SANJAY KHEMANI Vs. NPR FINANCE LIMITED

JUDGEMENT

(1.) Same defendant / appellant has preferred these two appeals against two separate judgements dated March 19, 2015 read with orders of correction passed on 7th April, 2015 by learned Single Judge of this High Court and the decrees drawn up and signed in C.S. 113 of 2002, which was filed by plaintiff Rani Leasing and Finance Limited and in C.S. 114 of 2002, which was filed by plaintiff NPR Finance Limited. These two appeals were heard together and for the sake of convenience and brevity taken up together for disposal by this single judgement.

(2.) Plaintiff(s) in both the suits alleged commercial transactions between the parties and prayed for recovery of money with interest against defendant.

(3.) There is no dispute that plaintiff of C.S. 113 of 2002 advanced loan of Rs.1,10,00,000/- to the defendant / appellant against his pledging 10,400 shares of HFCL and plaintiff of C.S. 114 of 2002 advanced loan of Rs.6,25,00,000/- to the defendant / appellant against his pledging 61,500 shares of HFCL. It is also not disputed that appellant paid Rs.2,00,00,000/- and interest up to March 2001 to the plaintiff of C.S. 114 of 2002. The defendant / appellant paid interest up to March 2001 to the plaintiff of C.S. 113 of 2002. Admittedly, value of shares of HFCL was diminishing.