B. Bhattacharya, J. - (1.) By this application the Plaintiff has prayed for judgment and decree on admission for a sum of Rs. 20,32,000.00 and interest on admission at the rate of Rs. 18% p.a.
(2.) The Plaintiff has been described as a partnership firm within the meaning of Partnership Act, 1932 having its head office at No. 5, Dr. Rajendra Prasad Sarani, Calcutta - 700 001. The Defendant is a company incorporated under the Companies Act.
(3.) The case made out by the Plaintiff may be summarized thus: a) In the month of March 1985 the Defendant company through its officers approached the Plaintiff to lend and advance a sum of Rs. 2,00,000.00 lakh to the Defendant as the company was in urgent need for funds and required the said amount for its business purposes. b) Relying upon the aforesaid representation of the Defendant, the Plaintiff agreed to lend and advance a sum of Rs. 2,00,000.00 lakh to the Defendant on condition that the said sum would be repaid to the Plaintiff with interest calculator the rate of 18% p.a. Pursuant to the said agreement between the parties, the Plaintiff forwarded two cheques of Rs. 1,00,000.00 lakh each which were encashed the Defendant and the monies were appropriated for its benefit. c) The Plaintiff duly maintained an open running continuous account in the name of the Defendant for the monies after taking into cannot it accrued interest and the relevant income tax calculations deposited by the Defendant with the income tax authorities. d) The Defendant from time to time deposited income tax deducted at source from the interest accrued for the years ending March 31, 1991 to March 31, 1998 and sent the Plaintiff the copies of such tax deduction at source certificates. e) Inspite of admitting and acknowledging its liability to repay the said sum of Rs. 2,00,000.00 lakh with interest at the rate of 18% p.a., the Defendant failed, neglected and refused to make any payment to the Plaintiff. f) According to the agreement between the parties the amount due and owing as on February 29, 2000 to the Plaintiff from the Defendant is a sum of Rs. 20,32,900.00 as per following particulars: JUDGEMENT_79_LAWS(CAL)8_2001.jpg g)An alternative case was made by the Plaintiff to the effect that the Plaintiff did not intend to advance the said sum to the Defendant gratuitously and the Plaintiff was entitled to compensation in respect thereof which the Plaintiff reasonably assessed at Rs. 20,32,900.00.;