RAJKUMAR Vs. RAJ YAMAHA

JUDGEMENT

(1.) Suit is filed for recovery of a sum of Rs.4,59,50,225.00[Rupees Four Crore Fifty Nine Lakh Fifty Thousand Two Hundred and Twenty Five only] from the defendant partnership firm together with interest at 24% per annum on the principal sum of Rs.4,18,00,000.00[Rupees Four Crore and Eighteen Lakh only] from the date of plaint till date of realization and for costs of the suit.

(2.) The suit is based on dishonored cheques.

(3.) The case of the plaintiff in brief is as follows:-The plaintiff was originally the Proprietor of Raj Yamaha which was carrying on the business of dealing in Two-Wheelers viz., Yamaha model motorcycles and was an authorized dealer for sales and services of Yamaha Model motorcycles. The plaintiff was running his business at Adayar, Thoraipakkam, Palavakkam, Velachery and Navalur in the City of Chennai. The plaintiff desired to retire from the business activities as his son has been settled in United States of America (USA). The partners of the defendant firm one A.Jagadish and Mrs.J.Loga approached the plaintiff with an intent to take over the entire business activities and for the purpose of convenient documentation, discussed and decided to enter into a Deed of Partnership whereby A.Jagadish and Mrs.Loga along with the plaintiff would constitute a partnership firm, so that the business activity shall be carried on further without any issue with the manufacturing company. Accordingly, a partnership deed was entered into on 17/7/2018 between the plaintiff-H.Rajkumar, and A.Jagadish & Mrs.J.Loga. Though the document styled as deed of partnership, the intent between the parties was that plaintiff shall handover the entire business activities to the defendant on certain consideration and upon receipt of the entire consideration, the plaintiff shall get relinquished from all the business activities besides other liabilities.