DUET TECHNOLOGIES PRIVATE LIMITED Vs. HANS R ARORA

JUDGEMENT

(1.) This is a summary suit for Rs. 12,80143.21 together with interest on the principal amount of Rs.11,7,900/- @ 24% per annum pendente lite and future till realisation, has been instituted by the plaintiff company against the defendant who was employed with the plaintiff as the Director (Finance and Accounts) and who had availed a loan of Rs. 10 lakhs from the plaintiff company, to be returned within six months time in terms of loan agreement dated 18th June, 1987.

(2.) The loan amount of Rs. 10 lakhs was disbursed to the defendant vide a cheque No. 591332 dated 18th June 1987, drawn on Standard Chartered Bank, Parliament Street, New Delhi. The agreed rate of interest was 14 per cent per annum.

(3.) Pursuant to and in terms of the said loan agreement the defendant executed a demand promisory note date 18th June, 1997.