VIKRAM JAIN Vs. JAI KUMAR RAKYAN

JUDGEMENT

(1.) This revision petition under Section 115 of Code of Civil Procedure (for short as ,,Code) has been filed against order dated 17th May, 2010 passed by Additional District Judge, Delhi, whereby petitioners application under Order 37 Rule 4 of the Code was dismissed.

(2.) Brief facts of this case are that, petitioner (defendant in the trial court) approached respondent (plaintiff in the trial court) through a common friend and induced him for giving a loan of Rs. 3,00,000/- (Rupees Three Lacs only) for a period of 22 months on interest @ 18% p.a.. Respondent upon the assurance of the common friend gave a friendly loan of Rs.3,00,000/- to the petitioner on 20th April, 2001 @ 18% p.a. for a period of 20 months. To secure the repayment of the aforesaid loan, petitioner issued a cheque bearing no. 429948 dated 31st December, 2002 for Rs. 3,00,000/-.

(3.) As far as the agreed rate of interest is concerned, petitioner paid interest @ 18% p.a. upto December, 2001 on the loan amount. Thereafter, petitioner stopped paying the interest. Finally, the cheque issued by petitioner was presented by respondent for encashment but the said cheque was dishonoured and was returned back with remarks "Insufficient Funds". Thereafter, legal notice was issued but the petitioner did not pay the amount. Accordingly, respondent filed a suit for recovery of Rs.4,16,.268/- under Order 37 Rule 4 of the Code.