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2012 Supreme(Mad) 1629

S.VIMALA, R.BANUMATHI
Shriram Transport Finance Company Limited Formerly known as Pioneer Overseas Finance Ltd. – Appellant
Versus
Raju Naidu Ginning & Oil Mills Rep. by its Partner R. Bala Sundaram – Respondent


Advocates:
Advocate Appeared
For the Appellant:S. Subbiah, Advocate.
For the Respondents:Mrs. Chitra Sampath, Advocate.

Judgment :-

S. VIMALA, J.

1. The unsuccessful Plaintiff is the Appellant. The Plaintiff filed the suit for,

a) recovery of a sum of Rs.18,61,105/-with 15% subsequent interest from the date of Suit till realisation and for other relief from the Defendants based on a lease agreement dated 15.10.1997; and

b) Personal and Mortgage decree against the fourth Defendant and also for a direction to direct the fourth Defendant to pay a sum of Rs.18,61,105/-with 15% subsequent interest, failing which, to order sale of the mortgaged property.

2. The brief facts:-

The plaintiff's Company is incorporated under the Companies Act and carrying on business of hire purchase and leasing with registered Office at Puducherry and administrative Office at Madurai.

2.1. The first Defendant is a Partnership Firm of which D2 and D3 are its partners.

2.2. At the request of the Defendants, the Plaintiff entered into lease and hire purchase agreement in respect of lease and hire purchase of machineries. The first Defendant committed default in the payment of rental and hire amount. Therefore, the Plaintiff repossessed the machineries on 01.07.1997 and kept it in the premises of the first Defendant. Towards pa







































































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