JUDGMENT:

1. 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 13.02.2001, in O.S. No.154 of 1998 passed by the learned Additional Senior Civil Judge, Tirupati [for short ‘the trial Court’]. The Respondent herein is the plaintiff in the said Suit.

2. The respondent/plaintiff filed a Suit for recovery of Rs.3,60,000/- being interest due on principal of Rs.5,00,000/- said to have been borrowed by the defendant on 10.02.1995 from the plaintiff agreeing to repay with interest at 24% p.a.

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.154 of 1998, are as under:

The defendant borrowed an amount of Rs.5,00,000/- from the plaintiff on 10.02.1995 for his business purpose and executed a promissory note in favour of plaintiff agreeing to repay the same with interest at 24% per annum. On 27.01.1998, the defendant informed the plaintiff to come to Madras with all the documents and to collect the entire amount payable saying that he had ready money by sale of property. When the plaintiff