C.S.No.851 of 2018

IN THE HIGH COURT OF JUDICATURE AT MADRAS

RESERVED ON

: 28.04.2023

PRONOUNCED ON

: 21.06.2023

CORAM:

THE HONOURABLE MR.JUSTICE S.SOUNTHAR

C.S.No.851 of 2018

and

A.No.9756 of 2018

R.KOTHANDARAMAN

... Plaintiff

vs

1.AASIFE BIRIYANI PRIVATE LIMITED,

Rep. by its Managing Director,

Mr.C.Y.Aasif Ahamed,

GLRS No.325, Door No.11/3Q,

Railway Station Road,

Azharkhana, Alandur,

Chennai – 600 016.

2.C.Y.AASIFE AHAMED

... Defendants

Prayer: Civil Suit is filed under Order IV Rule 1 of the Original Side Rules

read with Order VII Rule 1 of the Code of Civil Procedure, praying to,

(a) To direct the defendant to pay a sum of Rs.6,82,00,000/- of which a

sum of Rs.5,50,00,000/- being the principal and a sum of Rs.1,32,00,000/-

being the interest at the rate of 24% P.A. together with future interest at the

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C.S.No.851 of 2018

rate of 9% per annum on the principal amount of Rs. 5,50,00,000/- till the

date of realization.

(b) To pass any other order as this Honourable Court may deem fit and

proper in the circumstances of the case.

(c) To cost of the suit.

For Plaintiff

: Mr.S.Vasudevan

for M/s.V.Manisekaran

For Defendants

: Mr.OM.Prakash

Senior Advocate

for M/s.G.Veerapathiran

J U D G E M E N T

The plaintiff laid the present suit for recovery of a sum of

Rs.6,82,00,000/- from the defendants together with interest at the rate of 24%

per annum on the principal sum of Rs.5,50,00,000/-.

Averment found in the plaint:-

2.(i) The plaintiff is a firm engaged in the business of finance in the

name and style of 'M/s. Manasarovar Financial Services'. The 1^st defendant is

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C.S.No.851 of 2018

a company represented by its Managing Director engaged in the business of

preparing Biriyani in the name of 'Aasife Biriyani'. The 2^nd defendant is the

Managing Director of the 1^st defendant arrayed in his individual capacity. The

plaintiff claimed that during the month of November, 2016, the 2^nd defendant

had approached the plaintiff seeking financial help for business as well as

personal expenses. He requested a loan of Rs.5,50,00,000/- in order to meet

his business requirements. On 24.10.2016, the plaintiff lent a sum of

Rs.5,50,00,000/- to the defendants and after receiving the same, the 2^nd

defendant had executed a promissory note agreeing to repay the said amount

with interest at the rate of 24% per annum.

2.(ii) It was also claimed that the plaintiff had paid the loan amount to

the defendants periodically to their bank account of the defendants in various

banks namely M/s Axis Bank, State Bank of India, Karur Vysya Bank and

HDFC Bank. The amount was transferred from plaintiff's account maintained

with Corporation Bank. It was further claimed that as on 24.10.2016, the

defendants were liable to pay a sum of Rs.5,50,00,000/- and admitting the

same, the suit promissory note was executed. The plaintiff further claimed that

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C.S.No.851 of 2018

on 24.11.2016, the 2^nd defendant issued a cheque for a sum of Rs.70,00,000/-

and requested the plaintiff to present the cheque in the 2^nd week of January,

2017. Thereafter, on 02.01.2017, the 2^nd defendant had issued another cheque

for a sum of Rs.3,25,00,000/- and requested the plaintiff to present the same

in the 2^nd week of January, 2017. As per his instructions, the plaintiff

presented those cheques on 11.01.2017 and the same were returned with an

endorsement 'Funds Insufficient'. It was further claimed that inspite of several

attempts made by the plaintiff, the defendants failed to repay the amount. The

defendants engaged Goondas and they attacked the plaintiff on 05.01.2017

and in respect of the said incident, a police complaint had been lodged with

Kodambakkam Police Station and an FIR was also registered against the

defendants.

2.(iii) It was further averred by the plaintiff that the 2^nd defendan