K.NAGESH RAYAKAR Vs. LAKSHMIDEVI

JUDGEMENT

(1.) This appeal under Section 100 CPC is preferred challenging the judgment and decree dated 24.06.2008 passed by the Trial Court in O.S. No. 131/2003, thereby decreeing the suit filed by the respondent herein seeking recovery of a sum of Rs. 1,53,422/- along with future interest at 15% per annum from the date of the suit till realization. Liability to pay the amount has been fastened jointly and severally on defendants 1(a), 1(b) & 1(c). Aggrieved by this judgment, the legal representatives of defendant 1(a) preferred R.A. No. 89/2009. As the said appeal was belated, an application seeking condonation of delay was filed invoking Section 5 of the Limitation Act. The lower Appellate Court has dismissed the application holding that no sufficient cause was made out for condoning the delay of 307 days in filing the appeal. Consequently, the appeal also has been dismissed. In the circumstances, aggrieved by the judgment and decree passed by both the courts below, this regular second appeal is preferred.

(2.) Facts leading to this appeal, stated in nutshell are, that defendant No. 1 - M/s. Amith Financiers, a registered partnership concern was dealing in the business of financing. Defendants 1(a) to (c) were partners of the said firm from 1987 onwards. Plaintiff invested different sums of money in defendant No. 1-partnership firm with the fond hope that she will get assured interest and would get back her money after the investments got matured. According to him, at the instance of defendant No. 1(a) - Nagesh Rayakar, she gave money to him on 29.01.1987 in a sum of Rs. 10,000/- by way of cheque. Subsequently, on 08.10.1991 through another cheque, she deposited Rs. 6,000/- and again on 21.02.1993 through cheque bearing No. 145988, she has deposited Rs. 15,000/-. Later on, on 13.03.1995 another sum of Rs. 25,000/- was invested followed by another sum of Rs. 59,000/- through two cheques dated 11.12.1995. Thus, she contended that in all a total sum of Rs. 1,14,000/- was invested as deposits, which was evidenced by the respective receipts issued by the firm.

(3.) According to him, the defendant had agreed to pay interest at 15% per annum on the deposited amount. Though the defendant paid interest till 31.03.2001, subsequently they failed to pay interest as promised, therefore, the plaintiff got issued a legal notice on 13.05.2003. The registered notice was served on the first partner, but the notice issued to the other defendants were returned unclaimed.