HIMMAT SINGH Vs. HUKAM CHAND AND COMPANY

JUDGEMENT

(1.) This is second appeal against the judgment passed by Additional Civil Judge (Senior Division), Malerkotla whereby suit filed by plaintiff-company was decreed for recovery of Rs. 1,45,000/- alongwith interest @ 6% per annum from the date of judgment till actual realization of the entire decretal amount. First appeal against that judgment was dismissed by the Additional District Judge, Sangrur.

(2.) In later part of the judgment parties will be referred as 'plaintiff' and 'defendant' as per civil suit.

(3.) The case of plaintiff, in brief, is that plaintiff-firm is running the business of commission agent and defendantappellant is an agriculturist who used to sell his crop at the shop of plaintiff-firm. Plaintiff-firm maintains regular account books in due course of business and balance is struck every day. On 25.05.2007, defendant borrowed a sum of Rs. 1,45,000/- in cash from plaintiff-firm and the rate of interest was agreed @ 2% per month. The entry to this effect was made in the account books. The defendant committed default in repayment of loan amount and interest resulting in filing the suit for recovery of Rs. 2,03,000/- i.e. Rs. 1,45,000/- towards principal and Rs. 58,000/- towards interest.