SUDESH MADHOK Vs. SHILPAX LAB. LTD.

JUDGEMENT

(1.) PLAINTIFF has filed the present suit for recovery of Rs.70,12,054/-.

(2.) THE facts, which have led to the filing of the present suit, as stated in the plaint, are that defendants no.1 and 2 are public limited companies having their registered office at Civil Lines, Delhi. On or about the month of January, 1996, defendant no.1 company approached the plaintiff as it was in urgent need of finances. At the request of defendant no.1, plaintiff advanced a loan of Rs.50.00 lakhs to defendant no.1 by means of a cheque bearing no.315223 drawn on Bank of India. As an acknowledgement of having received the sum of Rs.50.00 lakhs from the plaintiff, defendant no.1 executed and delivered a receipt and with a view to secure the payment a demand promissory note both dated 14.2.1996 was signed in favour of the plaintiff. Defendant no.1 promised to pay on demand after 180 days the aforesaid loan amount along with interest @15%, per annum. THE plaintiff requested for return of the money in May, 1996, however, defendant no.1 requested the plaintiff for further time to repay the loan amount. Defendant no.1 represented to the plaintiff that it was supplying bulk drugs to defendant no.2 on credit and requested the plaintiff that bills for supplies made by defendant no.1 to defendant no.2 be discounted by the plaintiff. THE plaintiff acceded to the request of defendant no.1 and discounted two bills of supply bearing invoices no.78 and 79 both dated 11.6.1996 for a total sum of Rs.50,83,500/- drawn on defendant no.2, which were duly accepted by defendant no.2 for payment within 90 days from the date of the bill. Defendant no.2 also agreed and undertook to make the payment of the bills to the plaintiff. It was also agreed that defendant no.1 would pay the interest to the plaintiff @15%, per annum. With a view to secure the payment of the principal amount to the plaintiff, defendant no.2 issued and delivered five cheques bearing no.531601, 531602, 531603, 531604 and 531605 for Rs.10.00 lakhs, each, drawn on Punjab National Bank, Civil Lines, Delhi, in favour of the plaintiff. By way of additional security for the payment of the aforesaid amount defendants also pledged 2.00 lakhs shares of defendant no.2 held by and duly registered in the name of Mr.Mukesh Bhargava along with blank signed transfer deeds with the plaintiff. Defendant no.1 also paid a sum of Rs.4,16,097/- being the interest for the period of 210 days @15% and also issued the certificates for Tax Deduction at Source (TDS) for Rs.27,328/- to the plaintiff.

(3.) UPON service of summons, defendants entered appearance and sought time to file written statement, however, no written statement was filed by them. Defendants were proceeded ex parte by an order dated 4.5.2009. During the pendency of the suit plaintiff, Smt.Sudesh Madhok, died and her legal heirs were brought on record. Ex parte evidence by way of affidavit has been filed by the husband of the plaintiff, who has deposed on the lines of the plaint.