1. This Suit is filed against the Defendants for recovery of sum of Rs.8,59,000/- (Rupees Eight Lakhs Fifty-nine Thousand) with further interest on the principal amount of Rs.5,00,000/- (Rupees Five Lakhs) at the rate of 24% per annum or at such other rate as the Court may deem fit and proper from the date of filing of the Suit till payment and/or realisation and cost of the Suit.

2. The Plaintiff claims to have extended loan to Defendant No.1 in the sum of Rs.5,00,000/- (Rupees Five Lakhs) against Bill of Exchange for the like amount upon the Defendant Nos.3 and 4 ordering them to pay to the Plaintiff or order payable on demand said sum of Rs.5,00,000/- (Rupees Five Lakhs) for value received by the Defendant No.1 by way of two cheques in the sum of Rs.2,50,000/- (Rupees Two Lakh Fifty Thousand) bearing Nos.386445 drawn in favour of Defendant No.1 on City Bank, Sir P.M. Road, Mumbai and another cheque bearing No.190601 dated 8th May 1996 drawn in favour of Defendant No.1 of Standard Chartered Bank, D.N.Road, Mumbai. According to the Plaintiff, the Bill of Exchange has been executed on 8th May 1996. Further, the said Bill of Exchange was accepted by