Kalyan Jyoti Sengupta, J. - (1.) All the above mentioned five applications for writing final judgment have been taken up for hearing and for decision by a common judgment as the controversy between the parties with regard to the fact and law are identical and common. These applications are arising out of money suit. I shall be discussing the points in one matter specifically. This will cover other matters also. In case of Suit No. 1485 of 1999 (C.S. No. 93 of 1999), factually I find a sum of Rs. 50 lacs together with interest calculated up to 15th February 1999 is due and payable by the defendant. The original transaction took place between the plaintiff and one M/s. Duncan Leasing and Financial Services Ltd which has been renamed in the name of the defendant at present. The aforesaid amount had become due and payable in connection with dealing and transactions took place between May 1995 and February 1998. On each occasion of the said dealings and transactions the defendant used to inform the plaintiff that the defendant was discounting bills of reputed companies and the defendant wanted to rediscount the said bills for which the defendant required a specific amount on which the defendant would pay rediscounting charges at the rate of 15 per cent per annum to be paid front end and the period would not exceed specified days and the repayment would be by post dated cheque. Accordingly the defendant used to issue post-dated cheques to secure repayment of the money supplied for re-discounting of bills and also for payment of re-discounting charges at the rate of 15 per cent per annum. On each and every occasion the aforesaid amounts were paid together with re-discounting charges as the cheques were duly honoured on presentation. However, cheque bearing No. 647762 for a sum of Rs. 50 lacs was dishonoured by non-payment on presentation before the banker. The plaintiff thereafter demanded for payment of the aforesaid amount together with interest calculated at the rate of 15 per cent per annum up to 15th February 1999. Thus an aggregate sum of Rs. 72,39, 726/- had become due and payable. Similarly other matters in identical situation several amounts became due and payable.
(2.) In the affidavit-in-opposition there has been no denial of factum of issuance of the said cheque and dishonour thereof on non-payment thereof. It is denied that any interest at the rate of 15 per cent or any other rate was payable. Apart from legal defence specific defence has been taken that the payment in the aforesaid transaction of re-discounting was in real sense depending upon the supply of fund from one Mahesh Kumar Kejriwal, Biswanath Kalanaria and their group of companies namely M/s. Sri Venkatesh Steels and their group of companies namely M/s. Sri Venkatesh Steel Industries Vinayak Steels and Sri Hanuman Cotton Mills Ltd. The arrangement and transaction were as follows:-
(3.) One of MK's associates & concerns would draw a bill or another. The bill would be discounted by the defendant and 25% discounting charges would be payable on the amount by such associate or concern to the defendant. Simultaneously the defendant would rediscount the bill with persons or concerns run or controlled by one Shyam Sundar Kejriwal (hereinafter referred to as S.K.Group) and his associates namely Bimal Kumar Kejriwal and Raj Kumar Kejriwal. The S.K. Group includes Vivek Engineering & Casting Limited and Supra Exports Limited. M.K. Group would make over post dated cheques to the defendant covering the principal discounted amount as will as the discounting charges calculated @ 25% thereon. The defendant would pay 8% brokerage to MK personally and make over cheques for the amounts received by it to S.K. Group after deducting 2% on account of charges. As such the defendant has no financial liability for any investment of capital by the defendant.;