recovery of Rs.31,36,365/- on four promissory notes, this Court found the borrowing and claim proved based on promissory notes and legal notice record. The Court decreed the suit with interest at 15% per annum from the date of plaint.
Decree passed for plaintiff to recover sum of Rs.31,36,365/- plus interest at 15% p.a. from date of plaint.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 11.01.2018
CORAM
THE HONOURABLE MR.JUSTICE R.SUBRAMANIAN
C.S.No.710 of 2014
M/s.Paterson & co., “Vanguard House”, Third Floor, No.48, Second Line Beach, Chennai – 600 001. ... Plaintiff Versus M.P.Sekar ... Defendant
Plaint filed under Order IV Rule 1 of Original Side Rules read with Order VII Rule 1 of Civil Procedure Code praying to pass a judgment and decree:
a) directing the defendant to pay the sum of Rs.31,36,365/- together with interest on Rs.28,00,000/- at 24% per annum from the date of plaint till the date of realization in full;
b) directing the defendant to pay the cost of the suit.
For Plaintiff : Ms.R.Gobika
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J U D G M E N T
The suit is one for recovery of a sum of Rs.31,36,365/- due on four
promissory notes executed by the defendant in favour of the plaintiff.
of these amounts the defendant had executed four promissory notes
agreeing to repay the sum of Rs.28,00,000/- with interest at 15% p.a.
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of the plaintiff was examined as PW1. He had filed the proof affidavit along with the documents. The letter of authorization dated 07.04.2017 has been marked as Ex.P1, Promissory Notes dated 04.04.2012, 09.04.2012, 10.04.2012 and 11.04.2012 for Rs.4,00,000/- have been marked as Exs.P2 to P5. The copy of the legal notice is marked as Ex.P6 and the acknowledgment is marked as Ex.P7. Ex.P8 is the statement of accounts.
From the above documents as well as evidence of PW1 the borrowing is
established and the claim of the plaintiff is proved.
Rs.31,36,365/- together with interest on Rs.28,00,000/- at 15% pa from
the date of plaint till the date of realization. The plaintiff is also entitled
to proportionate costs.
11.01.2018
dsa
Index : No Internet : Yes
Speaking Order
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R.SUBRAMANIAN, J.
dsa
List of the witnesses examined on the side of the plaintiff :
PW1 - Mr.K.Sridharan
List of Exhibits marked on the side of the plaintiff:
| Sl. No. |
Exhibits Description Dated |
|---|---|
| 1 | Ex.P1 Authorization Letter. 07.04.2017 |
| 2 | Ex.P2 Promissory Note for Rs.10,00,000/- executed by the defendant. 04.04.2012 |
| 3 | Ex.P3 Promissory Note for Rs.7,00,000/- executed by the defendant. 09.04.2012 |
| 4 | Ex.P4 Promissory Note for Rs.7,00,000/- executed by the defendant. 10.04.2012 |
| 5 | Ex.P5 Promissory Note for Rs.4,00,000/- executed by the defendant. 11.04.2012 |
| 6 | Ex.P6 Legal notice issued by the plaintiff to the defendant. 31.03.2013 |
| 7 | Ex.P7 Acknowledgment card received from the defendant. 08.04.2013 |
| 8 | Ex.P8 Statements of Accounts -- |
| 11.01.2018 |
|---|
dsa
C.S.No.710 of 2014
2 issues framed by the court
Whether the plaintiff's claim for recovery of money on promissory notes is established based on the court evidence.
Whether interest at 15% per annum on the principal sum is allowable.
2 provisions across 2 enactments
R.Subramanian
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
