VINEET S. JAIN Vs. PALAVI DEALERS PVT. LTD.

JUDGEMENT

(1.) Rule. Mr.Dhaval D.Vyas, learned advocate waives service of rule on behalf of the respondent.

(2.) The present petition under Articles 226 and 227 of the Constitution of India is filed for the purpose of following reliefs:

(3.) The case of the petitioner - original plaintiff is that on account of personal relations with the defendants, the defendants approached the petitioner around May 2013 for seeking financial assistance to the extent of Rs. 3,50,00,000/- (Rupees Three Crores Fifty Lakhs Only) as a short term finance and offered to pay interest on such finance @18% p.a. prevailing in the market. On account of personal relations with respondent No.2 herein, the present petitioner lent the amount, as demanded and the said amount was paid through RTGS, particulars whereof are mentioned in the plaint and the receipt of the said financial assistance is not in dispute. According to the petitioner, the said amount was to be paid with interest at the rate of 18% p.a. by 31.05.2014, but the respondents herein have chosen not to repay the amount, which resulted into several requests and in response thereto, four cheques have been issued which were drawn on Union Bank of India, Mumbai, Samachar Marg, Mumbai in favour of the petitioner towards the said legal dues of Rs.3,50,00,000/-. The details of the cheques, as mentioned by the petitioner, are reproduced hereinafter: