PERIANAYAGASAMY Vs. ABHISHEKARAYAR

JUDGEMENT

(1.) The plaintiff in O.S.No.13 of 2006 is the appellant. The said suit was filed for recovery of a sum of Rs.11,69,217.00 alleged to be the due on the borrowings made by the defendant from Paraspara Uthavi Nithi (Mutual Helping Fund) said to have been started and conducted by the Staff members of Don Bosco Higher Secondary School, Varatharajan Pettai, Perambalur District.

(2.) According to the plaintiff, he was the administrator of the said Paraspara Uthavi Nithi. The defendant who is a staff member of the said school had borrowed various amounts from the Nidhi between 1992 to 2003 agreeing to pay interest at 24% per annum on the said amount. Upon a calculation, the plaintiff had claimed that the amount borrowed by the defendant with interest worked out to Rs.11,14,752.00 as on 1/6/2003. The defendant requested the plaintiff and the members of the Paraspara Uthavi Nithi for reduction of the rate of interest, the said request was acceded to by the plaintiff and other members of Nidhi and the amount payable by the defendant was reduced to Rs.8,66,087.00.

(3.) The defendant had executed a Muchalika on 2/8/2003 agreeing to repay the said amount of Rs.8,66,087.00 within one year from the date of execution of the said Muchalika. Since the defendant did not come forward to repay the said money as agreed, the plaintiff has claimed interest on the principal amount of Rs.8,66,087.00 and filed the above suit for recovery of Rs.11,69,217.00.