VISALAM CHIT FUNDS LIMITED Vs. T V KUMAR

JUDGEMENT

(1.) WHEN the above civil revision petition came up for admission before this Court, notice of motion returnable by four weeks was ordered by this Court on 19.11.1996. Though both the respondents were duly served through court on 2.12.1996, when the case is taken up to-day for final disposal, there is no representation on their behalf.

(2.) THE civil revision petition is directed against an order dated 31.7.1996 made in LA. No.557 of 1994 in O.S. No. 193 of 1991 by the Principal Subordinate Judge, Tirunelveli holding that the suit promissory note, dated 14.7.1987 is not payable "on demand" and on that score rejected the plaint for the reasons recorded in his order. THE first respondent is a subscriber to the chit conducted by the petitioner. THE first respondent became the successful bidder and accordingly drew the prize amount after giving necessary security and his wife, the second respondent stood as a surety for the due payment of the balance of the chit amount. THEy accordingly executed a promissory note on 17.7.1987. Since the respondents committed default in payment of the chit subscription, the petitioner was constrained to institute O.S. No. 193 of 1991 on the file of the Court of Principal Subordinate Judge, Tirunelveli for recovery of the amounts due under the promissory note. THE defendant filed LA. No.557 of 1994 contending that the suit promissory note is one payable otherwise than on demand and hence has not been properly stamped and should therefore be rejected. THE petitioner filed a counter affidavit, denying the allegations and contending that the suit document is only a promissory note payable on demand and properly stamped.

(3.) THIS Civil Revision Petition is allowed. However, there will be no order as to costs.