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TMI Blog2022 (1) TMI 1004X X X X Extracts X X X X X X X X Extracts X X X X ..... to an ordinary transaction for realisation of monies and that there are mercantile documents which have been executed by and between the parties. The negotiations and documents which merchants undertake ought not to depend on the subtleties and niceties of law but are best left to their commercial wisdom. The receipt of ₹ 4 crores is unequivocally, unambiguously and indisputably admitted by the respondent. The obligation of the respondent to pay interest @15% per annum is also admitted, indisputable and uncontroverted. In view of the demand notice dated 15 April 2019, the obligation of the respondent to repay the principal sum including interest has also arisen - in view of the fact that the respondent has already dealt with the security furnished to the petitioner in terms of the Memorandum of Understanding, liberty is granted to the petitioner to take appropriate steps for securing its claim, in accordance with law, if so advised. There shall be a decree on admission in favour of the petitioner and against the respondent for a sum of ₹ 6,27,72,055/- (particulars whereof appear from paragraph 24 of the petition). The respondent shall also pay to the petitioner co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e aforesaid cheques in lieu of handing over of fresh cheques. Additionally, the respondent also forwarded two more cheques for the interest component. Thereafter, the respondent failed, neglected and refused to repay any amount to the petitioner either on account of principal or interest within the stipulated time period. On 1 June, 2018, the respondent made payment of sum of ₹ 13,53,707.83/- on account of accrued interest and after deducting Tax Deducted at Source. In view of the repeated defaults of the respondent, the petitioner was compelled to present the post-dated cheque which was lying as security with the petitioner. However, the same was dishonoured for insufficiency of funds. On 6 September, 2018, the respondent deposited an aggregate sum of ₹ 4,89,863/- towards Tax Deducted at Source to the credit of the petitioner. Upon dishonour of the cheque dated 1 July, 2018, the respondent furnished a substitute cheque dated 1March, 2019 which was also dishonoured for insufficiency of funds. Thereafter, by a demand notice dated 15 April, 2019 the petitioner called upon the respondent to make payment of the entire loan amount alongwith accrued interest. 4. On 1 Octob ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted on behalf of the petitioner that it is an admitted position that the respondent has duly received the entire sum of ₹ 4 crores paid by the petitioner to the respondent. The petitioner has also relied on the post-dated cheques both for the principal component as well as for the interest component furnished by the respondent to the petitioner, as an admission of the respondent s liability. The petitioner also relies on a letter dated 13 June, 2016 whereby the respondent has in addition to the Memorandum of Understanding dated 13 June, 2016 unequivocally agreed to secure the loan both by way of post6 dated cheque and by way of immovable security. The petitioner also relies on the confirmation of accounts counter-signed by the respondent categorically confirming the respondent s liability both towards principal and towards interest. The petitioner also relies on the post-dated cheques dated 1 October, 2018 and 1 October, 2019 respectively for an aggregate sum of ₹ 4 crores, each signed by the respondent. 8. On behalf of the respondent, it is contended that, this suit is not maintainable before the Commercial Division of this Court. In this context, it was submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at least to the extent of the admission of the defendant. This Rule ensures that if there is no dispute between the parties and if there is on the pleadings or otherwise such an admission, the plaintiff is entitled as a matter of right to obtain at once a judgment to the extent of the admission. The Rule also contemplates that either party at any stage of the suit may obtain judgment or an appropriate order to get rid off so much of the suit to which there is no controversy. The Rule also confers a very wide discretion of the Court ( Uttam Singh Duggal Co. Ltd. vs. United Bank of India Ors. AIR 2000 SC 2740) . In Ravees Chandra Jain vs. Rajrani Jain (2015) 8 SCC 428, it was held that, Order 12 Rule 6 of the Code of Civil Procedure confers a wide discretion on Court to pass a judgment at any stage of suit on the basis of admission of facts made in pleadings or otherwise without waiting for a determination or any other question which arises for consideration in the suit. 11. I find that the suit is for recovery of money. The fact that the respondent has duly received a sum of ₹ 4 crore from the petitioner is admitted, indisputable and uncontroverted. It is also an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and between the parties. I am also of the view that the negotiations and documents which merchants undertake ought not to depend on the subtleties and niceties of law but are best left to their commercial wisdom. 13. For the foregoing reasons, I am of the view that, the receipt of ₹ 4 crores is unequivocally, unambiguously and indisputably admitted by the respondent. The obligation of the respondent to pay interest @15% per annum is also admitted, indisputable and uncontroverted. In view of the demand notice dated 15 April 2019, the obligation of the respondent to repay the principal sum including interest has also arisen. Thus, in my view there are clear, categorical and unequivocal admissions of the respondent insofar as both the principal amount and the interest component are concerned. I also do not find any merit in the contention of the respondent that this application is either premature or not maintainable. 14. Insofar as the prayer for injunction is concerned, in view of the fact that the respondent has already dealt with the security furnished to the petitioner in terms of the Memorandum of Understanding, liberty is granted to the petitioner to take appropriat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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