- (1.) This is an application for judgment on admission of a sum of Rs. 31,00,000/-. There are other prayers in the application including the prayers for furnishing security by the defendant, injunction restraining the defendant from dealing with its assets and properties and appointment of receiver for taking possession of the assets and properties of the defendant. On 14th May, 2014 this court had passed an order of injunction in terms of prayer (c) of the notice of motion which by an order dated 9th June, 2014 was continued until the disposal of the application. The petitioner at the time of hearing has only pressed the prayer for judgment on admission and the injunction. The case of the plaintiff/petitioner:-
(2.) In the first week of July, 2013 the defendant approached the plaintiff with a request for a short-term loan of Rs. 31,00,000/- in the form of Inter-Corporate Deposit (ICD) carrying interest at the rate of 18 per cent per annum. The plaintiff acceded to such request and the defendant agreed to repay the said sum with interest calculated at the rate of 18 per cent per annum by 15th February, 2014.
(3.) Accordingly, the plaintiff paid the said sum of Rs. 31,00,000/- to the defendant on 23rd July, 2013 by way of transfer from the plaintiff's bank account maintained with the Kotak Mahindra Bank Ltd. to the defendant's bank account maintained with Bank of Baroda.;