L.PRAKASH Vs. T.SARASWATHI

JUDGEMENT

(1.) This appeal suit is filed by the appellants aggrieved by the Judgement and Decree of the learned Principal District Judge, Vellore dtd. 20/7/2015 in and by which O.S.No.68 of 2014 filed by the plaintiff for recovery of a sum of Rs.14,43,200.00 together with future interest at the rate of 24% per annum on the principal sum of Rs.11,00,000.00 was dismissed by the Trial Court.

(2.) The case of the Plaintiff is that the defendant was the original owner of the property at Door No.80, Ida Scudder Road, Vellore. By a registered sale deed dtd. 2/12/2011, through her Power of Attorney agent, the defendant sold the said property to the plaintiff for a total sale consideration of Rs.7,50,000.00. However, in the year 2013, the defendant wanted to repurchase the same from the plaintiff. The sale consideration was fixed at Rs.20,00,000.00. It was agreed between the parties that even after the sale, the plaintiff shall continue as a tenant and run the tea stall business. Therefore, a sum of Rs.6,00,000.00 was quantified as advance for the non-residential shop premises and the same was deducted out of the sale consideration. This apart, the defendant had paid cash of Rs.3,00,000.00 on the date of registration of the sale deed on 12/4/2013. For the balance Rs.11,00,000.00 sale consideration, the defendant executed the suit promissory note in favour of the plaintiff agreeing to repay the said sum of Rs.11,00,000.00 together with interest at the rate of 24% per annum. Even though the plaintiff as a tenant is paying the monthly rent, the defendant did not pay the amount due under the promissory note inspite of repeated demands and hence the suit.

(3.) Even though the defendant entered appearance, he thereafter did not file the written statement, and thus was set ex-parte.