SAHIDULLAH MUNSHI,J. - (1.) The Court : This suit is for a decree for a sum of Rs. 16,87,500/- (Rupees Sixteen Lakh Eighty Seven Thousand Five Hundred) only, inclusive of interest @ 15% per annum from the defendant. The plaintiff is entitled to interest on the said sum of Rs. 16,87,500/- at the rate of 15% till the entire claim is liquidated. Summons were issued and served upon the defendant but no one appeared and, ultimately, the suit was fixed for hearing as an undefended suit.
(2.) Fact pleaded in the plaint may be summarized as follows :
(3.) The plaintiff deals in investment in security commodity and finance trade. The defendant represented to the plaintiff that he is engaged in a business and needed money and for such purpose he approached the plaintiff for a one-time accommodation loan of Rs. 50,00,000/- (Rupees Fifty Lakh) only, for its business purposes at the office of plaintiff. It agreed to disburse the same as and by way of loan to the defendant on condition that - a) The plaintiff would provide the defendant the sum of Rs. 50,00,000/- as and by way of one-time accommodation loan, b) The defendant would repay the said loan amount within the month of October, 2013 c) The defendant would pay interest @ 15% per annum on the aforesaid loan from time to time.;