ORDER Vikramajit Sen. J.
1. This Suit No.1214 of 1997, for the recovery of Rs.12,40,000/-, came up before Court for the first time on 30.5.1997. While issuing summons/notice, the Defendant was directed to furnish security to the sum of Rs. 12.50 lacs. This security was never furnished. On 9.7.1998, the Defendant having been served by publication, failed to put in any appearance, and was therefore proceeded ex-parte. Significantly, although application I.A. No. 11,162/99, to set aside the ex-parte orders, was filed on behalf of the Defendant by its Director, Shri Arun Goel, this application was not prosecuted further. The Plaintiff was permitted to lead evidence by way of affidavits on that date.
2. In the plaint it has been averred, inter alia, that the Plaintiff and her husband were shareholders of the Defendant Company. It has been alleged that on 6th September, 1993 an Agreement was entered into between the Plaintiff's group and the Defendant and its other shareholders, whereby the Plaintiff transferred all its shareholding to the Gupta group. With this transfer of shares the ownership control and management of the Defendant vested with the Gupta group. The Agreement was reduced to writing on that date. The plaintiff deposited with the Defendant a sum of Rs. 8 lacs by way of Fixed Deposit Receipts, by two cheques, each dated 20th September 1993, for an amount of Rs. 4 lacs each. The defendant Company thereupon issued two Fixed Deposit Receipts, copies of which have been enclosed with the plaint; they were repayable after one year. It is further pleaded that on 14th September 1994 the Plaintiff issued a notice calling upon the Defendant to pay the said amount. Since this was not complied with, the Defendant was liable to pay interest at the rate of 20 per cent per annum. The liability for interest till the filing of this suit is Rs. 4.40 lakhs. these averments remain uncontroverted since no Written Statement has been filed.
3. In compliance with the orders of the Court, an affidavit of the Plaintiff dated 5th January, 1999 has been filed. The Plaintiff has deposed that she and her husband were holding 14600 shares, 12600 shares and 5100 shares on 6.9.1993. On this date an Agreement was entered into between the Plaintiff's group and Mrs. Reena Gupta and her associates for the purchase of these shares. Rs. 8 lacs was to remain as an unsecured loan. The Agreement is Exhibit P1. The Fixed Deposit Receipts for the sum of Rs. 4 lacs each are Exhibit P2 and P3. She has further deposed that a notice was issued on 14th September 1994 calling upon the Defendant to pay the sum of Rs. 8 lacs. She has further deposed that a claim for interest at the rate of 20 per cent per annum was also raised. This notice has not been filed or proved. There is, however, a letter dated 14.9,1994 addressed by the Plaintiff to the Defendant on the Court Record. This letter has also not been proved. It dose not, however, contain a notice for the payment of interest at the rate mentioned above.
4. In view of the absence of any challenge to this suit, and the statement of the Plaintiff having not been rebutted, this suit is decreed for a sum of Rs. 8 lacs, for which sum the statement of the Plaintiff finds support in Exhibits. P1 and P3. However, since the Plaintiff has failed to prove that the Defendant was put to notice for the payment of interest, and the Receipt relied upon by the Plaintiff specifically mentioned that nil interest was payable, this prayer is declined. The plaintiff will be entitled to interest at the rate of 12 per cent per annum from the from the date of the decree till its realization.
5. Decree sheet be drawn up accordingly.