K-7 IMPEX PVT. LTD. Vs. SHAILENDRA GARG

JUDGEMENT

(1.) The aforesaid application has been filed by the defendant to seek unconditional leave to defend the present summary suit filed by the plaintiff under the provisions of Order XXXVII CPC.

(2.) The case of the plaintiff is that the defendant Shailendra Garg was known to the plaintiff for a couple of years. He was in need of finances and approached the plaintiff in his personal capacity, seeking loan in the month of September 2012. After meetings with the defendant at the registered office of the plaintiff company, the plaintiff agreed to advance finance to the defendant as a loan, to be refunded by the defendant with interest thereon @ 36% per annum. The defendant executed promissory notes in favour of the plaintiff agreeing to repay the loan along with interest, on demand made by the plaintiff company. The plaintiff, in all, advanced an amount of Rs.2.20 Crores to the defendant as loan by six installments, the details whereof are stated as follows:

(3.) The defendant, upon receiving the loan amount in six installments acknowledged its receipt by executing receipts, signed by him. The defendant also executed cheques for the loan amount, which were handed over by the defendant in order to discharge his liability. The defendant repaid an amount of Rs.44.21 Lakhs to the plaintiff, which was adjusted towards refund of the principal amount. The said amount was adjusted towards the first installment of loan advanced to the defendant on 05.10.2012 of Rs.50 Lakhs.