SOMNATH MERCHANDISE PRIVATE LIMITED Vs. ROSELABS BIOSCIENCE LIMITED

JUDGEMENT

(1.) This is an application for judgment on admission of a sum of Rs. 2,83,50,000/-. There are other prayers in the application including prayers for furnishing of security by the defendant, injunction restraining the defendant from dealing with its assets and properties and appointment of receiver for taking possession of the assets and properties of the defendant. It appears that on 16th May, 2014 this court had passed an order in terms of prayer (c) of the petition restraining the defendant and its men, servant, agents, assigns and representatives from transferring, encumbering, alienating, conveying, disposing of and/or dealing with any manner whatsoever, its assets and properties including those mentioned in Annexure 'E' to the petition. By an order dated 9th June, 2014 such interim order was continued till the disposal of the application. At the final hearing of this application only the prayers for judgment on admission and injunction have been pressed by the plaintiff.

(2.) In the first week of August, 2013 the defendant approached the plaintiff with a request for a short term loan of Rs. 3,78,00,000/- in the form of Inter Corporate Deposit (ICD) carrying interest at the rate of 18 per cent per annum. The plaintiff acceded to such request and the defendant agreed to repay the said sum together with interest calculated at the rate of 18 per cent per annum by 15th February, 2014. Accordingly, the plaintiff paid the said sum of Rs. 3,78,00,000/- to the defendant between 22nd August, 2013 and 30th August, 2013 by way of transfer from the plaintiff's bank account maintained with the Indusind Bank Ltd to the defendant's bank account maintained with the Bank of Baroda.

(3.) After receiving the said sum, the defendant issued 12 cheques all dated 15th February, 2014 aggregating a sum of Rs. 2, 83,50,000/- in favour of the plaintiff drawn on the Bank of Baroda as per particulars mentioned in paragraph 6 of the petition.