interest. As per the memorandum of understanding for a sum of Rs.1,50,00,000/- was payable by the defendants. As security to the said loan, the original title deeds of the 2nd defendant's property at Hobli, Karnataka was deposited with the plaintiffs. The defendants promised to redeem the title deeds on payment of Rs.1,50,00,000/- within 12 months. Later, on assurance of the defendants that they would substitute another property situated at Mahbubnagar, Andhra Pradesh, with the title deeds relating to the property in Bangalore, a loan agreement was executed on 15.11.2013. The defendants promised to pay the dues by raising loan from the bank mortgaging their Bangalore property. Believing their promise, the title deeds to the Bangalore property was returned to the defendants. The plaintiffs also agreed to reduce their claim from Rs.1,50,00,000/- to Rs.1,00,00,000/- in terms of the agreement entered on 15.11.2013. The plaintiffs gave two cheques for Rs.50,00,000/- each in discharge of the loan and third cheque for Rs.3,00,000/- to cover the interest on the loan amount at 18% from 15.11.2013 i.e., Date of agreement till 16.01.2014 from the date of cheques. These three cheques, on presentation was not honoured for want of funds. Then again, the defendants came forward to give a single cheque dated 19.07.2014 for a sum of Rs.1,03,00,000/- drawn on ICICI Bank, T.Nagar, Chennai. This cheque was also returned with endorsement
