M/S Dresier Commodities Pvt. Ltd. vs Mr. Ashok Goel & Ors
2018 Latest Caselaw 3979 Del

$~O-10
* IN THE HIGH COURT OF DELHI AT NEW DELHI
%                     Date of Decision: 16th July, 2018
+    CS(OS) 61/2018
       M/S DRESIER COMMODITIES PVT. LTD.         ..... Plaintiff
                     Through: Mr.Madhav Khurana and Ms.Richa
                              Narain, Advocates.
                     versus
       MR. ASHOK GOEL & ORS                              ..... Defendants
                    Through:
       CORAM:
       HON'BLE MR. JUSTICE J.R. MIDHA

                          J U D G M E N T (ORAL)

1. The plaintiff has instituted a suit for recovery of Rs.6,50,00,000/- under Order XXXVII of the Code of Civil Procedure against the defendants.

2. The summons issued to the defendants remained unserved. Vide order dated 16th May, 2018, the plaintiff's application under Order V Rule 20 of the Code of Civil Procedure was allowed and the defendants were served by publication in the "Statesman" and "Jansatta" dated 06th June, 2018. However, the defendants have not entered appearance till date.

3. As per the averments made in the plaint, the plaintiff invested Rs.4,01,10,000/- with defendant No.3 of which defendants No. 1 and 2 are the Directors. The defendants executed the Investment Agreement dated 09th September, 2014 in favour of the plaintiff. Defendants No.1 and 2 issued personal guarantee cheques as well as undertaking in favour of the plaintiff. Defendant No.1 issued 24 post dated cheques towards the payment of fixed monthly return starting from September, 2014 out of which cheques till July, 2015 have been honoured and the remaining cheques have been dishonoured

and the plaintiff has filed complaints under Section 138 of the Negotiable Instrument Act. Defendant No.1 issued cheque No.783782 dated 17th July, 2017 for Rs.6,50,00,000/- and defendant No.2 issued cheque No.510151 dated 24th July, 2017 for Rs.6,50,00,000/- in favour of the plaintiff which were both dishonoured on presentation.

4. Learned counsel for the plaintiff urged at the time of hearing that the plaintiff invested Rs.4,01,10,000/- with the defendants in terms of the Investment Agreement dated 09th September, 2014. The defendants gave monthly return cheques which were honoured till July, 2015 and the cheques thereafter were dishonoured. It is further submitted that the plaintiff demanded the payment of Rs.6,50,00,000/- vide notice dated 05th July, 2017. The plaintiff invoked the personal guarantee of defendants No.1 and 2 by presenting the cheques of Rs.6,50,00,000/- given by the defendants which were dishonoured upon presentation. It is further submitted that the plaintiff suit under Order XXXVII of the Code of Civil Procedure is based on written agreement; cheques and personal guarantees.

5. This Court is satisfied that the plaintiff is entitled to decree for Rs.6,50,00,000/- against the defendants along with pendent lite and future interest at the rate of 9% per annum from the date of institution of the suit.

6. The suit is decreed for Rs.6,50,00,000/- along with pendent lite and future interest at the rate of 9% per annum from the date of institution of the suit along with cost in favour of the plaintiff and against the defendants.

JULY 16, 2018                                               J.R.MIDHA, J.
ds