Sudhir Jain vs R. P. Mittal - 2023 Supreme(Del) 3139

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2023 Supreme(Del) 3139

NEENA BANSAL KRISHNA
Sudhir Jain – Appellant
Versus
R. P. Mittal – Respondent

Advocates appeared:
Mr. Neeraj Sharma, Ms. Archana Lakhotia, Mr. Bikram Bhattacharya and Ms. Prachi Jain, Advocates, for the Plaintiff.
Mr. Adarsh Priyadarshi, Ms. Roopa Dayal and Ms. Shivleen, Advocates, for the Defendant.

JUDGMENT

1. The plaintiff has filed a suit for recovery of Rs.7,44,00,000/- along with interest against the defendant.

2. "Law: in its nature the noblest and most beneficial to mankind, in its abuse and debasement the most sordid and the most pernicious" observed Henry St. John, Lord Viscount Bolingbroke in Letters on the Study and Use of History (1739). This adage of 1739, holds ground even today and is manifested in its full majesty in this case. The plaintiff prompted by his goodness, agreed to give a loan of Rs. 2.4 crores to the defendant, a friend and a person known to him, inter alia on the following terms as reflected in his e-mail dated December 28, 2006:

"a. The Defendant would pay one time transaction fee of 7.5% on the principal amount of the loan.

b. The Defendant would pay interest @ 5% per month on the principal loan amount of Rs. 2.40 crores.

c. The loan will be secured by the Plaintiff's lien on the receivables from the sale of the said property at 32-F, Sainik Farms, New Delhi, which according to the Defendant was under process of sale and by a mortgage of the said Karnal Property by registered mortgage in favour of the Plaintiff.

d. The principal amount together wi