VASUKI ARAVINDAN Vs. M. SUNDARAVARATHAN

JUDGEMENT

(1.) THE Civil Suit is filed by the plaintiff to direct the defendant to pay the principal sum of Rs. 30 lakhs together with interest at 24% per annum, payable from 17.12.2012 onwards till the date of realisation; to create charge over the suit schedule mentioned properties, to grant permanent injunction restraining the defendant from encumbering or alienating or dealing with the suit schedule mentioned properties, and for costs.

(2.) IT is the case of the plaintiff that she is doing business in the name and style of M/s. Vinod Builders, which has got its construction business office in Chennai. The defendant sought M/s. Vinod Builders to construct a marriage hall for him, namely Periyavelikkadu Shri Vekkali Amman Thirumana Maaligai at Aryanur Road, Periyavelikkadu Village, Kancheepuram District, measuring an extent of 16,870 Sq.Ft. In February 2011, the defendant represented that he was in urgent requirement of money to settle his creditors and to meet his family expenses, for which, the plaintiff lent a loan of Rs. 30 lakhs to the defendant, who agreed to repay the same with interest at the rate of 24% per annum and the defendant agreed to deposit the title deeds of the suit properties as security for re -payment. The defendant executed a Deed of Deposit of Title Deeds, dated 17.02.2011 in respect of the suit properties. He was regularly paying monthly interest of Rs. 75,000/ - by cheque and the interest was paid by him every 17th day of the month by cheque. The defendant was regularly paying interest at Rs. 75,000/ - p.m. from 21.03.2011 till 18.12.2012 and thereafter, neither the interest nor the principal amount was paid by the defendant. Hence, the plaintiff has filed the suit for the above relief.

(3.) THE plaintiff examined herself as P.W.1 and marked Exs.P -1 to P -6.