Judgment

VAIDIALINGAM, J.: The defendant appellant, in this appeal, by certificate, challenges the judgment and decree dated October 18, 1960 of the Madhya Pradesh High Court in First Appeal No. 71 of 1957 reversing the decree of the trial Court.

2. The circumstances leading up to the institution of the suit on September 4,1952 by the respondents, out of which these proceedings arise may be stated: The respondents instituted Civil Suit No. 7-B of 1955 in the Court of the Additional District Judge, Raipur, against the appellant for recovery of a sum of Rs. 55618/10/-comprised of Rs. 46900/- as principal and Rs. 8718/10/- in respect of interest on the said amount. The plaint allegations are briefly as follows:

3. The plaintiff is a banker and money lender and the defendant is a merchant. Early in October, 1949, the appellant who was building a cinema house and wanted to equip the same with necessary furniture and machinery for the purpose of conducting cinema shows, approached the respondent for a loan to enable him to complete the work. The respondent agreed to give a loan up to Rs. 50,000/-. Accordingly from October 4, 1949 to September 20, 1950 on different dates he advanced various