Amount borrowed on 9.3.1989 and agreed to be repaid on 24.3.1989 - three years period would expire on 23.3.1992 - Suit filed on 23.3.1992 is well within period of limitation - Partnership firm consisting of two partners constituted on 30.6.1987 and dissolved on 10.5.1989 - Amount borrowed by one partner for firm on 9.3.1989 - every partner as agent of other partners Plaintiff can therefore sue from and all partners All partners are jointly and severatly liable

Citation 

1999 (3) CTC 404 (Mad)

IN THE HIGH COURT OF MADRAS

S.S. Subramani, J. Second Appeal No. 844 of 1999 and C.M.P.Nos. 8646 of 1999,

July 27, 1999

K.K. Palaniappan                                             ...Appellant

...Vs...

P.S.K. Subramaniam and Two Others              ...Respondent

Limitation Act, 1963, Artide 113-Suit for recovery of money lent Amount borrowed on 9.3.1989 and agreed to be repaid on 24.3.1989 Defendant issuing post dated cheque 24.3.1989 at time of borrowing towards discharge of liability Right to demand payment arises only on 24.3.89 and three years period would expire on 23.3.1992 - Suit filed on 23.3.1992 is well within period of limitation. [Para 12]

Partnership Act, 1932, Sections 4 and 19- Partnership firm consisting of two partners constituted on 30.6.1987 and dissolved on 10.5.1989 Amount borrowed by one partner for firm on 9.3.1989- Partner acts as agent and his acts bind firm and every partner as agent of other partners Plaintiff can therefore sue from and all partners All partners are jointly and severatly liable. [Para 13]

Negotiable Instruments Act, 1881, Section 117 (c) Cheque issued after amendment of Negotiable Instruments Act in 1988 - Cheque returned dishonoured - Plaintiff is entitled to interest at 18% per annum [Para 15]