S.N.AGGARWAL, J (ORAL)

1. The plaintiff has filed this suit against the defendants for recovery of Rs.39,28,426/- under Order XXXVII, CPC.

2. Briefly stated, the facts of the case are that the plaintiff, National Horticulture Board, is a society registered under the Societies Registration Act, 1860 formed by the Government of India, Ministry of Agriculture, inter alia for the purpose of promoting, developing and supporting Horticulture activities by rendering financial assistance to various institutions engaged in horticulture activities including processing of Fruits, Vegetables and Floriculture.

3. Defendant no. 1 is a company incorporated under the provisions of the Companies Act, 1956. The defendant no. 1 has its registered office at 10/20, Holambi Kalan, Alipur, Narela Road, Delhi. Defendant nos. 2 to 4 were the Directors of defendant no. 1 company at the time of alleged transaction of loan between the plaintiff and defendant no. 1.

4. It is stated that the defendant no. 1 has made an application dated 21.03.1994 to the plaintiff for financial assistance for its Integrated Mushroom Project for cultivation of button mushroom situated on a plot of land measuring one acre at 1

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