A.R.LAKSHMANAN, ABDUL HADI
The Lakshmi Vilas Bank Limited, Tiruchirapalli – Appellant
Versus
Sun Finance, Woraiyur, Tiruchirapalli and Others – Respondent
AR. Lakshmanan, J.
The appellant/ plaintiff bank has filed O.S. No.713 of 1979 on the file of the Subordinate Judge, Tiruchirapalli, against the respondents/ defendants for recovery of a sum of Rs.88,005.24 together with interest at 15% perannum till date of payment and for costs.
2. The 1st defendant is a firm registered under the Indian Partnership Act and defendants 2 to 5 are its partners and thus they are jointly and severally responsible to repay the amount borrowed by the 1 st defendant firm. On 24. 1975, the defendants borrowed a sum of Rupees six lakhs from the plaintiff-bank. The advance was made as a clean loan subject to the rules of business of the plaintiff and supported by a promissory note for rupees six lakhs and carrying interest at the rate of 12.5% per annum. A sum of Rs.88,005.24 was due and payable by the defendants at the end of March, 1979. The plaintiff issued a notice through its advocate on 20.9.1977. Defendant 2 and 3 have received the same. According to the plaintiff, it is entitled to recover interest subsequent to the plaint at the same rate as would be applicable under the loan rules.
3. The 2nd defendant alone filed a written statement.
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