NAGARAJAN Vs. N. VENKATESAN

JUDGEMENT

(1.) This Second Appeal has been filed, challenging the concurrent findings of the Courts below, whereby the Suit for recovery of money filed by the Plaintiff was decreed and the Appellant herein was directed to pay a sum of Rs.1,50,000.00 with interest at the rate of 12% per annum from the date of Plaint till the date of Decree and thereafter at the rate of 6% from the date of Decree till the date of realisation.

(2.) For the sake of convenience, the parties are referred as per their ranking in the Trial Court.

(3.) The Defendant, for the purpose of meeting his Family Expenses borrowed a sum of Rs.1,50,000.00 from the Plaintiff and agreed to repay the same with interest at the rate of 12% per annum and also executed a Promissory Note on 15/5/2010, promising to repay the same on demand of the Plaintiff. Subsequently, the Plaintiff requested the Defendant to repay the same but the Defendant failed to respond, hence, the Plaintiff has issued a Legal Notice on 23/11/2010, calling upon the Defendant to repay the entire Loan Amount with interest. But the Defendant though received the same has not come forward to repay the same thereby, the Plaintiff has come forward to file the Suit for recovery of money.