SHARWAN CHAUDHARY Vs. AJAY AHLAWAT

JUDGEMENT

(1.) This application is under Order 37, Rule 3(5) of the CPC moved by the defendant for leave to defend in a suit filed against the defendant for recovery of Rs. 2.25 Crore with interest @ 18% pa from 03.12.2011 till the date of realization on the basis of a written agreement dated 15.11.2008.

(2.) Before coming to the application it would be appropriate to briefly state the facts.

(3.) The plaintiff alleges the defendant has taken from him friendly loan from time to time and duly acknowledged it in the agreement dated 15.11.2008. The loan amount was used by the defendant for purchase of a land admeasuring 7 bigha comprising in Khasra Nos. 252(1-09) and 253(5-13), situated in the revenue estate of Village Satbari, Mehruali, New Delhi. Five post dated cheques (PDCs) for an amount of Rs. 45 Lac each were given and clause 4 of the agreement says in event of not honouring of the aforesaid cheques on presentation, the plaintiff shall be entitle to initiate legal proceedings. Post dated cheques were dishonoured for reason 'insufficiency of funds' and 'drawer's signatures differ'. The demand notice dated 07.12.2011 was sent but was not replied. The plaintiff filed complaint under section 138 of the Negotiable Instruments Act, 1881 and also this suit for recovery under Order 37 of the CPC.