BAJRANG LAL AGARWAL Vs. RAVI KANT AGARWAL

JUDGEMENT

(1.) This is an application for judgment upon admission. The suit is filed for recovery of money lent and advanced. The petitioner claims a decree of Rs.1,06,43,220.00 (inclusive of interest).

(2.) Pursuant to negotiations by and between the petitioner and the respondent, the petitioner lent and advanced a sum of Rs.80.00 lacs to the respondent. The said sum was repayable with interest @ 12 per cent per annum. Initially, the respondent was to repay the said amount within a period of 120 days from the date of receipt. Pursuant thereto, on 4/9/2014, the petitioner by way of Real Time Gross Settlement (RTGS) advanced a sum of Rs.80.00 lacs to the respondent. The respondent duly received the said amount and also acknowledged the same by a letter dtd. 4/9/2014.

(3.) Thereafter, prior to expiry of 120 days period, the respondent approached the petitioner and sought for an extension to repay the entire principal amount alongwith outstanding interest. Subsequently, it was agreed by and between the parties that on and from 3/1/2015 the respondent would pay the petitioner interest @ 12 per cent per annum on quarterly basis and the loan would be repayable on demand. Between 1/1/2015 to 31/3/2019, the respondent paid an aggregate sum of Rs.43,92,331.00 to the petitioner on account of interest. Thereafter, on 31/6/2019 the respondent issued a post dated cheque for Rs.3,20,877.00 on account of interest. Upon presentation of the said cheque, the same was dishonoured on the ground of 'Insufficient Funds'. By a letter dtd. 8/12/2021 the petitioner was compelled to recall the entire loan and the outstanding interest thereon @ 12 per cent per annum.