SHANTI KUMAR SURANA Vs. PANKAJ SHAH

JUDGEMENT

(1.) The Court : This suit is for a decree for a sum of Rs.16,80,500/- (Rupees Sixteen Lakh Eighty Thousand Five Hundred) only, inclusive of interest @ 15% per annum from the defendant. Summons were issued and served upon the defendant but no one appeared and, ultimately, the suit was fixed for hearing as an undefended suit.

(2.) The plaintiff deals in investment in security commodity and finance trade. The defendant represented to the plaintiff that he is engaged in a business and needed money and for such purpose he approached the plaintiff for a one-time accommodation loan of Rs.50,00,000/- (Rupees Fifty Lakh) only, for its business purposes at the office of plaintiff. It agreed to disburse the same as and by way of loan to the defendant on condition that -

(3.) On the understanding and assurance given by the defendant, the plaintiff lent and advanced the said sum of Rs.50,00,000/- (Rupees Fifty Lakh) only, to the defendant by way of R.T.G.S. dated 17th April, 2017 from Axis Bank. The defendant made payment of accrued interest on 31st July, 2013 to the plaintiff by way of an account payee cheque dated 1st August, 2013 for a sum of Rs.2,17,808/- (Rupees Two Lakh Seventeen Thousand Eight Hundred Eight) only. The said cheque was accepted by the plaintiff.