BIRLA TEXTILE MILLS Vs. ASHOKA ENTERPRISES

JUDGEMENT

(1.) The plaintiff has filed the abovementioned suit against the defendants praying, inter alia, for a decree of recovery of Rs. 46,16,945/- (Rupees Forty Six Lacs Sixteen Thousand Nine Hundred and Forty Five Only) with costs of the suit and future interest @ 24% per annum from the date of the institution of the suit, i.e., from 28.08.1998 until realisation.

(2.) The plaintiff is a partnership firm engaged in the business of manufacture and sale of yarn and is duly registered under the Indian Partnership Act at Calcutta with the Registrar of Firms.

(3.) The defendant No.1 firm had been purchasing cotton yarn from the plaintiff firm at Delhi for the last 12-13 years prior to the institution of the suit. The amount of bills raised on the defendant No.1 were payable within seven days therefrom, failing which interest on overdue payment was also liable to be paid @ 24% per annum according to agreement, market usage and law.