- (1.) HEARD the learned counsel for the parties.
(2.) THE learned counsel for the plaintiff has filed on record compilation of original documents on 13th November, 2003. The compilation is marked as Exhibit-A only for the purpose of identification.
(3.) THE first document produced in the compilation is a document styled as "inter corporate Deposit Agreement" dated 27th february, 1998. It is a document executed between the plaintiff and the defendant the recital clause in the agreement states that the defendant was in need of financial assistance and the plaintiff agreed to grant to the defendant Inter Corporate Deposit of Rs. 4,00,000/- Paragraph No. 4 of the operative part of the agreement states that the inter Corporate Deposit of Rs. 4,00,000/-was given to the defendant by cheque dated 27th February, 1998. Clause Nos. (5) and (6) of the document are material and read as under : (5) "the borrower shall repay the said icd of Rs. 4,00,000/- (Rupees Four lakhs only) together with the interest thereon on or before 28-4-98. " (6) The borrower, shall so long as the ICD remains unpaid, pay interest thereon or the balance thereof due from time to time at the rate of 24% per annum. If the said interest is not paid accordingly the borrower shall pay penal interest at the rate of 3% interest per month to be compounded monthly from the date of default. ";