JUDGMENT

(Prayer: Second Appeal filed under Section 100 of Code of Civil Procedure, against the judgment and decree passed in A.S.No.27 of 2017 dated 01.10.2018 on the file of the IV Additional District Court, Coimbatore, confirming the judgment and decree in O.S.No.623 of 2010 dated 23.01.2017 on the file of the Principal Subordinate Court, Coimbatore.)

The defendant in the suit in O.S.No.623 of 2010 on the file of the Principal Subordinate Court, Coimbatore, is the appellant in the above Second Appeal.

2.The respondent as plaintiff filed the suit in O.S.No.623 of 2010 on the file of Principal Subordinate Court, Coimbatore, for recovery of a sum of Rs.6,00,366.66 with subsequent interest @ 24% p.a. on the principal sum of Rs.3,50,000/- and for consequential reliefs.

3. The case of the respondent/plaintiff in the plaint is that the defendant borrowed a sum of Rs.3,50,000/- by cash for his urgent business needs, promising to repay the same on demand at the rate of 24% interest. It is also the case of plaintiff that the defendant executed a promissory note on 21.11.2005 acknowledging the receipt. It is stated in the plaint that the defendant, despite several demands by plaintiff, failed