- (1.) This application dated March 4th, 2003 has been taken out by the sole plaintiff in its pending suit (C.S. No. 303 of 2002); it is for judgment on admission. The prayers are as follows : "(a) Judgment upon admission and decree against the defendant No. 1 for a sum of Rs. 43,87,255/-; (b) Interim interest and interest on judgment at the agreed rate of 18% per annum on the balance principal sum of Rs. 28,45,500/-; (c) Ad interim order in terms of prayers above; (d) Costs; (e) Such further or other order or orders be made and direction or directions be given as to this Honble Court may deem fit and proper;"
(2.) The suit was filed on July 9th, 2002. The prayers in the suit are the following : "(a) Decree for Rs. 43,87,255/- against the defendant No. 1; (b) Interim interest and interest on judgment at the agreed rate of 18 per cent per annum on the balance principal sum of Rs. 28,45,500; (c) Receiver; (d) Injunction; (e) Attachment before judgment; (f) Cost; (g) Further and/or other orders;"
(3.) The facts contained in the pleading, briefly, are these. By a letter dated April 21 st 1998 defendant 1 requested the plaintiff to discount a bill for Rs. 32,1 l,000/-. Defendant 1 enclosed a post dated cheque for Rs. 32,1 l,000/- with this letter. Again by a letter dated May 26th, 1998 defendant 1 requested the plaintiff to discount a bill for Rs. 16,44,500/-. With this letter also defendant 1 enclosed a post dated cheque; it was for Rs. 16,44,5007-. The two bills were duly discounted, and payments were made by the plaintiff to defendant 2. The two post dated cheques issued by defendant 1 were dishonoured on presentation. The amounts due under the two instruments remained unpaid. On repeated requests by the plaintiff, under cover of its letter dated Sept. 7th, 1998, as against the bill discounting liability of Rs. 48,55,500/-, defendant 1 made a part payment of Rs. 20,000,00/-. This payment was made by a cheque dated Sept. 8th, 1998. The balance of the liability amounting to Rs. 28,55,500/- remained unpaid. By letter dated Nov. 8th, 1998 the plaintiff demanded payment of this balance amount together with interest. The demand was repeated by subsequent letters, but defendant 1 did not make the payment. Defendant 1 became a sick company, and the proceeding concerned remained pending before the competent authorities during the period from Feb. 16th, 1999 to Feb. 1st, 2001. However, by a letter dated June 22nd, 1999 defendant 1 informed the plaintiff that due to financial crisis it was unable to make the payment.;