S.J. KATHAWALLA, J.

1. The above Suit was originally filed by one Mr. J.P. Karwa against the Defendant- Basant Bhoruka for the following reliefs:-

"(a) That the Defendant be ordered and decreed to pay a sum of Rs. 1,41,55,000/- (Rupees One Crore Fortyone Lacs Fifty five Thousand only) as per particulars of claim at Exhibit Y along with further interest at the rate of 24 per cent per annum on the principal amount of Rs. 96,00,000/- from the date of filing of the suit till realisation in full.

(a1) that it be declared that, payment of the amounts mentioned in prayer (a) above duly secured by a valid and subsisting charge of the immovable property described in Exhibit W1 hereto and the Plaintiff is entitled to enforce the said security towards the realisation of the said dues."

2. The original Plaintiff-J.P. Karwa (who later assigned his rights in favour of the present Plaintiff-Ajay Kumar M. Singh) has in the Plaint stated/submitted as follows:-

2.1 That the Plaintiff was a freelance liaison consultant with various Government authorities and body corporates for arranging finance in the form of lease, hire purchases, bill discounting, bank limits, public issue, bridge loan, etc. for body corporates and individuals. The Defendant is the Promoter/Managing Director of M/s. Digital Leasing and Finance Limited ("Digital Leasing"). The residential address of the Defendant is Flat No. 11A & B, Sudhakar Building, 11th Floor, 16 Narayan Dabholkar Road, Malabar Hill, Mumbai-400 006 ("suit property").

2.2 In the year 1992, the Plaintiff came to know from the business circle that M/s. Digital World India Limited ("Digital World"), a Company incorporated under the Companies Act, 1956, intended to go for public issue and was looking for a liaison person like him for getting approvals and sanctions from various Government authorities, banks and body corporates. The Plaintiff wrote a letter dated 8th May, 1992 to Digital World and offered his services which were accepted by Digital World (Exhibit "B" to the Plaint). The Plaintiff sent his quotation for various professional services vide letter dated 25th May, 1992. A Service Agreement dated 2nd June, 1992 was entered into by the Plaintiff with Digital World (Exhibit "D" to the Plaint).

2.3 As per the said Agreement, the Plaintiff commenced rendering services to Digital World and accordingly submitted his debit notes dated (i) 26th February, 1993 for Rs. 9,32,000/- (Exhibit "E" to the Plaint), (ii) 12th February, 1994 for Rs. 6,00,000/- (Exhibit "F-1" to the Plaint). The Plaintiff continued to render his services as agreed from time to time to the said Digital World and also forwarded a statement of accounts as on 31st March, 1994 showing that an amount of Rs. 28,16,180/- was due and payable by the said Digital World to the Plaintiff (Exhibits "G" and "G-1" to the Plaint). Since the Plaintiff arranged further finance for Digital World, he also raised his debit note dated 28th May, 1994 for the sum of Rs. 4,40,000/- and by his covering letter forwarded the same to Digital World (Exhibits "H" and "H-1" to the Plaint).

2.4 The Plaintiff sent a letter dated 25th June, 1994 requesting Digital World to clear the debit notes raised till 31st March, 1994 aggregating to Rs. 28,16,180/- + Rs. 4,40,000/- being the amount of the last debit note dated 28th May, 1994 (Exhibit "I" to the Plaint). M/s. Digital World sent its reply dated 29th June, 1994 and requested further time for payment as the Company then was facing some liquidity crunch which was beyond their control (Exhibit "J" to the Plaint). Since Digital World did not make the payment, the Plaintiff sent a reminder letter dated 18th November, 1994, reminding the Digital World for the over due payment along with interest at the rate of 24 per cent as agreed in the Service Agreement (Exhibit "K" to the Plaint). M/s. Digital World by its letter dat