RAVI Vs. RANGARAJ

JUDGEMENT

(1.) The defendant is the appellant in this appeal. The respondent filed O.S.No.214 of 2015 on the file of the Subordinate Court, Sathiyamangalam, for recovery of a sum of Rs. 1,81,650/- with interest.

(2.) The case of the respondent/plaintiff is that the appellant/ defendant had borrowed a sum of Rs. 1,50,000/- as hand-loan on 25.06.2013 and agreed to repay the same with interest at the rate of 1% p.a., and executed a promissory note. The respondent/plaintiff's further case is that in spite of legal notice dated 06.10.2015, the amount borrowed was not returned along with interest, on the contrary, a reply notice dated 210.2015 was sent with distorted facts and hence, the suit was filed.

(3.) The appellant/defendant in his written statement, while denying the plaint averments, stated that the promissory note was executed for the purpose of security, as he did not contribute any capital in doing tree cutting contract business for a sum of Rs. 70,000/-. It is the further case of the appellant/defendant that the respondent/plaintiff agreed to return the promissory note, but without doing so, filed the suit.