(1.) Heard Sri S.Malla Rao learned counsel for the appellant/ plaintiff and Sri Shyam S.Agrawal learned counsel for the respondent/ defendant. Plaintiff is in appeal against the judgment and decree dtd. 15/6/2018 by the Court of II Additional Chief Judge, City Civil Court at Hyderabad, dismissing the suit. The parties are referred to as arrayed in O.S.No.467 of 2010 on the file of II Additional Chief Judge, City Civil Court at Hyderabad.
(2.) Plaintiff instituted the suit for recovery of sum of Rs.57,01,479.00 with future interest @ 18% per annum. According to the plaintiff he is an LIC Agent. Defendant and his wife took LIC policies through the plaintiff. On the request made by the defendant and his wife, plaintiff gave hand loan of Rs.9,38,000.00, Rs.9,38,000.00, Rs.9,43,108.00 and Rs.9,38,000.00 on 31/8/2007, 31/8/2007, 1/11/2007 and 31/12/2007, respectively. At the time of extending hand loans, defendant executed four promissory notes, marked as Exs.A1 to A4, agreeing to repay the entire amount with interest @ 18% per annum. Alleging that in spite of repeated demands to repay the amounts borrowed from him, the defendant postponed repayment on one pretext or the other compelling the plaintiff to issue legal notice on 19/8/2010 demanding repayment and on failure to respond to the notice to repay the amounts borrowed from him, he instituted the instant suit.
(3.) In the written statement, defendant deposed that he borrowed small amounts from the plaintiff in the year 2001 by executing the Exs.A1 to A4, but subsequently amounts were repaid. He denied the allegation of borrowing huge amounts as mentioned in the plaint. According to the defendant, he and his wife took policies of Rs.5,00,000.00 each under compulsion and pressure exerted by the plaintiff, but due to paucity of funds, they could not pay subsequent instalments. It is alleged that plaintiff is a professional money lender doing business of money lending without having valid licence. It is further contended that the promissory notes relied upon by the plaintiff were fabricated, created, forged and manipulated.