JUDGMENT :

This Appeal, under Section 96 of the Code of Civil Procedure [for short ‘the C.P.C.’], is filed by the Appellant/defendant challenging the Decree and Judgment, dated 04.11.2003, in O.S. No.6 of 2000 passed by the learned II Additional District Judge, Vijayawada [for short ‘the trial Court’]. The Respondent herein is the plaintiff in the said Suit.

2. The respondent/plaintiff filed the Suit for recovery of a sum of Rs.6,88,200/- being the principal and interest due on a promissory note dated 01.02.1997 executed by the defendant in favour of plaintiff for Rs.4,00,000/- and for costs.

3. Both the parties in the Appeal will be referred to as they are arrayed before the trial Court.

4. The brief averments of the plaint, in O.S. No.6 of 2000, are as under:

The defendant borrowed an amount of Rs.4,00,000/- from the plaintiff on 01.02.1997 for the purpose of development of his business and executed a promissory note on the same day in favour of plaintiff agreeing to repay the same with interest at 24% per annum. But inspite of demands made by the plaintiff, defendant did not choose to pay any amount and has been postponing the same on one pretext or other. Plaintiff got issued a lega