JUDGMENT

A.Muhamed Mustaque, J.

The question involved in the suit and this appeal is whether the defendants had issued dishonoured cheques to discharge a time-barred debt. The suit was decreed to realise Rs.1,53,68,581/- together with interest, holding that defendants 2 and 3 had issued cheques to discharge the debt owed by the first defendant to the plaintiff.

2. The plaintiff is a Private Limited Company engaged in the chit-fund business. The first respondent is another Private Limited Company subscribed to the chit of the plaintiff company. According to the plaintiff, the first defendant is having liability in respect of five chits subscribed to on 12.12.2008. The first defendant had bid five chits on 12.12.2008. Admittedly, these chits were terminated on 12.07.2010. The plaintiff's case is that towards discharging the liability, the third and fourth defendants issued a cheque for Rs.70 lakhs each on 02.11.2015. These cheques were dishonoured on presentation. Defendants 2 to 5, were the guarantors of the chit amount obtained by the first defendant.

3. It appears that an equitable mortgage of the properties belonging to the second defendant was obtained as security. The plaintiff in