JUDGMENT :

N.J. JAMADAR, J.

1. This commercial division summary suit is for recovery of a sum of Rs. 1,07,25,754/- alongwith further interest on the principal amount of Rs. 1 Crore, from the date of the suit till realisation.

2. The averments in the plaint can be stated, in brief, as under:

The plaintiff had known the defendant. In the month of October 2014, the defendant approached the plaintiff for a friendly loan of Rs. 1 Crore. The defendant had assured to repay the loan amount alongwith interest at the rate of 21% p.a. within a period of one year of the advance. The plaintiff, based on the representations of the defendant, advance a sum of Rs. 50,00,000/- on 10th October, 2014 and another sum of Rs. 50,00,000/- on 15th November, 2014, through banking channels. The defendant had acknowledged the receipt of the said amount and the liability by executing balance information letters on 1st April, 2015, 1st April, 2016 and 1st April, 2017. The defendant, however, committed default in repayment of the loan amount alongwith interest, despite repeated demands. Hence, the plaintiff addressed a notice on 23rd October, 2017 and called upon the defendant to pay due amount of Rs. 1 Crore along