B B PATEL Vs. NEXIM EXPORTS PRIVATE LIMITED

JUDGEMENT

(1.) The present suit has been filed by the plaintiff for recovery of Rs.24,20,000.00 against the defendants under the provisions of Order 37 of the Code of Civil Procedure.

(2.) The brief facts of the case are that the plaintiff is the proprietor of the Firm in the name and style of M/s Nicolian Brothers. Defendant no. 1 is a Private Limited Company and defendant no.2 is the Managing Director of defendant no. 1. The plaint further avers that the plaintiff and defendants 1 and 2 were having good business relations and. as such, were dealing with each other. In the month of September, 1988, defendant no.2 approached the plaintiff and expressed that he was in financial crisis and he asked for a Short Term Temporary loan of Rs.20,00,000.00, carrying an interest at the rate of 21 per cent per annum. The plaintiff has also reiterated that defendant no.2 assured that the said loan would be returned on or before December 31, 1988, because the payment from the foreign party was expected before December 30, 1988.

(3.) The plaintiff has reiterated that defendant no.2 and defendant no. 1 received two cheques for Rs. 10 lakhs each drawn on Union Bank of India bearing Nos. 134545 and 237344 dated September 3, 1988 and September 24, 1988 respectively. The cheques were received by the defendant no.2 and it is alleged that the cheques dated September 3, 1988 and September 24, 1988 form part of the written contract in the form of vouchers. The said vouchers were signed by defendant no.2.