R SHANKAR Vs. R SUBRAMANIAN

JUDGEMENT

(1.) The above Civil Miscellaneous Appeal has been filed by the appellant/defendant against the Order dated 13.07.2007, in I.A.No.1265 of 2006 in O.S.No.533 of 2006, on the file of the Principal District Court, Coimbatore.

(2.) Aggrieved by the said order the appellant has filed the above appeal to set aside the Order dated 13.07.2007, in I.A.No.1265 of 2006 in O.S.No.533 of 2006, on the file of the Principal District Court, Coimbatore.

(3.) The short facts of the case are as follows: The respondent/plaintiff has filed in O.S.No.533 of 2006 against the appellant/defendant to pay a sum of Rs.5,42,658/- with future interest of Rs.5,000/- at the rate of 15% per annum as the amount is due by way of commercial transaction between the parties. The respondent/plaintiff has filed an Interlocutory Application in I.A.No.1265 of 2006 along with the said suit. The respondent stated that the suit for recovery of the amount and the interest thereon due from the respondent as per the settlement of accounts arrived at between the defendant and plaintiff, as per the deed of Dissolution of Partnership dated 03.08.2005. The defendant and the plaintiff along with two others were conducting a partnership by name 'R.R.Industries'. Since, the defendant himself wanted to take over the partnership and run it as a proprietary concern, the partnership was dissolved with the consent of the partners on 03.08.2005. The defendant has settled the claim of the other two partners. As far as the plaintiff was concerned, the defendant agreed to pay the amount due to the plaintiff, as arrived at between the parties through instalments. Of the five instalments in respect of the amounts due by the appellant/defendant, the respondent has not made payment of the fourth and fifth installments, which comes to a sum of Rs.5,00,000/-. The defendant has also agreed to pay the interest at the rate of 15% per annum on the outstanding amount. Since, the defendant has not made this amount the plaintiff has filed a suit for the recovery of the amount due. Hence, the plaintiff apprehends that he would seriously take steps to dispose of his properties. So, the plaintiff calling upon the defendant to furnish security for the amount due to the plaintiff and on his failure, the property described in the petition be attached before Judgment.