The
Delhi High Court has directed a real estate company to return nearly Rs. 15.5
crores to 2 men who had lent the money to the private firm as business loan in
2010.
Allowing
2 recovery suits, Justice Mr. Rajiv Sahai Endlaw has directed the real estate
firm to pay Rs. 5,75,17,240 to MR. Satyendra Jain and Rs. 9,94,14,041 to
Mr.Ravi Sharma with 36% rate of interest as it was part of the agreement
between the parties.
In
addition, the Delhi High Court also asked the company to pay 9% interest to
Jain and 15% interest to Mr. Sharma on the principal amount of loan.
"A
decree is passed in favour of the plaintiff in each case and against the
defendants (real estate firm and its director)...," the Delhi HC said.
The real estate company had entered into an agreement with these persons and taken the business loan in January 2010 and agreed to return the amount by September, 2010, with 36% rate of interest.
After
the firm failed to return the amount within the time fixed and the post dated
cheques issued by the company bounced, the plaintiffs had approached the high
court.
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