Madras HC Dismisses Promissory Note Suit as Passing of Consideration Was Not Proved

Rani Vs Arokiyammal (Madras High Court) The Madras High Court dismissed the second appeal filed by the plaintiff and confirmed the concurrent findings of the Trial Court and the First Appellate Court that the promissory note was not supported by consideration. The suit had been filed for recovery of Rs.40,000 allegedly borrowed by the defendant under a promissory note dated 26.12.1995. While the defendant admitted execution of the promissory note, he denied that any consideration had passed and contended that the promissory note had been executed only as security during a village settlement re...