BADRINARAYAN BANSILAL SOMANI Vs. VINODKUMAR K SHAH

JUDGEMENT

(1.) This appeal is directed against the judgment and order dated 15.5.2003 rendered by the learned Joint civil Judge, Senior Division, Pune, in Special Civil Suit No.347 of 1988 instituted by the respondent-plaintiff. The suit was for recovery of an amount of Rs.12,64,000/- against the appellant-defendant along with interest at the rate of 24 per cent per annum. By the impugned judgment, the defendant is directed to pay to the plaintiff Rs.12 lacs together with interest at the rate of 15 per cent per annum from the date of the suit till realization of the entire amount and also directed to pay Rs.20,931.50 towards interest for the period from 3.12.1997 to 23.8.1998, that is, the period prior to institution of the suit.

(2.) Basic facts of the suit are not in dispute. As a matter of fact, Mr Anturkar, learned counsel for the appellant-defendant, submitted that he has instructions to confine challenge in the appeal only to the rate of interest, awarded by the trial Court and seek 9 per cent per annum interest on the amount of Rs.12 lacs only from the date of the suit till realization of the entire amount. In view thereof, we do not propose to make a detailed reference to the facts.

(3.) Briefly stated, the plaintiff is a trader and businessman. He knew the defendant and he claims that he had extended financial aid to him from time to time. On 30.11.1997, the defendant once again had approached the plaintiff with a request to give a loan of Rs. 12 lacs.