VARALAKSHMI FINANCE SYNDICATE KRISHNAGIRI Vs. R GOVINDARAJULU

JUDGEMENT

(1.) THE plaintiff in O.S. No. 86 of 1981 on the file of the Sub-Court, Krishnagiri is the appellant in this second appeal. THE defendants 1 and 3 in the said suit are the respondents in this second appeal. For the sake of convenience the parties are referred to by the nomenclature given to them in the suit.

(2.) THE plaintiff filed the suit for recovery of a sum of Rs. 17,250 due on a promissory note dated 7-8-1974 executed by the defendants in favour of the plaintiff for a sum of Rs. 11,500 with interest at 9% per annum. THE case of the plaintiff is that on 7-8-1974 the defendants borrowed a sum of Rs. 11,500 from the plaintiff-firm for purchasing lorry tyres and spare parts agreeing to repay the same with interest at 12% per annum and in spite of repeated demands and notices ?he defendants failed to pay any amount due under the promissory note dated 7-8-1974. THE further case of the plaintiff is that the suit is not barred by limitation, because, the plaintiff, in good faith, believed that it was prevented from filing the suit during the period when the Tamil Nadu Acts 10 of 1975 and 15 of 1976 were in force.

(3.) THE following two questions arise forconsideration in this second appeal :