GADDAM JITHENDRA KUMAR Vs. KOVVURI SRINIVASA REDDY

JUDGEMENT

(1.) Heard Sri Rosedar S.R.A., learned counsel for the petitioner /appellant.

(2.) Respondents 1 to 4/plaintiffs filed O.S. No. 78 of 2019 on the file of the III Additional District Judge, Nellore, against the 5th respondent (Defendant No.1) and the petitioner/appellant (Defendant No.2), seeking a preliminary decree directing payment of the suit amount of Rs.78,00,000.00 along with interest at 24% per annum from the date of the suit, and thereafter a final decree in terms of the preliminary decree. They also sought a personal decree in the event the sale proceeds of the schedule property were insufficient to satisfy the decretal amount.

(3.) After contesting the suit, a preliminary decree was passed on 8/4/2024, directing the 5th respondent to pay the suit amount with interest at 12% per annum from the date of the suit till the date of decree, and thereafter at 6% per annum until the date of realization, on the principal amount of Rs.30,00,000.00, granting three months time for redemption.