S.K.HAZARI
METHOD TRADING AND INVESTMENT LTD. – Appellant
Versus
SHREE AMBICA JUTE MILLS LTD. – Respondent
( 1 ) THIS is a suit under O. XXXVII of the Civil P. C. , inter alia, praying for a final judgment and decree for a sum of Rs. 32, 34, 740, 46 p. in favour of the plaintiff against the defendant 2 less a sum of Rs. 1, 50,000/- paid by the defendant 1 after the institution of the suit and for other reliefs. The plaintiff's case is that in or about June 1983 at the request of the defendant 1 the plaintiff agreed to lend and advance a sum of Rs. 25 lakhs repayable by the said defendant on demand after 90 days. The said loan and advance was made by the plaintiff to the defendant 1 as and by way of temporary accommodation for the purpose of business of the defendant 1 after duly deducting the interest for 90 days on the said sum of Rs. 25 lakhs at the rate of 18% per annum. The plaintiff paid the said sum by Pay Slip/pay Order No. 230954 dt. 01-06-83 issued by the Bank of India, Calcutta Main Branch drawn in favour of the Punjab National Bank, A/c. Sri Ambika Jute Mills Ltd. , dt. 2nd June, 1983 a sum of Rs. 23,84,375/ -. The defendant 1 in acknowledgement of the said loan and advance executed three several hoondies dated 1st June 1983, two for Rs. 10 lakhs each and one
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