C.S.(COMM) No. 28/2015

1. The plaintiff company has instituted the present suit for recovery of principal amount of Rs. 1.48 crores together with interest at 18% per annum for the period prior to the institution of the suit i.e. for total sum of Rs. 1,89,07,000/-, together with future interest at the rate of 18% per annum pleading (i) that the plaintiff company in response to the demand of the defendant for advance/loan , vide its cheque dated 19th May, 2010 advanced a sum of Rs. 48,00,000/- to the defendant; similarly, another advance of Rs. 1 crore was given vide cheque dated 6th September, 2010; (ii) that the Directors of the plaintiff company and the defendant company are related parties; (iii) that in the running account maintained between the parties, the said amounts were duly credited and debited to each other’s account and as per the said account the sum of Rs. 1.48 crores is due from the defendant to the plaintiff; (iv) that the defendant has failed to pay the said amount despite demands; (v) that the duly audited balance sheet of the defendant admits and acknowledges the aforesaid amount to have been received by the defendant and re-payable to the plaintiff; an