NARSIMHA REDDY Vs. JYOTHI SEEDS

JUDGEMENT

(1.) Assailing the judgment and decree passed by the court of Junior Civil Judge at Ibrahimpatnam, Ranga Reddy District in O.S.No.35 of 1999 dtd. 8/4/2002 in decreeing the suit for recovery of money, the defendant filed the present appeal.

(2.) The respondent herein is the plaintiff in the suit, and it is the dealer and distributor of pesticides and seeds and running business under the name and style of Jyothi Seeds, Hyderguda, Hyderabad, and it is represented by its proprietor P.Sathyanarayana s/o Venkateshwarlu. The appellant is the defendant in the suit.

(3.) As per the plaint averments, the appellant / defendant was purchasing the pesticides and seeds on credit basis, and was paying part payments, and for the purchases made by him during the year 1995, he was due an amount of Rs.99,526.0064 ps., and out of the said amount, after adjusting the amounts he paid, he was found to be due an amount of Rs.54,026.64 ps., as on 17/12/1995. As he failed to pay the said amount despite repeated demands, the respondent / plaintiff issued legal notice on 4/5/1998 demanding the said amount with interest at 24% per annum. As the amount was not paid, it laid the suit for recovery of the money claiming an amount of Rs.54,026.0064 ps as principal, and Rs.38,898.0036 towards interest from 17/12/1995, to the date of filing of the suit, at the rate of 24% per annum. Thus the plaintiff filed suit for recovery of an amount of Rs.93,425.00 with interest at the rate of 24% per annum, as the transaction being commercial.