PAREKH ALUMINEX LIMITED Vs. ASHOK COMMERCIAL ENTERPRISES

JUDGEMENT

(1.) This is an appeal against the order of the learned Single Judge granting the appellant leave to defend the suit, conditional upon its depositing only the principal sum of Rs. 67 crores.

(2.) On merits, there is no defence whatsoever. The appellant admits the receipt of the amount claimed in the suit. The appellant admits that it has failed to repay the same. The appellant admits having drawn cheques and bills of exchange in the respondents favour and having executed writings admitting the receipt of Rs.67 crores and assuring the respondents that the cheques would be honoured on presentation.

(3.) The appellant, however, contends that the claim is barred in view of the provisions of Bombay Money Lenders Act, 1946 (hereinafter referred to as "the Act or the BML Act"). To substantiate the contention, the appellant also contends that the suit is based only on the loan and not on the cheques and bills of exchange admittedly drawn and accepted by the appellant.