JUDGMENT - REBELLO F.I., J.:---It is the case of the plaintiffs that they had granted an intercorporate loan to defendant No. 1 which was acknowledged by receipt dated 29-10-1996. The said loan was secured by personal guarantee of defendant No. 2. The intercorporate loan was thereafter acknowledged on several occasions. The documents form part of annexure to the plaint. By way of secured payments, defendants had pledged shares and had also issued cheques. It is the case of the plaintiff that when the cheques were deposited, they were dishonoured. Suit is filed under Order 37 of C.P.C. Receipt shows interest payable at the rate of 28.15% per annum.

2. On summons for judgment being taken out, defendants have put in their appearance. Affidavit has been filed by one Deepak, Managing Director of the defendant. I need not advert to the various averments in the affidavit as at the hearing of the summons for judgment, on behalf of the defendants, it is principally contended as under:

(a) That the suit as filed is not maintainable as summary suit as the plaintiffs had security by way of pledged shares. Once there was security, the plaintiffs could have filed suit only on return of security

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