1. Applications for leave to defend the two suits under Order 37 of the Code of Civil Procedure, 1908 for recovery of Rs.5,75,17,240/- and Rs.9,94,14,041/- with interest and costs are for adjudication. The two suits, though by different plaintiffs, are against the same defendants No.1 to 3 save that there is an additional defendant No.4 in CS(OS) No.48/2011. The suits are being listed together and the same set of counsels have made the same arguments in both the suits.

2. The suits were filed pleading:

(i) That the defendant No.2 in both the suits viz. Mr. Janak Goyal, being the Director of the defendant No.1 Company, had approached the plaintiff in each of the suits in January, 2010 for business loan of Rs.4,35,00,000/- and Rs.7,50,00,000/- respectively for the purpose of promoting and developing the business of the defendant No.1 Company.

(ii) That the defendant No.3 Smt. Neelam Goyal is also a Director of the defendant No.1 Company.

(iii) That the defendants required the subject loan for the period with effect from 20.01.2010 to 31.05.2010 extendable upto 30.09.2010 with interest thereon at 36% per annum.

(iv) That the plaintiff in CS(OS) No.47/2011 agreed to lend the s