Naresh Bhutani And Anr vs M/S. A.G.Chit Fund And Finance Co

The Supreme Court upheld the High Court's decision affirming the Commercial Civil Judge's order that denied the appellant leave to defend under Order 37 of the Code of Civil Procedure (CPC). The court ruled that the respondent, a Chit Fund Company, could maintain the suit despite claims of non-registration, as the issue did not preclude the applicability of Order 37 Rule 1 CPC. The appeal was dismissed, but the court modified the interest rate from 18% to 12%, maintaining the principal judgment.