: 1 : sj-273-08=.sxw USJ IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION SUMMONS FOR JUDGMENT NO. 273 OF 2008 IN SUMMARY SUIT NO.2128 OF 2008 Premji N. Thakkar (HUF) .. Plaintiffs v/s. Prakash Ramji Thakkar .. Defendant ......... Mr. Krunal Sampat i/b S.K. Jain for the plaintiffs Mr. S.T. Manek for the defendant ......... CORAM : R.Y.GANOO, J. DATE : 1st DECEMBER, 2010 P.C. : 1. This suit is filed for recovery of monies as according to plaintiffs, defendant executed promissory note dated 16th August, 2005 for a sum of Rs.9,50,000/-. The suit is filed on 23rd May, 2008. This being a demand promissory note, the suit is within time. 2. The affidavit-in-reply filed by the defendant admits that defendant having executed the promissory note. These monies were taken and the monies were to be adjusted in lieu of constructed area in the project. This will mean that after receiving monies, defendant was to do something in favour of the plaintiffs. Since, the promissory note is accepted, the plaintiffs have made out a case that monies were : 2 : sj-273-08=.sxw advanced by the plaintiffs to defendant and plaintiff has not received any consideration in lieu of such advancement of the loan. The plaintiffs have charged interest @18% per annum and I do not find any difficulty in rejecting such a claim @18% per annum as the demand promissory note mentions the interest @18% per annum i.e. 1.5% per month. Hence, I am inclined to observe that defendant will have to be put to terms for the purposes of defend the suit in as much as an order will have to be passed directing defendant to deposit a sum of Rs. 9,50,000/- in the Court. Hence, following order is passed to dispose of the summons for judgment. ORDER (i) Upon defendant depositing a sum of Rs.9,50,000/- on or before 4th February, 2011, in this Court defendant is permitted to defend the suit. Defendant to file written statement directly in the office on or before 11th February, 2011, only after depositing the amount as aforesaid. Defendant to serve copy of the written statement upon advocate for the plaintiffs within one week from filing of the written statement in the office. (ii) Defendant to inform the plaintiffs about the fact of deposit of the monies. There shall be no order as to costs. (R.Y.GANOO, J.)