Lokeshwar Prasad, J.

( 1 ) THE Director of defendant No. 1, had borrowed a sum of Rs. 4,00,000. 00 from the plaintiff between 6th February, 1988 and 18th February, 1988. It is averred that a sum of Rs. 3,80,000. 00 was given to the defendants by the plaintiff by means of three pay orders, drawn on United Bank of India, Timarpur Branch and the remaining sum of Rs. 20,000/ - was given by means of a cheque dated the 18th February, 1988 also drawn on United Bank of India, Timarpur Branch, in favour of defendant No. 1. It is stated that defendant No. 2 in his capacity as Managing Director of defendant No. l had personally negotiated the aforesaid loan and had guaranteed the repayment of the principal amount alongwith interest to the plaintiff. It is further averred that the defendants had issued six cheques, each for Rs. 5,000. 00 drawn on Central Bank of India, Palam-Gurgaon Road Branch, Delhi towards payment of interest. It is stated that out of the six cheques given by the defendants, cheque No. 0082246 dated the 20th January, 1990, drawn on Central Bank of India, Palam, Gurgaon Road, Delhi for Rs. 5,000. 00 was not accepted for payment by the Bank because of the introduction of the

Click Here to Read the rest of this document