KIRAN BHARTIYA Vs. M.D. OMER

JUDGEMENT

(1.) The captioned appeal is directed against the judgment and decree dtd. 7/1/2011 passed in O.S.No.10498/1993 whereby the suit filed by the plaintiff for recovery of Rs.1,09,166.00 with interest came to be decreed.

(2.) For the sake of convenience, the parties are referred to as per their rank before the trial Court.

(3.) The facts leading to the case are as under: The plaintiff instituted the suit asserting that on 3/3/1993, the defendant approached him seeking a hand loan of Rs.1,00,000.00. It is specifically pleaded that the plaintiff advanced the said sum on the very same day and that the defendant, in acknowledgment thereof, executed an on-demand promissory note along with a consideration receipt, undertaking to repay the principal with interest at 24% per annum. It is further averred that the defendant agreed to pay Rs.2,000.00 per month towards interest until full discharge of the loan. According to the plaintiff, despite repeated oral demands, the defendant failed to repay the amount, compelling the plaintiff to issue a legal notice dtd. 17/4/1993 and thereafter institute the present suit for recovery.