WINFIELD -- JPMorgan Chase Bank is suing Master Enterprises, Inc., after the bank claims it failed to pay on a commercial promissory note.
Rohit Megha, Ravi R. Megha and Nayana R. Megha were also named as defendants in the suit.
On May 30, 2006, the defendants executed and delivered to Chase Bank a commercial promissory note in the amount of $221,100 with interest on the principal portion at the variable rate of Chase's Prime Rate plus 1.5 percent per annum, payable in monthly payments beginning July 1, 2006, and continuing until June 1, 2016, according to a complaint filed Feb. 13 in Putnam Circuit Court.
The bank claims the defendants have failed to pay under the terms of the contract and are in payment default.
The defendants own Chase Bank the principal balance of $124,746.87 and interest in the amount of $2,786.83, which continues to accrue at a per diem rate of $32.05 and late fees and costs of $468.68, according to the suit.
The bank is seeking judgment in the amount of $128,002.38 with interest. It is being represented by Charles M. Johnson Jr. and Jared M. Tully.
The case has been assigned to Circuit Judges O.C. Spaulding and James Holliday.
Putnam Circuit Court case number: 12-C-46