JAIPAL CHAND JAIN Vs. MANOJ KUMAR SINGH

JUDGEMENT

(1.) Ia 10824/2018 (u/O 37 Rule 3(5) CPC) in CS (COMM) 473/2017

(2.) Case of the plaintiff in CS(COMM) 473/2017 is that on the request of the defendant, the plaintiff Jaipal Chand Jain advanced a loan through RTGS for a sum of Rs.35 lakhs on 3rd February, 2016 for which he executed a promissory note dated 3rd February, 2016. Jaipal Chand Jain further advanced a loan of Rs.40 lakhs through RTGS on 20th December, 2014 out of which Rs.26 lakhs was paid by the defendant on 16th June, 2015. Jaipal Chand Jain also advanced a loan of Rs.10 lakhs through RTGS to the defendant on 7th April, 2016 when again a promissory note of the even date to that extent was executed.

(3.) The defendant failed to pay the sum, however handed-over a cheque for a sum of Rs.35 lakhs to the plaintiff with respect to partial payment of interest accrued which on presentation was returned unpaid with the remarks "funds insufficient". On 3rd January, 2016 Jaipal Chand Jain served the notice of demand, however the money was not received. Hence the suit for recovery for a total sum of Rs.1,01,44,600/- along with the interest that has accrued thereon.