PURUSHOTHAMAN Vs. NEDUMARAN

JUDGEMENT

(1.) Challenging the judgment and decree of the Trial Court, decreeing the suit on the basis of Promissory Notes, for recovery of Rs.15,00,000.00 with interest @ 9% p.a. from the date of suit till the decree and thereafter, 6% interest till the date of realization, the present appeal has been filed.

(2.) The parties are arrayed as per their own ranking before the Trial Court.

(3.) It is the case of the plaintiff that the defendant borrowed a sum of Rs.8,00,000.00 from the plaintiff on 3/2/2018 and executed a Promissory Note agreeing to pay the amount with monthly interest at Rs.1.00 per Rs.100.00 and also borrowed another Rs.7,00,000.00 on 8/3/2018 agreeing to pay the monthly interest at Rs.1.00 per Rs.100.00 and executed another Promissory Note. Despite repeated demand, the amount has not been paid and hence, the plaintiff has issued a legal notice on 16/10/2019, inspite of which, the defendant has not shown any interest to pay the amount.