SRI KALPATHARU FINANCIERS Vs. V NATARAJAN

JUDGEMENT

(1.) The present appeal filed under Section 96 C.P.C. as against the judgment and decree made in O.S. No. 552 of 2004 dated 3.3.2009 on the file of the learned I Additional District Judge, Coimbatore. The plaintiff is the appellant. The appeal is preferred against the judgment and decree of the learned I Additional District Judge, Coimbatore dismissing a money suit. The brief case of the plaintiff/appellant is as follows:

(2.) The appellant is a partnership firm engaged in the business of accepting deposits, financing and conducting chits and related other business. There are 7 partners. The respondent is engaged in real estate business and he used to borrow money from the appellant for his urgent business and family expenses from the year 1995 onwards. Towards his urgent family and business commitment, the respondent requested a loan in the second week of March 1996 and also in the first week of November 1997. The appellant advanced a sum of Rs. 30,00,000/- on 27.3.1996 and Another sum of Rs. 10,00,000/- on 8.11.1997 and the respondent executed promissory note in favour of the appellant agreeing to repay the amount with interest at the rate of Rs. 3.30 per hundred per month.

(3.) The respondent had also received the said sum after signing the payment receipts. The respondent was irregular in payment of interest and committed default. The respondent executed letters dated 31.3.1998 and 31.3.1999 confirming the balance representing the principal and interest.