Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2018 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (3) TMI 1062 - HC - Indian LawsInterest on repayment of loan - appellant submits that the impugned order is erroneous because it directs private individuals/directors for repayment of loan taken by respondent no. 2 which is a corporate entity - Held that: - the appellants were directed to deposit an amount of ₹ 85 lacs within 30 days failing which the defence shall stand struck off. While, it is not in dispute that the loan was taken by the corporate entity/respondent no. 2 and the loan would have ordinarily to be repaid by it, but something more transpired regarding the repayments - the appellant nos. 1 and 2 admitted and undertook to repay the loan amount. There is a clear admission by the appellants to repay the loan on behalf of their corporate entity. Insofar as there is an acknowledgement and undertaking on behalf of two individuals – appellant nos. 1 & 2 to repay the loan on behalf of their corporate entity/respondent no. 2, and the appellants would fall within the purview of Order 39 Rule 10 CPC. The impugned order directing them to deposit the said monies cannot be faulted - appeal dismissed - decided against appellant.
|