Final Order 9

Order Details: COPY OF JUDGMENT
Pdf Text: CS (Comm) 572/2023 Punjab National Bank Vs. M/s. APS Plastics
IN THE COURT OF VINOD YADAV:
DISTRICT JUDGE (COMMERCIAL COURT)-02:
NORTH-WEST DISTRICT: ROHINI COURTS: NEW DELHI
CNR No.DLNW010073092023
Civil Suit (Comm.) 572/2023
In the matter of:
Punjab National Bank,
A body Corporate constituted under
The Banking Companies (Acquisition &
Transfer of Undertakings) Act, 1970, having
its Head Off. At Plot No.4, Sector-10 Dwarka,
New Delhi-110075 and one of its Branches at
Pushpanjali Enclave, Pitampura, Delhi
Through its Attorney Sh. Vivek Kumar,
Chief Manager, Circle Sastra North,
Rajindra Place, New Delhi.
.....Plaintiff
(Through Shri A.K. Shakya, Advocate)
Versus
M/s. APS Plastics,
Through its proprietor Ms. Sadhna Chauhan,
Khasra No.65/10, Ground Floor, Village
Pooth Kalan, Delhi-110086.
Also At : I-23, Third Floor, Krishna Vihar,
Delhi-110086.
.....Defendant
(Defendant already ex parte vide order dt. 15.10.2024)
Date of Institution of Suit : 09.08.2023
Date of hearing final arguments : 20.12.2024
Date of judgment : 09.01.2025
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CS (Comm) 572/2023 Punjab National Bank Vs. M/s. APS Plastics
Suit for recovery of Rs. 11,10,480.96 (Rupees eleven lacs four thousand
nine hundred twenty four and Paise thirty six only) as on 30.07.2023 along
with pendente lite and future interest, penal interest, cost and other charges
EX-PARTE JUDGMENT:
1. This is a suit for recovery filed on behalf of plaintiff against
the defendant, thereby seeking a decree in the sum of Rs.11,10,480.96
(Rupees eleven lacs four thousand nine hundred twenty four and Paise
thirty six only) as on 30.07.2023 along with pendente lite and future
interest, penal interest, cost and other charges.
2. The facts of the case in brief, as borne out from the record are
that plaintiff is A body corporate constituted under the Banking Companies
(Acquisition and Transfer of Undertakings) Act, 1970, having its Head
Office at Plot No.4, Sector-10, Dwarka, New Delhi-110075 and one of its
Branches at Pushpanjali Enclave, Pitampura, Delhi and amongst other
places at Circle Sastra North, Rajindra Place, New Delhi.
3. It is the case of plaintiff that defendant, proprietor of M/s.APS
Plastics approached it for grant of CC-Working Capital (Cash Credit)
PMMY of Rs.10,00,000/- and the plaintiff after consideration, sanctioned
the said CC-Working Capital (Cash Credit) on 14.07.2021 vide account
No.1145108700000290 for manufactguring of all types of plastic products
for three years, however, the account shall be reviewed on yearly basis and
renewed on every three years, against hypothecation of stock of raw
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CS (Comm) 572/2023 Punjab National Bank Vs. M/s. APS Plastics
material, stock in process, finished goods, store and spares and receivables
with agreed rate of interest @ 8.20 p.a. calculated on daily balance due in
the said account and charged on monthly rest with 2% penal interest over
and above the normal rate of interest with the agreed rest under the
agreement when defendant failed to pay the CC limit, interest or violated
the terms and conditions of the agreement.
4. That after availing the aforesaid credit facility, the defendant
did not maintain financial discipline and defaulted in repayment. The
defendant lastly deposited a sum of Rs.18,400/- in cash on 17.08.2022 and,
therefore, plaintiff declared their account as NPA on 09.11.2022. A sum
amount of Rs.11,10,480.96 became due against the defendant as on
30.06.2023.
5. Accordingly, the plaintiff has filed the instant suit, thereby
invoking the provisions of Section 2(1)(c) of the Commercial Courts Act,
2015.
6. After filing of the suit, summons for settlement of issues were
issued against the defendant vide order dated 11.09.2023. The defendant
was served and despite repeated calls, none appeared on behalf of the
defendant. Accordingly, defendant was proceeded “
ex-parte” vide order
dated 15.10.2024 and the matter was notified for
ex-parte PE.
7. The plaintiff during the course of ex-parte evidence examined
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CS (Comm) 572/2023 Punjab National Bank Vs. M/s. APS Plastics
its Authorised Representative Sh. Vivek Kumar as PW1 in the matter. PW1
in his evidence by way of affidavit Ex.PW1/A has reiterated the averments
made in the plaint and has proved on record the following documents :-
1. Copy of Power Attorney in favour of the plaintiff is Ex.PW1/1
(OSR)
2. Copy of Loan Application is Ex.PW1/2 (OSR).
3. Copy of Sanction letter alongwith the terms and conditions dated
14.07.2021 is Ex.PW1/3(OSR).
4. Copy of PNB 727A agreement for/cash credit/over draft dated
14.07.2021 is Ex.PW1/4 (OSR).
5. Copy of PNB 728 demand promissory note dated 14.07.2021 is
Ex.PW1/5 (OSR).
6. Copy of PNB 1031 hypothecation of goods and book debt to
security cash credit facility dated 14.07.2021 is Ex.PW1/6
(OSR).
7. Copy of PNB 2057 master agreement dated 14.07.2021 is
Ex.PW1/7(OSR).
8. Copy of PNB 2058 format for authorization dated 14.07.2021 is
Ex.PW1/8 (OSR).
9. Copy of undertaking is Ex.PW1/9 (OSR).
10. Non starter Report dated 28.01.2023 is Ex.PW1/10.
11. Certified copy of statement of account is Ex.PW1/11.
12. Certificate U/s 2A of Bankers Book Evidence Act with Section
65B of Indian Evidence Act is Ex.PW1/12.
13. Copy of registration certificate is marked as Mark A.
14. Copy of Aadhar card of the defendant is marked as Mark B.
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CS (Comm) 572/2023 Punjab National Bank Vs. M/s. APS Plastics
8. Thereafter, vide order dated 15.10.2024, ex-parte PE in the
matter was closed.
9. I have heard Sh. A.K. Shakya, Ld. Counsel for the plaintiff and
perused the entire material on record.
10. From the perusal of Application Forms for loan applied, it is
clearly evident that defendant had approached the plaintiff and applied for
the loan(s). The execution of necessary/requisite documents between the
parties in this regard has been duly proved on record by plaintiff.
11. The plaintiff has further proved on record the statement of
accounts in respect of the loan account(s) of defendant (Ex.PW1/11).
12. The defendant being ex-parte, the testimony of the plaintiff's
witness has remained unchallenged and unrebutted. There is nothing on
record to disbelieve the unrebutted testimony of the plaintiff's witness or to
doubt the authenticity and veracity of the documents exhibited and proved
on record.
13. From the unrebutted testimony of PW-1 in the matter and the
documents proved by it on record, I am satisfied that the plaintiff has been
able to make out a good case for passing of decree in its favour. As regards
the quantum of interest, the transaction between the parties being
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CS (Comm) 572/2023 Punjab National Bank Vs. M/s. APS Plastics
commercial in nature, I am of the considered opinion that interest @
10.20% per annum would meet the ends of justice.
14. In view of the above, a decree in the sum of Rs.11,10,480.96
(Rupees eleven lacs four thousand nine hundred twenty four and Paise
thirty six only) along with interest @ 10.20% per annum from 30.06.2023
till recovery is passed in favour of plaintiff and against the defendant.
15. Plaintiff is also entitled to costs as well as counsel’s fee which
is quantified as Rs.22,000/-.
16. Decree Sheet be drawn accordingly, subject to payment of
requisite court fees, if any.
17. File be consigned to Record Room after completion of
necessary formalities.
Dictated & Announced in the (Vinod Yadav)
open Court on 09.01.2025 District Judge (Commercial Court)-02
North-West/Rohini Courts
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