FRANCIS T. CHACKO Vs. T.K.SAJEEVAN

JUDGEMENT

(1.) The defeated plaintiff in a suit for realisation of money is the appellant.

(2.) The plaintiff is a Chartered Accountant by profession. The defendant is running a business by the name "Span Travels " dealing with hiring of taxis and other ancillary services. The plaintiff contended that the defendant and he are close friends for the past 15 years and the plaintiff used to audit the accounts of the defendant till 31/3/2010. The defendant had borrowed money from the plaintiff on several occasions in the past, which were repaid. The plaintiff contended that the defendant approached him for financial help to overcome his financial business crisis and also for augmentation of business. It is alleged that the defendant had borrowed an amount of Rs.14,15,000.00 on four dates. Rs.1,00,000.00 was borrowed on 9/8/2010, Rs.3,00,000.00 on 11/8/2010, Rs.10,00,000.00 on 23/10/2010 and Rs.15,000.00 was borrowed on 9/4/2011. It is stated that the defendant had executed a demand promissory note for an amount of Rs.14,15,000.00 on 19/4/2011.

(3.) Though the plaintiff demanded the amount covered by the promissory note on 18/4/2012, the defendant did not repay the same and sought two months to clear the liability and agreed to pay interest at 12% per annum from the date of the promissory note. Thereafter, the defendant issued a cheque for Rs.16,13,000.00 dtd. 18/6/2012 bearing number 939007 drawn on Catholic Syrian Bank Ltd., Banerjee Road, Ernakulam. The defendant had also acknowledged the issuance of the cheque covering the amount. The cheque, when presented, was dishonoured due to the reason of "payment stopped by drawer ". Thereafter, the suit was filed claiming the amount with interest.