Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2017 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (8) TMI 1077 - HC - Indian LawsRecovery with interest till the date of realization on the basis of a written agreement - Complaint case under section 138 Negotiable Instruments Act - Held that:- The dispute herein being an independent dispute than was amongst directors of M/s SPL in CS (OS) No.1148/2008, would not absolve the defendant of his liability to repay the loan taken by him. If the intention of the parties in CS (OS) 1148/2008 was to absolve the directors of their personal liabilities inter se and with outsiders, the settlement would have mentioned the same. If the IA No. 15482/2008 in CS(OS) No.1148/2008 has taken note of other pending suit numbers, criminal complaints, property particulars, details of the cheques issued, then why these five PDCs of ₹ 45.00 lac each were not brought within the fold of such settlement. The defendant is trying to mix two disputes into one which disputes are obviously distinct. The agreement clearly stipulate that the defendant has taken loan(s) for purchase of land admeasuring 7 bighas in Satbari and that such land is not connected with the business of M/s SPL. In this agreement, the defendant has unequivocally admitted to repay the loan amount within three year lest an action can be taken against him. The cheques also were given in advance and the defendant has also agreed to suffer proceedings if such cheques are not honoured. No linkage can be drawn between the agreement dated 15.11.2008 and with the terms of settlement stated in IA No.15482/2008 in CS (OS) No.1148/2008. As the defence raised in his application for leave to defend is contrary to what the defendant had stated in his application under Section 145(2) Negotiable Instruments Act in proceedings under Section 138 Negotiable Instruments Act, so the defence of the defendant though appear to be illusionary but he is allowed to proceed on his depositing the principal amount of ₹ 2,25,00,000/-(Rupees Two Crore Twenty Five Lacs) with the Registrar General of this Court within four weeks from today. The application stands disposed of in above terms.
|