DUVVURU SIVA KUMAR REDDY Vs. TUNGA BHASKAR REDDY

JUDGEMENT

(1.) The Appeal, under Sec. 96 of the Code of the Civil Procedure, is filed by the appellant/defendant challenging the decree and Judgment dtd. 16/7/2009 in O.S.No.81 of 2006 passed by the learned Principal Senior Civil Judge, Nellore (for short, 'trial court'). Respondent is the plaintiff who filed the suit in O.S.No.81 of 2006 seeking recovery of Rs.4,30,000.00 with interest and costs from the defendant based on the promissory note.

(2.) The parties will hereinafter be referred to as arrayed before the trial Court.

(3.) The facts leading to the present Appeal, in a nutshell, are as under: The defendant borrowed Rs.2,50,000.00 from the plaintiff on 15/2/2003 and executed the suit promissory note in his favour, agreeing to repay the same with interest @ 36 % per annum. Despite repeated demands made by the plaintiff, the defendant failed to repay the said amount. The defendant is not an agriculturist; he is not entitled to the benefits under the Agriculture Debt Relief Acts and the Usurious Loan Act. Hence, the plaintiff claimed the interest at 24% per annum.