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S. S. SUNDAR, P. B. BALAJI
G. V. Films Limited, represented by its Authorised representative Mr. P. Raghuraman – Appellant
Versus
Prabhudas Gurumukh Singh, represented by its Partner Mr. Giridharilal Prabhudass – Respondent
JUDGMENT :
(P.B. Balaji, J.)
(Prayer: Original Side Appeal filed under Order 36 Rule 1 of the Original side Rules read with Clause 15 of Letters Patent against the judgment and decree dated 30.06.2011 made in C.S.No.237 of 2005 and dismiss the suit in C.S.No.237 of 2005.)
1. This intra Court Original Side Appeal has been preferred by the 1st defendant, aggrieved by the judgment and decree dated 30.06.2011 made in C.S.No.237 of 2005 on the file of Original Side of this Court.
2. The 1st respondent as plaintiff filed the said suit in C.S.No.237 of 2005 for recovery of a sum of Rs. 57,99,700/- together with interest at 18% p.a on Rs.25,00,000/- and also prayed for a preliminary mortgage decree with further prayer to bring the property to sale by public auction in the event of default committed by the defendants in payment of the decree amount and for a personal decree against the 3rd defendant in the event of the sale proceeds not being sufficient to satisfy the decreetal amount.
3. It is the case of the plaintiff/1st respondent that the 1st defendant company represented by its Chairman and Managing Director Mr.G.Venkateswaran, approached the plaintiff firm in October 1999, seeking fina
The surety's liability persists despite creditor actions that do not impair the security, as established in the guarantee deed.
The judgment established the validity of the mortgage suit, application of limitation and jurisdiction laws, and interpretation of legal provisions on equitable mortgage and interest rates.
Suit for recovery based on promissory note is barred by limitation after three years and oral evidence alone cannot prove guarantee or payment without supporting documents.
The plaintiff must prove the lending of loan amounts to establish a claim for recovery under the Negotiable Instruments Act, and misjoinder of causes of action can render a suit bad in law.
The plaintiff failed to establish a valid loan transaction with supporting evidence, resulting in the dismissal of the suit and appeal.
Debenture trustees can legally carry on the business of the company under the trust deed, and the company is liable for debts incurred; allegations of fraud were unfounded, leading to claim dismissal....
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