- (1.) The reference to the defendant, in this judgement, will mean and include Jai Mangala Coal Pvt. Ltd. the former name of the defendant. If you want to advance money to someone, with the expectation of getting it back with interest, you should be very careful. It is not enough that you remit the amount to the other person by cheque. You must have documents evidencing this agreement between yourselves. In other words, the documents must show that the money was tendered as a loan. Otherwise you might well not get the money back. When you file a suit for its recovery, a defence may be well taken that there was a joint venture by the parties in which this money was utilised and nothing is payable to you. Or you might expect a defence that the money was repaid in cash.
(2.) This is what has happened to the plaintiff in this case. It is only because of the able and tenacious advocacy of Mr. Jishnu Saha, senior Advocate for the defendant that this court heard the defendant for a number of days.
(3.) There is no dispute whatsoever that between 1st April, 2003 and 15th July 2003 the plaintiff issued several account payee cheques in favour of the defendant, which they encashed, aggregating to a sum of Rs. 1 crore. In fact, in the written statement, the defendant has not denied receipt and encashment of the above cheques. According to the plaintiff this sum was lent and advanced by them to the defendant and had to be repaid with interest @ 18% per annum.;