CHAMPALAL GAJANAND Vs. PADAM CHAND SHEOLAL JAIN

JUDGEMENT

(1.) THIS is a defendant's further appeal against an affirming decree of the lower appeal Court for Rs. 1,200/-passed on the foot of a promissory note dated 14 September 1958 which he admittedly executed in favour of one Shivlal for Rs. 1,670/ -.

(2.) IT is common ground that Shivlal, a money-lender, had advanced money to the defendant and the latter executed a promissory note dated 7 October 1955 for Rs. 1,200/ -. Subsequently, on 14th September 1958 to be more precise, accounts were made and Rs. 1,670/-, inclusive of interest, was found due from the defendant who then executed a fresh promissory note for Rs. 1,670/- and promised to repay that amount with interest at 1 per cent, per month. The creditor, Shivlal, died in February 1960 leaving behind him surviving three sons and two daughters, Premlata and Rajmati.

(3.) THE three sons of Shivlal initiated the action, out of which this appeal arises, on the averment that, upon the death of Shivlal, Premlata and Rajmati had transferred their interest in the money-lending business inherited by them along with their brothers to the latter The plaintiff claimed Rs. 1,670/-as principal and Rs. 601-20 on account of interest.