9911796707
TMI Blog2001 (4) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... nce of the request, the petitioner under cover of a letter dated 25-11-1996 disbursed the amount of Rs. 2 crores for a period of 24 months repayable in full in one lump sum on 23-11-1998. Exh. B to the company petition which is a letter dated 25-11-1996 provides for the payment of interest at the rate of 28 per cent per annum payable quarterly. The amount of Rs. 2 crores was admittedly disbursed and again, it is common ground that the principal amount was repaid on 8-12-1998. Immediately thereafter, on 10-12-1998, a debit note claiming interest at the rate of 28 per cent per annum compounded quarterly was issued to the petitioner by the respondent by which interest in the amount of Rs. 83,81,955 was claimed as due and payable. There has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he deposit. According to the respondent, the rubber stamp of the respondent shown on the said letter appears to be not that of the respondent and the initials shown thereon are not of any authorised representative or employee of the respondent. Moreover it has been stated that the letter dated 25-11-1996 was typed in 1998 since it bears telephone numbers of the office of the petitioner of 1998 but, which did not exist on 25-11-1996 when the letter was alleged to be written. 6. A rejoinder has been filed on behalf of the petitioner in which the allegation that the letter dated 25-11-1997 is fabricated is denied. The petitioners have denied that the letter dated 25-11-1996 was styled in 1998 or that it bears the telephone numbers which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould not have agreed on 24-4-1997 to a proposal made by the respondent in a letter dated 31-12-1999. Moreover, a reading of the letter of the petitioner dated 24-4-1997 does not indicate any acceptance by the petitioner of a reduction in the lease rentals. The averment in para 4 of the reply is sufficient to establish that the defence is not bona fide. 9. The case of the respondent in para 4 of the reply and which was reiterated in the submission before the Court is that the loan of Rs. 200 lakhs was extended to the respondent without any specification as to the payment of interest and as a measure of compensation for an exorbi- tantly high rate of interest charged by the petitioner on the lease finance availed by the respondent in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s since there was no other amount which was due and outstanding by the respondent against which the adjustment could have been made. Therefore, the letter of the respondent dated 31-12-1999 provides intrinsic evidence to the effect that the payment under the ICD placed on 25-11-1996 by the petitioner had still not been settled after the payment of the principal on 8-12-1998 until 31-12-1999. The facts and circumstances of the present case would also show that upon the repayment of the principal on 8-12-1998, the petitioner addressed a debit note on 10-12-1998 claiming interest at the rate of 28 per cent per annum. There was no reply to the debit note. There was also no reply to the statutory notice. The defence that there was no specificati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was payable. The defence is not bona fide and is belied by the intrinsic material on the record. Once, the Court comes to the conclusion that the defence of no interest being payable is not tenable or bona fide there is clearly a debt due and payable on the basis that interest on the inter-corporate loan of Rs. 2 crores, which was utilised for two years has not been paid by the respondent. 11. Accordingly, while directing the petitioner to file a suit for the recovery of its dues it would be appropriate to direct the respondent to deposit in the Court an amount of Rs. 40 lakhs which shall lie to the credit of the suit. Accordingly, the following conditional order is passed. 12. The respondent shall within a period of ten weeks f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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