Free Judgments

K-7 Impex Pvt. Ltd. vs Shailendra Garg on 16 February, 2016

I.A. No. 14316/2014 (under Order XXXVII Rule 3 CPC)

1. The aforesaid application has been filed by the defendant to seek
unconditional leave to defend the present summary suit filed by the plaintiff
under the provisions of Order XXXVII CPC.
2. The case of the plaintiff is that the defendant Shailendra Garg was
known to the plaintiff for a couple of years. He was in need of finances and
approached the plaintiff in his personal capacity, seeking loan in the month

CS(OS) 1866/2013 Page 1 of 25
of September 2012. After meetings with the defendant at the registered
office of the plaintiff company, the plaintiff agreed to advance finance to the
defendant as a loan, to be refunded by the defendant with interest thereon @
36% per annum. The defendant executed promissory notes in favour of the
plaintiff agreeing to repay the loan along with interest, on demand made by
the plaintiff company. The plaintiff, in all, advanced an amount of Rs.2.20
Crores to the defendant as loan by six installments, the details whereof are
stated as follows:

Source: Indian Kanoon