By the above Summons for Judgment, the plaintiff has prayed for judgment to be entered in favour of the plaintiff in the suit against the defendant in the sum of Rs.72,68,750/-as more particularly set out in the particulars of claim together with further interest on the principal sum of Rs.50 lacs at the rate of 16.5% p.a., from the date of filing of the suit till payment and/or realization and costs of the suit.

2. The suit has been filed on the basis of written contracts dated 26 June 2006 and 8 February 2007 between the plaintiff and the defendant.

3. According to the plaintiff, during the period between 31 May 2006 and 27 November 2006 plaintiff had given advance of Rs. 50 lacs to the defendants as set out in the plaint by various cheques which were issued in favour of the defendant and were credited to his account and debited to the account of the plaintiff. On 26 June 2006 collateral agreement came to be entered into between the plaintiff and the defendant. It was recorded that the defendant had borrowed or sought to borrow sum of Rs.50 lacs from the plaintiff by various cheques. It was recorded that the defendant had offered the property namely 303, Status Apartment, Yari Road, Versova, Andheri (West) Mumbai 400 061 in the ownership of defendant and his wife as collateral security for the said sum of Rs. 50 lacs together with interest at the rate of 16.5% p.a. It was recorded that the said arrangement was valid for the period of one year from the date of last cheque.

According to the plaintiff, the said document is also signed by the wife of the defendant thereby agreeing to keep her joint property as collateral security for the loan and further agreeing not to seek revocation until the said amount of Rs. 50 lacs with interest was paid. On 8 February 2007 another collateral agreement similar to agreement dated 26 June 2006 came to be executed by and between the plaintiff and defendant. According to plaintiff, the defendant had issued in favour of plaintiff, TDS certificate in respect of the interest on the said loan. However, no interest has been paid by the defendant to the plaintiff. The Plaintiff had relied upon the TDS certificate dated 31 March 2008 issued by the defendant showing interest of Rs.2,66,631/-and showing payment of tax deducted at source of Rs.26,663/-on such amount of interest and having deposited the same vide challan no. 90 on 31 March 2008.

4. By his advocate's letter dated 8 May 2010, the plaintiff called upon the defendant to pay the sum of Rs.71,49,332/-together with interest on Rs.50 lacs. On 11 May 2010 the plaintiff through his advocate corrected the typographical error crept in the letter dated 8 May 2010. On 24 May 2010, the defendant through his advocate informed the plaintiff's advocate that one partner of his Advocate's firm was out of India and the defendant shall deal with the letters addressed by the plaintiff through his advocate on his return. In the meanwhile, the defendant denied the demand of the plaintiff in the sum of Rs.71,49,332/-.

5. According to plaintiff when the summons for judgment was being served upon the defendant, the defendant by his advocates letter dated 16 September 2010 gave reply to the letter dated 8 May 2010 and 11 May 2010 and denied the claim of the plaintiff. On 29 October 2010, plaintiff through his advocate denied the allegations made by the defendant. The defendant has filed affidavit in reply on 14 December 2011 and surrejoinder dated 4 February 2012. Plaintiff has filed rejoinder dated 20 January 2012.

6. I have considered the submissions advanced on behalf of the plaintiff and defendant and perused the pleadings and record filed by both the parties with the assistance of the learned counsel appearing for the parties.

7. The learned senior counsel for the defendant submits that as the last payment alleged to have been made by the plaintiff to the defendant was on 6th July, 2006 and the suit having been filed on 25 June 2010, the same is barr