IN THE HIGH COURT OF JUDICATURE AT MADRAS
( MADURAI BENCH )
A.S(MD)No.113 of 2021
Velu Pillai -- Appellant.
-Vs-
Akilam Bankers and others -- Respondents.
Dates and Events
6.4.2000 – The plaintiff sanctioned Rs.6,00,000/- loan
(personal loan no. 72/2000) for the construction of Lakshmi
Parvathi Thirumana Mandapam and on the same day
amount was received by the 1st defendant and executed a
promissory note.
6.4.2000 — Itself another promissory note was executed
Form DL III by the defendant 1 & 2 as collateral security.
The 2nd defendant stood as guarantor to the loan.
1st defendant agreed to repay the loan with interest at the
rate of 18% per annum.
14.9.2000 – Plaintiff sanctioned and gave another loan of
Rs.5,00,000/- (application no 133/2000)
The 1st defendant executed a promissory note for
Rs.5,00,000/-
Defendant 1& 2 executed a promissory note as collateral
securi Form DL III ty, 2nd defendant stood as guarantor.
14.11.2000 – Plaintiff sanctioned and gave another loan of
Rs.2,50,000/- (application no 162/2000)
The 1st defendant executed a promissory note for
Rs.2,50,000/- 2nd defendant stood as guarantor.
23.12.2000 – Plaintiff sanctioned and gave another loan of
Rs.2,00,000/- (application no 181/2000)
The 1st defendant executed a promissory note for
Rs.2,00,000/- The 2nd defendant stood as guarantor.
2.3.2002 – 1st defendant acknowledged the above said loan
and agreed to repay within 3 months. As per the statement
of accounts, a sum of Rs.20,65,350/- is due.
So, suit ------------O.S.No.235/2002 on the file of Sub Court,
Padmanapapuram filed subsequently transferred to District
court, Kanyakumari and renumbered as O.S.No.31/2002.
Written statement filed by defendant 1 & 2:
Its true defendant received the loan. Instead of 18% interest
and the plaintiff charged 36% interest.
Defendant paid more than the amount stated to be paid by
the defendant and the same was not accounted.
Suit by legal heirs of the Thulasi Ramakrishnan is not
maintainable.
Joint promissory note not signed by 2nd defendant.
2nd defendant signature is forged.
Judgment:
Suit against 2nd defendant is dismissed. Suit against 1 st
defendant decreed as prayed for subsequent interest at 6%
per annum.
Decreed Rs.20,65,350/- + interest on Rs.15,50,000/- at the
rate of 18% per annum from the date of the suit that’s
20.11.2002 to 22.6.2018 and thereafter,6% per annum till
the date of realization.
AS.(MD)No 112/2021
Amount Decreed till the date of plaint : Rs.11,42,750/-
Interest at Rate of 18% on Rs.8,50,000/-
from the date of plaint on i.e. 15.11.2002
to 22.07.2018 date of decree ( 5729 days): Rs. 24,01,472 /-
After Decree Interest at Rate
of 6% from the date of Decree 23.07.2018
to 31.03.2025 ( 2443 days) : Rs. 3,41,350/-
--------------------------------------------------------------------------------
11,42,750 + 24,01,472 + 3,41,350 = Rs.
38,85,574/-
--------------------------------------------------------------------------------
AS.(MD)No 112/2021
Amount Decreed till the date of plaint : Rs.11,42,750/-
Interest at Rate of 12% on Rs.8,50,000/-
from the date of plaint on i.e. 15.11.2002
to 22.07.2018 date of decree ( 5729 days): Rs. 16,00,981 /-
After Decree Interest at Rate
of 6% from the date of Decree 23.07.2018
to 31.03.2025 ( 2443 days) : Rs. 3,41,350/-
--------------------------------------------------------------------------------
11,42,750 + 16,00,981 + 3,41,350 = Rs. 30,85,081/-
-------------------------------------------------------------------------------
AS.(MD)No 112/2021
Amount Decreed till the date of plaint :
Rs.11,42,750/-
Interest at Rate of 9% on Rs.8,50,000/-
from the date of plaint on i.e. 15.11.2002
to 22.07.2018 date of decree ( 5729 days): Rs. 12,00,736 /-
After Decree Interest at Rate
of 6% from the date of Decree 23.07.2018
to 31.03.2025 ( 2443 days) : Rs. 3,41,350/-
--------------------------------------------------------------------------------
11,42,750 + 12,00,736 + 3,41,350 = Rs. 26,84,836/-
--------------------------------------------------------------------------------
Dated at Madurai on this 14th day of April, 2025.
Counsel for Appellant.
AS.(MD)No 113/2021
Amount Decreed till the date of plaint : Rs.20,65,350/-
Interest at Rate of 18% on Rs.15,50,000/-
from the date of plaint on i.e. 20.11.2002
to 22.06.2018 date of decree ( 5694 days): Rs. 43,52,400 /-
After Decree Interest at Rate
of 6% from the date of Decree 23.06.2018
to 31.03.2025 ( 2,474 days) : Rs.6,30,361/-
--------------------------------------------------------------------------------
20,65,350 + 43,52,400 + 6,30,361 = Rs. 70,48,111/-
-------------------------------------------------------------------------------
AS.(MD)No 113/2021
Amount Decreed till the date of plaint : Rs.20,65,350/-
Interest at Rate of 12% on Rs.15,50,000/-
from the date of plaint on i.e. 20.11.2002
to 22.06.2018 date of decree ( 5694 days) : Rs.
29,01,600 /-
After Decree Interest at Rate
of 6% from the date of Decree 23.06.2018
to 31.03.2025 ( 2,474 days) : Rs.6,30,361/-
--------------------------------------------------------------------------------
20,65,350 + 29,01,600 + 6,30,361 = Rs. 55,97,311/-
--------------------------------------------------------------------------------
AS.(MD)No 113/2021
Amount Decreed till the date of plaint : Rs.20,65,350/-
Interest at Rate of 9% on Rs.15,50,000/-
from the date of plaint on i.e. 20.11.2002
to 22.06.2018 date of decree ( 5694 days) : Rs.
21,76,200 /-
After Decree Interest at Rate
of 6% from the date of Decree 23.06.2018
to 31.03.2025 ( 2,474 days) : Rs.6,30,361/-
--------------------------------------------------------------------------------
20,65,350 + 21,76,200 + 6,30,361 = Rs.
48,71,911/-
--------------------------------------------------------------------------------
Dated at Madurai on this 14th day of April, 2025.
Counsel for Appellant.
