DEEPAK BHAGWANDAS RAHEJA Vs. TIKAMDAS & ASSOCIATES

JUDGEMENT

(1.) The above Appeal is directed against the Order, dated 15 th December, 2022 passed by a learned Single Judge of this Court in Summons for Judgment No. 37 of 2021 in Commercial Summary Suit No. 311 of 2020. The learned Single Judge, after hearing the parties, allowed the Summons for Judgment and directed the Defendant to pay the Plaintiff a sum of Rs.40,71,87,534.25 along with further interest at the rate of 9% per annum on the principal amount of Rs.30.00 Crores from the date of institution of the Suit till the date of payment and/or realization. Considering that the dispute was of a commercial nature, the Defendant was also directed to pay costs of Rs.5.00 Lakhs to the Plaintiff.

(2.) The Appellant before us is the Original Defendant and the Respondent herein is the Original Plaintiff. For the sake of convenience, we shall refer to the parties as they were arrayed before the learned Single Judge.

(3.) Before we advert to the arguments canvassed on behalf of the Defendant [the Appellant before us], it would be appropriate to set out some brief facts. The Plaintiff is a registered partnership firm. In the month of April 2015, the Defendant approached the Plaintiff for financial assistance of Rs.10,25,00,000.00. According to the Plaintiff, the Defendant assured repayment of the said amount along with interest at the rate of 20% per annum. Based on the representations of the Defendant, the Plaintiff advanced a sum of Rs.10,25,00,000.00 and the same was credited to the account of the Defendant in seven installments through RTGS. Against the said advance, the Defendant had drawn seven bills of exchange.