R. GOWRISHANKER AND ORS. Vs. NARAIN JEWELLERS

JUDGEMENT

(1.) BY this order I shall dispose of I.A No. 5280/2003 filed by the defendant under Order 37 Rule 3(5) read with Section 151 of the Civil Procedure Code, 1908 praying for grant of unconditional leave to defend.

(2.) THE plaintiffs filed the present suit for recovery of Rs. 71,23,175/ -. The brief facts of the case are that the plaintiffs are the children of Late Sh. G. Ramaswamy, who died on May 22, 1999 leaving behind the plaintiffs as his legal heirs. It is submitted that the defendant had, during the life time of Sh. G. Ramaswamy, taken a loan of Rs. 30,00,000/ - from the latter through four cheques and the said loan was to carry interest @ 24% p.a.

(3.) THE plaintiffs submit that after the demise of Sh. G. Ramaswamy, they have become entitled to the said amount as per the deceased's last Will dated April 7, 1996 duly probated before the Madras High Court on August 5, 1999 in O.P No. 485/1999. The plaintiffs further submit that they issued a legal notice dated June 21, 2001 to the defendant demanding repayment of Rs. 71,23,175/ - which is the amount accrued on the said promissory note with interest @24% p.a with quarterly rests till the quarter ending July 31, 2001.