RANA INDERJIT SINGH Vs. KEMBIOTIC LABORATORIES AND ORS.

JUDGEMENT

(1.) THIS suit is filed by the plaintiff Sh. Rana Inderjit Singh for recovery of Rs. 53.50 lacs alongwith pendente lite and future interest against four defendants. Defendant no.1 is a partnership firm M/s. Kembiotic Laboratories. Defendants no. 2 to 4 Sh. R.K. Gandhi, Smt. Sneh Gandhi and Sh. Mohit Gandhi are partners of defendant no.1.

(2.) THE facts set out in the plaint are that plaintiff is the proprietor of Khalsa Clothing Company and a permanent resident of Canada. Plaintiff is also engaged in export business of biochemical products and he used to provide raw materials to the defendants for the business of defendant no.1. Defendant no.1 runs the business of a pharmaceuticals laboratory. It is further averred in the plaint that defendants offered to the plaintiff in the year 2001 to collaborate with its business on 50% shareholding basis and plaintiff was requested to advance a loan of Rs. 53.50 lacs. Plaintiff paid a sum of US Dollars 1,13,829.78 equivalent to Rs. 53.50 lacs and it was agreed that the necessary formalities with regard to collaboration shall be completed by the defendants within 12 weeks after defendants come back from Hong Kong, and where the amount of Rs. 53.50 lacs was paid to the defendant no.2 for the defendant no.1. It is further pleaded in the plaint that defendants did not complete the formalities till July, 2002, and therefore when the plaintiff came to India in November, 2002, he requested the defendants to repay the loan amount, and hence the defendants in acknowledgment of their liability issued the following cheques in favour of the plaintiff: -

(3.) THE following issues were framed in the suit on 15.2.2010.