UMANG GOENKA Vs. PIYUSH KUMAR BHAGAT

JUDGEMENT

(1.) The plaintiff has filed the present application being GA No. 1 of 2023 in CS No. 122 of 2023 under Order 12 Rule 6 of the Code of Civil Procedure, 1908 praying for judgment and decree on admission for a sum of Rs.5,98,50,000.00 along with interest @ 18% per annum totaling in Rs.49,05,79,367.00 or in alternative for an order of injunction restraining the defendants from dealing with or disposing of or alienating or transferring or encumbering their assets and properties and from withdrawing any amounts from their bank accounts.

(2.) In the month of July, 2009, the defendant nos. 1 and 2 approached the plaintiff for a loan of Rs.7,50,00,000.00 and in view of the relationship between the plaintiff and the defendants, the plaintiff agreed to pay an amount of Rs.7,50,00,000.00 as loan to the defendants. The terms and conditions of the loan were discussed between the parties and it was agreed between the parties that the plaintiff would dispense the loan to the defendant nos. 1 and 2 or such family companies as the defendants would nominate. It was further agreed between the parties at the end of each financial year, the defendant nos. 1 and 2 would issue necessary balance confirmation certificate confirming the principal amount due to the plaintiff for the purpose of tax.

(3.) The plaintiff has paid a sum of Rs.5,98,50,000.00 to the defendant nos. 1 and 2. At the end of each financial year, the defendant nos. 1 and 2 executed and made over balance confirmation certificates to the plaintiff upto 31/3/2021. From the end of year 2021, the defendant nos. 1 and 2 failed and neglected to issue balance confirmation to the plaintiff. The plaintiff by an email dtd. 16/10/2022 and a letter dtd. 14/6/2023 called upon the defendant nos. 1 and 2 for repayment of the loan amount of Rs.5,98,50,000.00 along with interest accrued therein. The defendant nos. 1 and 2 failed to pay the principal amount as well as interest as demanded by the plaintiff, the plaintiff has filed the present suit.