NITIN GARG Vs. SARASWATI STEEL & ORS

JUDGEMENT

(1.) The present suit is filed by the plaintiff for recovery of a sum of Rs. 33,49,627/- along with pendent lite and future interest @ 24% p.a.

(2.) The plaintiff is the proprietor of M/s Shree Ganesh Enterprises and is doing the business of 'SS Patti', 'SS Coil' and other materials from his office i.e. A-9/1, Wazirapur Industrial Area, Delhi-110052.

(3.) It is stated in the plaint that the defendant Nos.2 and 3 approached the plaintiff at his office and represented to him that they are partners of defendant No.1 which is a partnership firm and both the defendant Nos.2 and 3 are responsible for and are involved in the day to day affairs of the defendant No.1. The defendant Nos.2 and 3 assured the plaintiff that their dealing would be fair and they would timely make payments of the goods purchased from the plaintiff and issue C-form in time. Thereafter the plaintiff agreed to give credit for a period of one month to the defendants. It was also agreed between the parties that the defendants will pay interest @ 24% p.a., which was the prevalent market rate, on delay in every payment beyond the period of one month from date of a bill whose payment was delayed.