CHILLAKURU SUBBARAMI REDDY Vs. VANJAVAKA SURENDRA REDDY

JUDGEMENT

(1.) The defendant is the appellant.

(2.) The respondent instituted the suit based on promissory note dtd. 13/5/2002 stating that the appellant borrowed an amount of Rs.1,50,000.00 from the respondent agreeing to repay the same with interest at 24% p.a., at yearly rests on his demand. It is the further case of the respondent that on 12/5/2005 and on 10/5/2008, Rs.5,000.00 and Rs.6,000.00 were the part-payments made by the appellant towards this promissory note debt and thereafter he failed to repay the amount due despite issuance of the legal notice and demands made by the respondent.

(3.) Thus, a claim for Rs.7,38,396.00 was made by the respondent against the appellant.