1. Suit is for recovery of Rs.70,00,821 with interest at 36%.

2. Suit is on pro-notes. The brief averments of the plaint is as follows:

3. One M/s Tatia Skyline and Health Farms Limited, a Company in which, the defendant was a Chairman, entered into a deed of licence dated 29.1.1993 with plaintiff's mother Mrs.Valiammal. This agreement relates to commercially exploiting the property of Mrs.Valiammal by putting up construction. After the execution of the said agreement, the defendant approached the plaintiff for funds and promised to return the same with 36% interest.

4. The plaintiff arranged a sum of Rs.22,50,000/-from 23 various persons, hailing from his native place, Chettinadu and gave it to the defendant. The defendant acknowledged the receipt of said sum and executed 23 separate promissory notices on 25.12.1996 in favour of the plaintiff. However, the defendant did not repay as promised.

5. On warning him, initiation of proceedings for recovery of same, the defendant assured payment and paid a token sum of Rs.1000/-on each of the promissory notes and had acknowledged the debt by making endorsement on the promissory note on 25.12.1999.

6. The defendant failed to fulfil