SHUBH GAUTAM Vs. ANJANI TECHNOPLAST LIMITED & OTHERS

JUDGEMENT

(1.) Present summary suit has been filed under Order XXXVII of the Code of Civil Procedure, 1908, for recovery of Rs.4,38,00,617/- along with pendente lite and future interest @24% per annum till the date of full realisation of the entire amount.

(2.) It has been averred in the present plaint that under the Loan Agreement dated 24th February, 2010, defendants had borrowed Rs.2,50,00,000/- for a period of two months. Defendants No.2 and 3 are stated to have executed Deed of Guarantee to secure loan.

(3.) The repayment cheques issued by the defendants admittedly were dishonoured by the bank with the remarks 'funds insufficient'.