N. SATHISH KUMAR, J.

1. The suit is filed for recovery of sum of Rs. 61,62,325/- together with interest at the rate of 24% p.a. for Rs. 20,00,000/- from the date of plaint till the date of realisation. The brief facts of the case of the plaintiff are as follows:

The plaintiff is a company registered under the Companies Act, 1956. The defendant borrowed a sum of Rs. 20,00,000/- from the plaintiff as a short loan promising to repay the said amount with interest at the rate of 24% per annum, on 16.4.2001 by way of cheque, bearing No. 670980, drawn on Tamil Nadu Mercantile Bank Limited. The defendant paid interest for three months and thereafter, he had committed default in payment of interest. The plaintiff made repeated requests to pay the principal amount together with interest thereon.

2.1. While so, the defendant issued a cheque for Rs. 20,00,000/- bearing No. 791583 dated 22.05.2002. When the said cheque was presented for encashment, it was returned with the endorsement "insufficient funds". However, the defendant made a request to the plaintiff not to proceed further