(1.) The plaintiffs have filed an application under Chapter 13A of the Original Side Rules for summary judgment.
(2.) The plaint case proceeds that in and about the month of February, 2006 the plaintiff lent and advance various sums aggregating Rs. 5 Crore 24 Lacs on the request of the defendant on an agreed rate of interest. It was agreed that the interest would be payable on monthly basis on production of the bills by the plaintiff upon the defendant. The entire sum was advanced between February, 2000 and March, 2001 and the account confirmation for the accounting year 1999 -2000 would corroborate the said facts as it contains the amount outstanding as on that date. The defendant regularly paid the interest up to the month of January, 2001 and further partly paid the interest for the month of February. On 7th May, 2001 the defendant paid a further sum of Rs. 2 Crores. The plaint case further proceeds that certain shares were pledged by way of a security and were replaced from time to time depending upon the fluctuation in the market price thereof. On and from the month of May, 2001 the defendant neglected to repay the loan and declined to give adequate security for the loan amount. It is stated that at the time of default in payment of interest and the principal amount 23000 shares of DSQ Software, 90000 shares of DSQ Biotech and 11000 shares of HFCL (Himachal Futuristic Communication Ltd.) were in the hands of the plaintiff. The plaintiff recalled the loan and communicated to the defendant to clear off all the outstanding. On the instruction of the defendant 23000 shares of DSQ Software, 90000 shares of DSQ Biotech were sold in the month of November, 2001 and the sale proceeds were adjusted in protanto satisfaction of the then plaintiff's dues. The plaintiff could realize a sum of Rs. 26,88,192.20 paisa from the sale proceeds and the same was brought to the notice of the defendant. Even thereafter the defendant did not pay either the interest or the principal amount and a notice dated 20th February, 2003 was issued upon the defendant to clear off the entire dues within 3 days from the date of receipt thereof. Subsequently, the remaining shares were sold at a prevalent market price through a registered broker and in such process the plaintiff could only realize a further sum of Rs. 2,73,350/ - which was again adjusted against the outstanding. It is thus stated that after adjustment of the sale proceeds from the aforesaid shares, there is still an outstanding to the extent of 3,61,04191.80 paisa. The present suit is filed for recovery of the said amount together with an interest at the rate of 16.5% per annum.
(3.) In the instant application, the plaintiff asserts that the writ of summons was served on the defendant on 23rd March, 2009 and the defendant entered appearance on 27th March, 2009 and within the time so prescribed, the present application has been taken out. It is, further stated that the defendant has no defence against the claim and prayed for a summary judgment for the aforesaid amount along with interest.