BABY ALEX Vs. ULLATTIL AGENCIES

JUDGEMENT

(1.) Suit for money decreed on the basis of Ext.A3 promissory note dated 19.1.2002 in favour of the respondent/plaintiff is challenged by the sole defendant in O.S.No.25/2005 on the file of Principal Sub Court, Kottayam. The suit was decreed for an amount of Rs.8,20,910/- with 6% interest per annum.

(2.) During the pendency of this appeal, the sole appellant passed away and his legal representatives were brought on record as additional appellants 2 to 4.

(3.) The plaintiff in the suit is a money lending partnership firm represented by its Managing partner. The defendant is a businessman and proprietor of Belgium Glass House, Kottayam. The plaintiff's case is that the defendant had outstanding liabilities with the firm which were settled on 19.1.2002 at the firm's office for an amount of Rs.4,31,459/-. It was agreed that the defendant would discharge the debt and evidencing the transaction, Ext.A3 promissory note was executed in the name of the plaintiff. Interest of 24% at quarterly rests was also agreed upon. The principal amount and interest mounted to Rs.8,20,920/- and in spite of demand, it is alleged that defendant did not discharge his liabilities and therefore suit was instituted after sending lawyer's notice.