DHANRAJ N. KOCHAR Vs. KRISHNA THEATRE AND ORS.

JUDGEMENT

(1.) The plaintiff filed the suit for recovery of a sum of Rs. 77,23,000.00with further interest at 24% per annum and in default, the property may be sold and the proceeds applied towards the payment of principal and interest and if the proceeds shall not be sufficient, the defendant may be ordered to pay to the plaintiff the amount of deficiency with interest at 24% p.a. until realisation.

(2.) The case of the plaintiff in brief is as follows:-

(3.) The plaintiff also advanced another sum of Rs. 5 lakhs at the request of the defendants on 20.1.85 and they executed an equitable mortgage by deposit of title deeds of the property bearing Door Nos. 7 and 8, TH Road, Madras-79 with an intention to create an equitable mortgage and deposited the entire title deeds with the plaintiff as per their letter dated 20.1.85 with interest at 36% p.a. The defendants also borrowed a further sum of Rs. 3,10,000.00 and executed a further equitable mortgage by redeposhing the entire title deeds with an intention to create an equitable mortgage on 30,3.86 with interest at 36% p.a. The defendants further borrowed a sum of Rs. 3,90,000.00 and executed a further equitable mortgage by redepositing the entire title deeds with an intention to create an equitable mortgage on 1.4.87 with interest at 36% p.a. The defendants further borrowed a sum of Rs. 13,00,000.00 and executed a further equitable mortgage by redepositing the entire title deeds with an intention to create an equitable mortgage on 1.4.89 with interest at 36% p.a. The plaintiff is entitled to claim compound interest. The owner of the land filed C.S. 471783 and the defendants filed O.P. 4595786 under Sec. 9 of the City Tenant Protection Act to purchase the land and it was also ordered on 6.10.89 and the defendants had to deposit the amount being the value of the land into the Court. The plaintiff requested the defendants to confirm the outstandings due to him and accordingly, by the letter dated 1.11.1991 confirmed the outstandings. Hence, the suit.