Kannapu Reddy Venkata Subbareddy – Appellant
Versus
Gopavaram Rama Krishna Reddy – Respondent
( 1 ) THIS Second Appeal by the sole defendant in the suit is directed against a reversing Judgment. The sole respondent-plaintiff has filed the suit for the recovery of a sum of Rs. 17,294-24 ps. on the foot of a promissory note dated 6-5-83 ex ecuted by the defendant in his favour for a sum of rs. 10,054. 79 ps. repayable with interest @ 24% per annum.
( 2 ) THE defendant while admitting the execution of the suit pronote pleaded that no cash was lent under the suit pronote, but the same was executed in renewal of prior promissory notes. According to him, he initially borrowed Rs. 2,000/- only under a pro-note dated 5-6-74, which was renewed by executing a fresh pronote dated 30-5-77 for Rs. 3,432/ -. That on 30-5-80, he made a part payment of Rs. 20/- thereunder, which was endorsed thereon, and ultimately on 6-5-83, the suit pronote was obtained by the plaintiff for Rs. 10,054. 79 ps. calculating interest at 24% p. a. from the inception. The defendant further pleaded that he was an agriculturist and as such interest is liable to be scaled down from the inception, as per andhra Pradesh Agriculturist Relief Act IV of 38 (for Short act IV of 38 ). He also pleade
Login now and unlock free premium legal research
Login to SupremeToday AI and access free legal analysis, AI highlights, and smart tools.
Login
now!
India’s Legal research and Law Firm App, Download now!
Copyright © 2023 Vikas Info Solution Pvt Ltd. All Rights Reserved.