L.NARASIMHA REDDY
Vijaya Bhargavi Chit Fund (P) Ltd. , hyderabad – Appellant
Versus
J. Rama Rao – Respondent
( 2 ) THE plaintiff is a chit fund company and the first defendant was one of its subscribers to a chit of the value of rs. 1,00,000/- and duration of 50 months. In the auction conducted on 15-2-1998, the first defendant emerged as the prized subscriber, and accordingly, he was paid a sum of Rs. 55,000/ -. By that time, he paid an amount of Rs. 34,000/- towards monthly instalments and for payment of the balance amount of Rs. 66,000/-, he executed a promissory note. Respondents 2 to 5 are said to be the sureties.
( 3 ) ALLEGING that the first defendant committed default from September 1998 onwards, the petitioner filed the suit on 26-11-1999. It is stated that the brother of the first defendant, by name Jayaram, who is shown as respondent No. 6, in these revisions appeared before the Court on 8-6-2000 and stated that the first defen
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