K RAMAKRISHNA LANDA KATHIR Vs. NARAYANASWAMY

JUDGEMENT

(1.) The defendant is the appellant herein. The plaintiff filed the suit for recovery of Rs. 18,612.50 being the principal and interest due on the suit promissory note and for costs. The case of the plaintiff was that the defendant borrowed a sum of Rs. 12,500/- from the plaintiff on 9-2-1976 and executed the suit promissory note promissing to repay the same with interest at the rate of 12% p.a. to the plaintiff or to his order on demand. According to the plaintiff, the Debt Relief Acts were in force from 16-1-1975 to 15-7-1978 and the defendant was an agriculturists and so, the interest was claimed as per Act 40 of 1979 and Act 4/38 and the defendant was not entitled to the benefits of Act 18 of 1980 and in spite of repeated demands, the defendant did not repay the amount due. The defendant made several pleas and ultimately, both the Courts below found that the suit promissory note executed by the defendant was supported by consideration.

(2.) Learned counsel for the appellant is not seriously disputing the finding of both the Courts below that the suit promissory note is supported by consideration. But, learned counsel for the appellant argued that the suit is barred by limitation. According to him, the suit promissory note was executed on 9-2-1976 and even assuming that the Debt Relief Acts were in force from 16-1-1975 to 15-7-1978, the suit filed by the plaintiff on 15-7-1981 is barred by limitation.

(3.) Learned counsel for the respondent supported the judgments of both the Courts below.