JUDGMENT :

N.J. Jamadar, J.

This commercial division summary suit is instituted for recovery of a sum of Rs.1,24,08,764.54 on the basis of a memorandum of understanding and the negotiable instruments.

2. The claim of the plaintiffs is that on the representation of the defendants that the handsome return could be earned in the event of making an investment in the projects which the defendant No.1 was developing, the plaintiffs had collectively advanced a sum of Rs. 54 lakhs. The initial investment was of Rs. 35 lakhs. The defendants executed a Memorandum of Understanding, dated 22nd July 2014 ('MOU') and assured to repay the said amount along with interest @ 33% per annum at quarterly rest. The defendants, in order to instill a sense of confidence and security, had paid interest @ 33% per annum till December 2015. The plaintiff Nos. 2 and 3 advanced a further sum of Rs.19 lakhs to the defendants. The defendants had drawn bills of exchange in favour of plaintiff Nos.2 and 3. The defendants had drawn cheques towards the repayment of the said amount. However, the cheques were returned