VINEETA DAYAL Vs. SHRAVAN KUMAR BAGLA

JUDGEMENT

(1.) THIS is plaintiff's Regular first appeal against the judgment and decree passed by the Trial Court dismissing the suit of the plaintiff for recovery of a sum of Rs. 4,51,231.28 ps. with interest.

(2.) FOR the purpose of convenience, the parties are referred to as they are referred to in the original suit.

(3.) THE case of the plaintiffs is that they are the Trustees of the Trust by name 'VINEETA and FAMILY TRUST'. The defendant had borrowed loan of Rs. .48 lakhs from the plaintiffs in the month of February 1996 for the purpose of dealing in shares and agreeing to repay the amount with interest at 16% p.a. Towards partial repayment of principal and interest the defendant issued an account payee cheque dated 28.10.1996 bearing No.742925 drawn on the Bank of Rajasthan Ltd., Chowringhee Road, Calcutta, in favour of the Plaintiff Trust for a sum of Rs. .3,04,886/ -. When the said cheque was presented for enchashment, it was dishonoured. Earlier, the defendant had issued cheque dated 15.11.1996 bearing No.742926 for a sum of Rs. .10 lakhs, another cheque dated 30.11.1996 bearing No.742927 for a sum of Rs. .10 lakhs, one more cheque dated 10.12.1996 bearing No.742928 for a sum of Rs. .10 lakhs, a cheque dated 20.12.1996 bearing No.742929 for a sum of Rs. .10 lakhs and a cheque dated 31.12.1996 bearing No.742930 for a sum of Rs. .8 lakhs for consideration received and towards repayment of the remaining part of the loan amount borrowed. However, the said cheques were dishonored. The plaintiffs have also instituted criminal proceedings for dishonour of the cheques dated 30.11.1996 and 31.12.1996 in PCR 103/97 before the Additional C.M.M., Bangalore City and the said case is still pending. In this suit, the plaintiffs have prayed for a decree in a sum Rs. .4,51,231.28 ps. with interest at 16% per annum.