SHEKHAR B.SARAF, J. - (1.) This suit has been filed by one Mr. Manish Poddar son of Shri Ashok Kumar Poddar, working for gain at 16A, Brabourne Road, 9th Floor, Kolkata - 700001 [hereinafter referred to as 'plaintiff'] for recovery of loan lent and advanced to one Mr. S. Perumal Raj residing at 1/48, Medapally, Krishnagari, Tamil Nadu - 635001 [hereinafter referred to as 'defendant'].
(2.) The Chronological facts leading to the instant suit is delineated below: a. On October, 2014 the defendant approached the plaintiff at 16A, Brabourne Road, 9th Floor, Kolkata - 700001 and requested the plaintiff to provide a loan. Thereafter plaintiff and the defendant agreed orally that the plaintiff would provide a loan by way of onetime temporary accommodation to the tune of Rs. 4,00,00,000/- (Rupees Four Crores only) to the defendant. b. The terms of the oral agreement inter alia, was that if the defendant fails to repay the loan within a period of one year from availing the same, the defendant would be liable to pay interest at the rate of 18% per annum on the entire loan amount, then due, from the date of disbursement till repayment. According to the agreement it was also, inter alia, agreed that the plaintiff would be at liberty to call off the loan at any time if the defendant fails to repay the loan within a period of one year from the date of availing the same and the defendant would have to pay the entire amount with accrued interest upon the loan being called off. b. On 29th October, 2014 the plaintiff transferred the loan amount through Real Time Gross Transfer (RTGS) from an account maintained at IDBI Bank Limited to the defendant's bank account maintained with ICICI bank at Tamil Nadu. Two transfers were made by the plaintiff. The first transfer was of Rs. 1,50,00,000/- (Rupees One Crore Fifty lakhs only) for which the plaintiff issued a cheque bearing number 327092 dated 29th October, 2014 to its banker and the second transfer made was of Rs. 2,50,00,000/- (Rupees Two Crores Fifty lakhs only) for which the plaintiff issued a cheque bearing number 327093 dated 29th October, 2014 to its banker. c. After 29th October, 2015 the plaintiff was entitled to call off the loan and the defendant became liable to repay the entire loan amount with interest at the rate of 18% per annum till repayment. The defendant on diverse pretexts sought time from the plaintiff to repay the temporary accommodation loan amount with the accrued interest at the rate of 18% per annum. e. Finally, the plaintiff called off the temporary accommodation loan by a notice dated 19th July, 2017 and, inter alia, demanded repayment of the said loan of Rs. 4,00,00,000/- along with accrued interest at the rate of 18% per annum within 15 days from the date of receipt of the said notice. Till date no payment whatsoever has been made to the plaintiff by the defendant. f. The defendant by a letter dated 2nd August, 2017, addressed the claims made by the plaintiff in the notice dated 19th July, 2017. The defendant admitted to have received the temporary accommodation loan of Rs. 4,00,00,000/- from the plaintiff. Further the defendant referred to an alleged letter of undertaking dated 10th August, 2016 and also stated that an amount of Rs. 10,00,000/- as principal is due and payable by the defendant to the plaintiff along with the interest towards the loan account from 16th August, 2016 but the defendants did not disclose any particulars with regard to the contentions made in the letter. g. The plaintiff through a letter dated 19th August, 2017 replied to the defendant's letter dated 2nd August, 2017. Thereafter, the defendant via letter dated 28th August, 2017 replied to the plaintiff's letter dated 19th August, 2017. And finally by the letter dated 11th September, 2017 the plaintiff replied to the defendant's letter dated 28th August, 2017.
(3.) The Deputy Registrar on the request of the plaintiff certified that the defendant has not entered appearance either in person or through its advocate as on 15th January, 2019. Thus, by the order of the court the matter was fixed for hearing as 'Undefended Suit'.;