SACHA FINANCE Vs. JAYANT BHAVANJI SONI

JUDGEMENT

(1.) This Commercial Division Summary Suit is instituted for recovery of a sum of Rs.1,10,15,890.00 along with further interest @ 18% p.a. on the sum of Rs.1.00 Crore, being the amount covered by the dishonoured cheques on which the suit is instituted.

(2.) The material averments in the plaint can be stated in brief as under:-

(3.) The deceased defendant No. 1 and defendant No. 2 had approached the plaintiff to advance money to finance their then on-going projects of real estate development. The defendants had assured to repay the loan amount along with interest @ 12% p.a. and one time compensation. Pursuant to the representations of the deceased defendant No. 1, and defendant No. 2, the plaintiff had paid a sum of Rs.50.00 lakhs to the defendants by a cheque bearing No. 467423 payable on 18/7/2014, against a post dated cheque drawn by the defendants for the said amount and also a bill of exchange drawn by defendant No. 2 and accepted by Joy Builders. Initially, the defendant Nos. 1 and 2 paid interest at the agreed rate of 12% p.a. A further sum of Rs.15.00 lakhs was advanced by the plaintiff to the defendant by a cheque bearing No. 000216 payable on 1/10/2015. Thereupon, the defendants took back the post dated cheque drawn for Rs.50.00 lakhs at the time of availing the first tranche of loan and issued another post dated cheque for an amount of Rs.65.00 lakhs. In addition a promissory note for a sum of Rs.15.00 lakhs was also issued in favour of the plaintiff.