ORDER: This suit has been filed for direction, directing the defendants to pay jointly and severally the sum of Rs.18,92,000 together with interest at 24% per annum from the date of plaint till the date of realisation and for costs.

2. The plaint averments are as follows: The defendants approached the plaintiff and borrowed a sum of Rs.11,00,000 on 22.11.1993 in order to expand their Garment Factory and garment sales and also to buy certain machinery for their factory at No.16, Pillaiyar Koil Street, Teynamet, Chennai-600 018. The defendants in evidence of the loan received from the plaintiff jointly and severally executed a demand promissory note for Rs.11,00,000 on 22.1.1993 in favour of the plaintiff promising to pay the said sum on demand to the plaintiff or their order with interest at 24% per annum. They also executed a loan agreement dated 22.11.1993 promising to pay the said sum within a period of six months from the said date, failing which the plaintiff is entitled to collect penal interest at the rate of 36% per annum. But the plaintiff at present restricts his claim to collect 24% per annum on the principal amount. The defendants failed and neglected to repay the princip

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