PALLAPOTU BALA SRINIVAS Vs. RAMESH LAL HARI RAM

JUDGEMENT

(1.) The Appeal, under Sec. 96 of the Code of the Civil Procedure, is filed by the appellants/defendants challenging the decree and Judgment dtd. 4/6/2012 in O.S.No.832 of 2009 passed by the learned V Additional Senior Civil Judge (Fast Track Court), Vijayawada (for short, 'the trial court'). Respondent is the plaintiff, who filed the suit in O.S. No.832 of 2009 seeking recovery of Rs.4,40,112.00 with interest and costs from the defendants based on the promissory note.

(2.) Referring to the parties hereinafter as arrayed in the suit is expedient to mitigate potential confusion and better comprehend the case.

(3.) The factual matrix, necessary and germane for adjudicating the contentious issues between the parties inter se, may be delineated as follows: The 1st defendant has been doing business in the name and style of "Durga Enterprises' as its sole proprietor. 1st defendant, representing 2nd defendant, borrowed Rs.3,00,000.00 from the plaintiff on 19/3/2001 for his business purpose and executed the suit promissory note, agreeing to repay the same with interest @ 30 % per annum. The plaintiff paid the said amount to the defendants through Demand Drafts bearing Nos.686481 to 686487. Subsequently, the defendants made a part payments towards interest and principal on different dates totalling Rs.1,61,100.00 by 12/2/2017, but they paid interest up to 3/12/2005 only. Subsequently, the defendants made a part payment of Rs.100.00. After that, the defendants failed to pay the balance despite the plaintiff's repeated demands. The plaintiff issued a legal notice dtd. 11/4/2009 to the defendants, calling upon them to pay the balance amount, but the defendants did not respond.