SUMAT PRAKASH JAIN Vs. GHYANCHAND JAIN

JUDGEMENT

(1.) This appeal is preferred under Section 96 of the Code of Civil Procedure, 1908 against the judgment/decree dated 31-7-2006 passed by 11th Additional District Judge (FTC), Raipur (CG) in Civil Suit No.4-B/2005 wherein the said court decreed the suit filed by the respondent against Sheetal Prasad Jain, Proprietor M/s Sheetal Prasad Jain to the tune of Rs. 3,00,000/- with interest.

(2.) Present appellants are legal representatives of said Sheetal Prasad Jain. Respondent/plaintiff filed a suit against M/s Seetal Prasad Jain, who is father of the appellants with an averment that M/s Sheetal Prasad Jain borrowed a sum of Rs.3,00,000/- for their business which was provided by the respondent vide cheque No. 997298 dated 30-3-1998 payable at State Bank of India, Branch Nawapara Rajim. It is alleged that interest @ 1.5% per month was settled. It is pleaded that Rs.54,000/- which is interest amount was repaid by way of cheque dated 3-7-1999 from appellant side, but principal loan amount was not paid.

(3.) Learned counsel for the appellants would submit as under: