1. The above Summary Suit is filed by the Plaintiff against the Defendant for an order and decree against the Defendant to pay to the Plaintiff a sum of Rs. 1,47,30,450/-as per the particulars of claim set out in Exhibit I to the Plaint, along with further interest at the rate of 21 per cent per annum to be calculated on Rs. 1,47,30,450/- from the date of the suit till payment and/or realisation and costs of the suit.

2. The writ of summons was served upon the Defendant on 4th July 2012 and the Vakalatnama of the Advocate appearing for the Defendant was filed on 11th July 2012.

The Summons for Judgment was served on the Advocate for the Defendant on 29th August 2012. However, no affidavit in reply is filed by the Defendant till date.

3. Pursuant to the purchase orders dated 5th September 2011, 8th October 2011 and 19th December 2011 placed by the Defendant with the Plaintiff, the Plaintiff delivered /supplied Polyester Resin ISO and Polyester Resin Ortho ("the said products") to the Defendant under 12 invoices aggregating to Rs. 1,95,79,951/- (Exhibits D-l to D-12 to the Plaint).

4. Admittedly in the purchase order the Defendant has provided for the payment mode as follows:

"60 days from the Date of Receipt of Material in Good Condition"

All the invoices under which the goods are supplied to the Defendant have a condition that interest will be recovered at the rate of 24 per cent per annum on overdue unpaid dues. The Defendant has admittedly received the goods along with the said invoices and have after receipt of the goods never objected to the aforementioned interest clause. The Plaintiff has repeatedly sent emails to the Defendant calling upon the Defendant to make the overdue payments.

5. On 13th December 2011, the Defendant admitted its difficulty in making payments and addressed an email to the Plaintiff as follows:

"We are experiencing some difficulties in receiving our accounts receivable. As and when we will receive the payment from our party we shall transfer the funds through RTGS. Hence, you are requested to dispatch the material immediately on replacement basis as we have urgent requirement of ISO Resin."

6. On 20th January, 2012, the Plaintiff through email represented to the Defendant as follows:

"There is an imminent danger of our plant being closed for want of raw materials. The overdue amount above 90 days from you is Rs. 90 lacs. I am incurring heavy demurrage on imported consignment as I do not have funds to clear the consignment. It is my fervent appeal to you to release some funds positively tomorrow. Your help at this stage will keep our doors open for continuous business association."

7. Despite the above request/appeal to the Defendant, the Defendant did not clear the balance outstanding which compelled the Plaintiff to serve a notice dated 10th March 2012 to the Defendant setting out in detail the facts in the matter and calling upon the Plaintiff to pay an amount of Rs. 1,36,76,923/- together with interest at the rate of 21 per cent per annum thereon, amounting to Rs. 5,97,062/-, aggregating to a sum of Rs. 1,42,73,985/-, along with a sum of Rs. 2 crores as damages. The Defendant by its reply dated 19th March 2012 alleged that there is no understanding or acceptance as regards payment of interest between the Plaintiff and the Defendant and the Defendant has not accepted the debit notes for overdue interest received from the Plaintiff but has returned back the same. The Defendant has, after recording that they had returned certain material amounting to Rs. 34,13,320/- to the Plaintiff, in paragraph 4 of his reply, accepted that the entire principal amount claimed by the Plaintiff in its notice i.e. Rs.1,36,76,923/- is due and payable by the Defendant to the Plaintiff. Paragraphs 4 and 5 of the said reply letter are therefore reproduced hereunder:

"4. We would also bring to your notice as you have already stated that you have accepted the amount payable by us to you of Rs. 1,36,76,923/-. You have stamped