Appeal by the plaintiff who lost the suit for recovery of money before the Trial Court. The facts leading to the appeal is as under:

2. The defendants borrowed a sum of Rs.30,50,000/- on 21.04.2003 and executed two promissory notes in favour of the plaintiff promising to pay the said amount on demand together with 24% interest per annum. Inspite of reasonable demand, they failed and neglected to pay the amount borrowed with interest as promised. Hence, demand notice dated 17.05.2003 has been issued to the defendants calling upon them to pay the said amount. Thereafter, the suit for recovery of Rs.31,02,866 with 24%

interest per annum has been filed.

3. The first defendant in his written statement denied the averments of the plaintiff and has made a specific allegation that the plaintiff has not come to the Court with clean hands. The first defendant had several chit transaction with Sree Gokulam Chit and Finance Co. (P) Ltd. between 1998 and 2002. In this, the first defendant subscribed more than 100 chits, later found that there were several irregularities and excess collection of commissions etc. to the tune of Rs.10.00 lakhs.

4. The first defendant caused notice to the Sree Gokulam