1. This suit has been filed by the plaintiff for recovery of a sum of Rs. 59,75,000/- together with interest at 24% per annum from the date of plaint till realisation and for costs.

2. The plaint averments are as follows:

Plaintiff is the sole proprietor of M/s. Sound of Art, engaged in the trade of purchase of Audio rights of leading film songs for local and overseas marketing, acquisition of master spools recording therefrom into audio cassettes, manufacture, sale and distribution of audio cassettes and allied activity. In 1994, the defendant produced a Tamil film ‘Kadalan’ and its negative rights was held by Rachana Pictures, of which the defendant is the sole proprietor. In March 1994, the defendant approached the pl aintiff for the distribution and sale of the sound track and songs of the film ‘Kadalan’, for which an agreement was entered into between the parties on 30.5.1994. Under the said agreement, the defendant had assigned all the rights and interests including the sound recordings in respect of the film ‘Kadalan’ to the plaintiff for a consideration of Rs. 12,50,000/-, which sum was paid by the plaintiff vide cheque dated 9.3.1994. The defendant sought a loan