A. PARAMESWARAN Vs. TIRUMALAYAN FINANCE, KARAIKURICHI, SELLIYAYEEPALAYAM

JUDGEMENT

(1.) This Second Appeal is directed by the unsuccessful Defendants before the First Appellate Court, against the Judgment and Decree, dated March 28, 2017 passed in A.S. No.23 of 2015 on the file of 'Principal District Court, Namakkal' ('First Appellate Court' for short), whereby the Judgment and Decree, dated April 10, 2015 passed in O.S. No.154 of 2005 on the file of 'Subordinate Court, Namakkal' ('Trial Court' for short) was reversed.

(2.) Hereinafter, for the sake of convenience, the parties will be denoted as per their array in the Original Suit.

(3.) In the Plaint, the Plaintiff has averred that the Defendants, who are husband and wife, borrowed a sum of Rs.1,00,000.00 with interest at the rate of 24% per annum, for their family and business expenses on May 29, 2002, by executing a Promissory Note. On July 2, 2002, they paid Rs.4300.00 towards principal and Rs.1,200.00 towards interest. Thereafter, despite repeated demands, they failed to pay the dues. Hence the Suit for recovery of sum of Rs.1,61,776.00along with subsequent interest on the principal sum of Rs.95,700..00