kbp 1 882-09.sxw IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORIGINAL CIVIL JURISDICTION SUMMONS FOR JUDGMENT NO.882 OF 1999 WITH SUMMARY SUIT NO.403 OF 1998 LIC Housing Finance Ltd. ..Plaintiffs Vs. M/s.Vikram Projects Ltd. ..Defendants ......... Ms.Bharti Thakker i/b.M/s.Consulta Juris, for plaintiff. None for defendant. ......... CORAM : A.S.OKA, J.. DATE : 17th November, 2009. P.C. : 1] Heard learned counsel for the plaintiffs. She states that the summons for judgment has been duly served and An affidavit of service has been filed. There is no reply filed by the defendants seeking leave to defend. 2] According to the case of the plaintiffs, on the request made by the defendants a sum of Rs.50 lacs was advanced by the plaintiffs to the defendants by making Inter Corporate deposit with the defendant of 180 days. Another amount of Rs.50 lacs was also paid by the plaintiffs to the defendant in the form of Inter Corporate deposit for 90 days. A reliance is placed on a promissory note dated 29 th July, 1994 in the sum of Rs.50 lacs executed by the defendants. A reliance has been placed on letter dated 29th December, 1994 sent by the defendants to the plaintiffs in which the defendants admitted their liability to repay the amount payable under the Inter Corporate deposits. The case of the plaintiffs is that three post dated cheques in the sum of Rs. kbp 2 882-09.sxw 50,00,000/-, Rs.1,67,976/- and Rs.1,67,976/- respectively were issued by the defendants in favour of the plaintiffs. It is stated that the cheque in the sum of Rs.1,67,976/- was dishonoured. A pay order for the said amount was later on issued by the defendant which was honoured. The remaining two cheques were dishonoued and in fact a complaint under Section 138 of the Negotiable Instruments Act, 1882 has been filed by the plaintiffs. 3] The suit is filed for recovery of the principal amount of Rs.50,00,000/- of one Inter Corporate deposit with interest thereon totally amounting to Rs. 82,02,953/- as on 30th November, 1997. The demand notice was issued which was not responded by the defendants. 4] There is no contest to the summons for judgment. Hence, the plaintiffs are entitled to a decree. The only question is regarding further interest which is claimed at 18.5% per annum. Considering the facts of the case, the interest deserves to be fixed at 12% per annum. 5] Hence, I pass the following order:- (a) Summons for judgment is made absolute. (b) There will be a decree in terms of prayer clauses (a) and (b) of the plaint subject to the modification that further interest will be payable on the amount of Rs.82,88,715/- at the rate of 12% per annum from the date of institution of suit till the payment of realisation. (c) The Plaintiffs are entitled to refund of court fees as per the rules. (d) Suit stands disposed of accordingly. ( A.S.OKA, J. )