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NITIN JAMDAR, C.V.BHADANG
Deepak Raheja – Appellant
Versus
Ganga Taro Vazirani – Respondent
JUDGMENT
Nitin Jamdar, J.—The Respondent filed a commercial summary suit in the Commercial Division of this Court for a decree against the Appellant for Rs.5.54 crores with accrued interest. In this suit, the Respondent took out a summons for judgment. By the impugned order, the learned Single Judge, as Commercial Division, disposed of the summons for judgment granting leave to defend to the Appellant but upon a condition of depositing Rs.5.54 crores. Being aggrieved, the Appellant has filed this Commercial Appeal.
2. The Appellant-Defendant requested the Respondent- Plaintiff for rendering financial assistance and a business loan. The Respondent advanced a sum of Rs.5.00 crores to the Appellant. The loan was to be paid along with interest at 19% per annum. The Respondent issued a cheque for Rs.5.00 crores dated 1 January 2011 in favour of the Appellant. The Appellant encashed the cheque. The Appellant issued a Bill of Exchange dated 3 January 2011 in favour of the Respondent as a security in the sum of Rs.5.00 crores. The Appellant paid interest on the loan to the Respondent as agreed till 9 December 2016. On 9 December 2016, the Appellant wrote to the Respondent to reduce interes
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