VELAGAPUDI KISHORE KUMAR Vs. BOPPANA VENKATA NAGA KRISHNA

JUDGEMENT

(1.) Heard Sri Sai Gangadhar Chamarthy, learned counsel for the petitioner and perused the material on record.

(2.) This civil revision petition under Article 227 of the Constitution of India has been filed by the defendant challenging the Order dtd. 26/11/2024 in I.A.No.700 of 2024 in O.S.No.1141 of 2019 on the file of the Court of the Rent Controller-cum-IV Additional Civil Judge (Junior Division)-cum-IV Additional Judicial Magistrate of First Class, Vijayawada, Krishna District.

(3.) The respondent is the plaintiff. He filed O.S.No.1141 of 2019 for recovery of money based on the promissory note. The plaintiff's case was that the defendant had borrowed an amount of Rs.12,00,000.00 from the plaintiff on 20/3/2018 for business purposes and family necessities and a promissory note in the presence of the scribe and attesters was executed in favour of the plaintiff on the same day agreeing to repay the loan amount with interest @24% per annum with compound interest either to the plaintiff or to his order on demand. The plaintiff had been constantly approaching the defendant for repayment. Towards part payment of the principal and interest, the defendant issued a cheque for an amount of Rs.10,00,000.00 on 20/3/2019 and as per the instructions of the defendant, the said cheque was presented for clearance on 18/5/2019, but the same was returned on 20/5/2019 with a memo for the reason of 'funds insufficient'. The defendant did not repay and therefore the suit was filed for an amount of Rs.15,75,400.00 with subsequent interest @24% per annum against the defendant.