FIRST LUCRE PARTNERSHIP CO Vs. ABHINANDAN JAIN

JUDGEMENT

(1.) I.A.10790/2011 (O.37 Rule 3(5)

(2.) As per the plaint, the plaintiff is a partnership firm and submits that it is engaged in the business of money lending. It has a licence granted by the Collector Money Lending, Delhi under Section 4 of The Punjab Registration of Money-lender's Act, 1938 as extended to Delhi. The suit transaction it is submitted consists of loan of Rs,20 lacs which was availed of by the defendant. It is further claimed that the defendant is liable to pay interest at the rate of 15.6 % per annum which is the agreed rate of interest. It is submitted by the plaintiff that that the defendant has been availing loans from the plaintiff since 2005 when the defendant was introduced to the plaintiff by one Mr. S.K.Surana who acted as an intermediary/broker. It is submitted that the a practice adopted by the defendant was of availing loan from the plaintiff for a fixed time and simultaneously executing agreement/letter acknowledging his liability to make the payment and also handing over a cheque towards repayment of the principal loan amount as well as the interest for the period as decided at the time of execution of the agreement. Often the loan was renewed and taken for another fixed period by executing similar documents. It is further submitted that the defendant entered into a number of transactions with the plaintiff as prescribed above.

(3.) It is submitted by the plaintiff that the present suit pertains to a loan of Rs.20 lacs which was availed of by the defendant from the plaintiff on 15.6.2006. The plaintiff advanced the money through cheque No.208958 dated 15.06.2006 drawn on Axis Bank, Barakhamba Road, New Delhi- 110001. It is stated that the said loan was subsequently renewed on 13.10.2006, 11.01.2007, 1.4.2007 and 29.7.2007 accordingly. On 26.10.2007 it is stated that while renewing the loan the defendant instead of handing over one cheque towards the principal amount and one towards payment of interest handed over two cheques of 10 lacs each towards payment of the principal amount and two separate cheques towards interest accruing thereby splitting the loan of Rs.20 lacs into two parts. The said loan of the two amounts respectively were also renewed on various dates.