R.SRINIVASAN Vs. S.SRINIVASAN

JUDGEMENT

(1.) The Appeal Suit has been filed to set aside the judgment and decree dtd. 18/12/2017 made in O.S.No.121 of 2015 on the file of the First Additional District Court, Coimbatore.

(2.) The defendant is the appellant and the respondent/plaintiff instituted a suit for Recovery of money based on the Promissory Note executed by the defendant.

(3.) The plaintiff has stated that he served as Executive Engineer in the Tamil Nadu Electricity Board and the defendant was a works contractor for Periyar Hydro Power Unit at Theni District during the relevant point of time. The defendant is known to the plaintiff. The defendant has borrowed a sum of Rs.10,00,000.00 on 17/1/2012 for his business needs and executed a Promissory Note. He agreed to repay the amount on demand with interest at the rate of 12% per annum. The plaintiff made repeated demands and the defendant failed to pay the interest as well as the Principal amount to the plaintiff. The defendant has issued two cheques for a sum of Rs.2,50,000.00 each to the plaintiff towards repayment of the amount and both the cheques were dishonoured and consequently, the plaintiff has initiated criminal prosecution against the defendant. The plaintiff issued a notice on 26/7/2014, demanding repayment of the loan amount, but the defendant has not replied. Thus, the plaintiff instituted a suit.