Prayag Scanning Pvt. Ltd.& Ors. vs Ge Capital Services India on 6 April, 2016

2. GE Capital Services India (hereinafter referred to as GE) filed a suit
under Order XXXVII of the Code of Civil Procedure impleading Prayag
Scanning Pvt. Ltd. (hereinafter referred to as Prayag) as defendant No.1.

FAO(OS) No.707/2015 Page 1 of 7
Mr.Rama Shankar Yadav, Mr.Abhishek Dwivedi, Mr.Manoj Kumar Yadav,
Mr.Alok Yadav, Mr.Pulkit Yadav and Mr.Vinayak Sharma as defendants
No.3 to 7, disclosing that defendants No.2 and 3 had offered guarantees and
had executed promissory notes and that defendants No.4 to 7 were the
directors of Prayag and had also stood personal guarantees and executed
promissory notes. Seeking a decree in sum of `49,87,082.56 together with
pendente lite and future interest @ 36% per annum, it was pleaded that
Prayag was sanctioned a credit under a written agreement dated June 30,
2005 and pursuant thereto `49,50,000/- was disbursed. The credit advanced
together with interest was repayable in 36 monthly instalments commencing
from July 30, 2005 and ending on June 30, 2008. Disclosing that a meagre
sum of `6,20,455/- was repaid. It was pleaded that the suit amount was the
liquidated demand under the credit agreement dated June 30, 2005.

Source: Indian Kanoon

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