HC directs real estate firm to repay loan with interest

The Delhi High Court has directed a real estate company to return about Rs 15.5 crores to two men who had lent the money to the private firm as business loan in 2010.
Allowing two recovery suits, Justice Rajiv Sahai Endlaw has directed the realtor firm to pay Rs 5,75,17,240 to Satyendra Jain and Rs 9,94,14,041 to Ravi Sharma with 36 percent rate of interest as it was part of the agreement between the parties.
In addition, the court also asked the city-based company to pay 9 percent interest to Jain and 15 percent interest to 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 company and its director)...," the court said.
The realtor 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 percent rate of interest.
After the company 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.