JUDGMENT :

Sri. Sibu Gopinathan learned counsel on behalf of Sri. Balaram M.L. for appellants and Sri. Madhukar Deshpande learned counsel for respondent No.1 have appeared in person.

This is an appeal from the Court of IX Additional City Civil and Sessions Judge, Bangalore.

2. For the sake of convenience, the parties are referred to as per their rankings before the Trial Court.

3. The facts of the case are simply stated as under:-

It is stated that the first defendant has got business association with the plaintiff partnership firm Jindal Steels and as per purchase orders placed by the first defendant, the plaintiff supplied goods to the first defendant. As per the terms of the agreement, it was mutually agreed that the first defendant has to pay the invoice amount within thirty days from the date of receipt of goods from the plaintiff and in failure, the first defendant was liable to pay interest at the rate of 21% per annum calculated from the date of respective materials supplied till the date of payment.

The first defendant maintained a running account with the plaintiff.

The first defendant made a purchase worth Rs.52,50,755/-(Rupees Fifty-Two Lakhs Fifty Thousand Seven Hundred and F