I G PETROCHEMICALS LTD Vs. WILLARD INDIA LTD

JUDGEMENT

(1.) PLAINTIFFS a public limited company had given an inter corporate loan to the Defendants which is evident by letter dated 15th November, 1995 as confirmed by the Defendants by their letter dated 17th November, 1995. Certain documents were also annexed along with the letter of 17th November. 1995 by the Defendants The receipt is Exhibit "B" at page 17 to the Plaint. Various other correspondence has been exchanged which will be referred to hereinafter. As the Defendants failed to pay the amount when called upon by the Plaintiffs, the Plaintiffs have filed this suit for recovery of the amount of the said inter corporate loan along with interest thereon as set out in the particulars of claim.

(2.) ON Summons for Judgment being taken out by the Plaintiffs the Defendants have filed their appearance. They have also filed their affidavit in reply and have produced documents in support thereof various defences have been taken which I will advert to later on. Based on the same, it is contended on behalf of the Defendants by their learned Counsel that there are various triable issues and in the light of that the Defendants are entitled for unconditional leave to defend the suit.

(3.) THE Defences as now raised by the Defendants in the context of the above may now be considered.