ATUL AGARWAL Vs. ASCENT INFRACON PVT. LTD.

JUDGEMENT

(1.) THE plaintiff has instituted the present summary suit against the defendant/company praying inter alia for a decree of Rs. 49,94,380/ -, alongwith interest payable @24% from the date of institution of the suit till realisation.

(2.) THE suit was registered on 19.09.2012 and summons were issued to the defendant in the prescribed format, returnable on 01.03.2013. Repeated efforts were made by the plaintiff to serve the defendant with the summons in the suit but it remained unserved. Finally, the plaintiff had filed an application under Order v. Rule 20 CPC, for effecting substituted service on the defendant through publication, which was duly allowed vide order dated 10.10.2014. Despite the fact that the defendant was served through publication in the newspaper, "Statesman" published on 19.11.2014, none has appeared on their behalf. As a result, the defendant is proceeded against ex parte.

(3.) AS per the averments made in the plaint, the defendant/company did not have sufficient funds to purchase a commercial property bearing plot No. 62, Gandhi Road, Dehradun, Uttranchal and it had approached the plaintiff to partly finance/fund the purchase. At that time, the defendant/company had assured the plaintiff that they would repay the loan amount on or before 28.08.2010 alongwith interest @12% per annum. The plaintiff had agreed to advance a sum of Rs. 28 lacs to the defendants with an understanding that the said amount would be repaid on or before 28.08.2010, with interest payable @12% per annum.