FAIRGROWTH FINANCIAL SERVICES LIMITED Vs. SOLIDAIRE INDIA LIMITED

JUDGEMENT

(1.) BY this petition the petitioners seek to recover a sum of Rs. 1,57,20,616. 44 with interest on the principal amount till payment or realisation.

(2.) THE admitted facts are that on 3rd March, 1992 the petitioners granted to the 1st respondents a loan in a sum of Rs. 50,00,000/ -. On 20th March, 1992 the petitioners granted to the 1st respondents another loan of Rs. 25,00,000/ -. On 23rd March, 1992 a further loan of Rs. 25,00,000/- was also granted. Thus in all a sum of Rs. 1 crore has been lent and advanced by the petitioners to the 1st respondents.

(3.) BY their letter dated 15th July, 1992 the 1st respondents confirmed having received the above mentioned amounts on the above mentioned dates.