1. This appeal under under Section 100 CPC is preferred challenging the judgement and decree dated 24.06.2008 passed by the Trail Court in O.S.Nos.131/2003, thereby decreeing the suit filed by the respondent herein seeking recovery of a sum of Rs.1,53,422/- along with future interest at 15% per auuum from the date of the suit till realization. Liability to pay the amount has been fastened jointly and severally on defendants I(a), I(b) & I(c).

2. Aggrieved by this judgement, the legal representatives of defendant I(a) preferred R.A.Nos89/2009. As the said appeal was belated, an application seeking condonation of delay was filed invoking Section 5 of the Limitation Act. The lower Appellate Court has dismissed the application holding that no sufficient cause was made out for condoning the delay of 307 days in filling the appeal. Consequently, the appeal also has been dismissed. In the circumstances, aggrieved by the judgement aand decree passed by both the courts below, this regular second appeal is preferred.

3. Facts leading to this appeal, stated in nutshell are, that defendant No,1 – M/s. Amith Financiers, a registered partnership concern was dealing in the business o