MAHINDRA & MAHINDRA LIMITED Vs. NEPC MICON LIMITED

JUDGEMENT

(1.) THE plaintiff has sued for recovery of Rs.1.06 crores upon the principal sum of Rs.60 lakhs with interest @ of 18% p.a. from the filing of the suit till realisation.

(2.) THE defendant has accepted the plaintiff's claim of the principal amount which was under a bill discounting facility. The plaintiff has claimed interest @ 30% p.a. on the principal amount from 15th May, 1998 till the filing of the suit after adjusting the margin retained by the plaintiff.

(3.) THE plaintiff has led oral evidence. The plaintiff's witness is cross examined. The plaintiff has produced the documents relating to the bill discounting facility granted, the interest defaulted, the payment of interest expressly admitted, the debit note which has been received, but not disputed and the consequent legal notice making the demand for payment of the unpaid principal amount along with interest, all of which are at different percentage.