BHARAT NIDHI LTD Vs. SHITAL PRASHAD JAIN

JUDGEMENT

(1.) This is an application by the defendant, Shital Prasad Jain, seeking direction that the Suit No. 166 of 1977 be tried along with two other suits, viz., Nos. 906 and 907 of 1976, pending in this Court, and that this defendant be permitted to lead evidence only in one case which should be treated as his evidence in all the three suits.

(2.) To appreciate the plea taken in the application, averments made by the plaintiff in each of these cases may briefly be noticed.

(3.) Suit No. 166 of 1977 has been filed by Bharat Nidhi Limited a Public Limited Company having its registered office at 7, Bahadur Shah Zafar Marg, New Delhi, for the recovery of Rs. 2,85,557-35 with interest pendente lite and future interest at the rate of 17 per cent per annum with monthly rests up to date of payment. The case of the plaintiff is that it carries on the business of investment. It lends and advances moneys. On the request of the defendant the Board of Directors of the plaintiff-company passed a resolution at a meeting held on 21st December, 1974, to the effect that a loan of Rs. 2,00,000.00 repayable on demand be sanctioned to the defendant, carrying interest at the rate of 17 per cent. In accordance with this resolution loan of Rs. 2,00,000.00 was given to the defendant on 24th December, 1974, in token of payment of which the defendant issued a receipt and also gave a promissory note dated 23rd December, 1974, in favour of the plaintiff. The grievance of the plaintiff is that in spite of several reminders and legal notices the defendant has not paid the outstanding amount and hence this suit.