O R D E R

The present civil Revision Petition has been filed challenging the order and decreetal order in I.A.No.3 of 2019 in O.S.No.488 of 2019 dated 21.02.2020 passed by the I Additional District Judge, erode, dismissing the application filed under order XXXVIII, Rule 5 and 6 r/w section 151 of Civil Procedure Code.

2. The revision petitioner is the plaintiff in the suit. Learned counsel for the revision petitioner submitted that the first respondent is a partnership firm carrying on business in dyes and chemicals in textile printing and the respondents 2 & 3 are the partners of the firm and responsible for the day to day management of the firm and accountable for the acts of commission and omission of the firm. The first respondent firm has been purchasing dyes and chemicals from revision petitioner's firm since 14.12.2015 on credit basis and the last purchase made by the first respondent firm was on 24.03.2017 and the total value of the business done being Rs.45,83,866/- and as per the statement of accounts, there is outstanding balance of Rs.24,35,628/- and as per the terms of sale, the first respondent firm is bound to pay interest @ 18%

per annum.

3. Learned counsel for the petitioner would further submit that in order to repay the said sum, the respondents 2 &3 representing the first respondent partnership firm gave 12 post dated cheques and promised to clear the same on presentation and the cheques were issued during the last week of March 2018 and at the time of issuance of the said cheques, the balance amount due was Rs.28,75,082/-. The cheques were presented for collection through Lakshmi Vilas Bank, Brough Road, Erode and the same was dishonoured by the drawer bank with remarks “Funds insufficient” and the revision petitioner has taken action as per Negotiable Instrument Act against the respondents herein and the same is pending consideration in S.T.C.No.603/2019 and S.T.C.No.624/2019 of Fast Track Magistrate Court No.II, Erode and under the terms of sale, the respondents are bound to pay interest at 18% per annum.

4. Learned counsel for the petitioner would further submit that the last payment made by the respondent’s firm was on 02.03.2019. As against the purchases made, the respondent's firm remitted a sum of Rs.21,48,238/- and the payments made by the respondent’s firm was in general and against the running account and the respondents have appropriated the payments in general against all the outstanding bills and thereby reviving all the bills and thus, the claim of the revision petitioner is within law of limitation and even after the issuance of post-dated cheques, the respondent's firm has made few payments against the outstanding amount.

4.1. The revision petition has been requesting the respondents to pay the arrears of principal and accrued interest but the respondents have been evading payment and the respondents 2 & 3, who are now heading the operations of the firm and persons at the helm of affairs of the first respondent's firm are showing no signs of clearing the legitimate dues and they have benefited by retaining the value and hence, they are liable to pay the interest and further, the transaction being commercial in nature, warrants the payment of interest and thus, the revision petitioner is constrained to file a suit for recovery of Rs.24,35,628/- together with interest worked out since 01.04.2018 and cost of litigation. Thereafter, the revision petitioner has filed application in I.A.No.3 of 2019 under Order 38 Rule 5, 6 and Section 151 Civil Procedure Code directing the respondent to furnish sufficient security to meet the suit claim, future interest and cost. However, the respondents were not responding to the fervent plea of recovery of the claim and also stoic silence is a manifestation of their evil design and the property described in I.A.No.3 of 2019 is belongs to the second respondent and the other assets of the firm have been encumbered by the respondents and this property alone is free o