Final Order 1

Order Details: Ex-parte Judgement
Pdf Text: Judgment Exh.9 1 Sum.Suit 423/18
MHCC010002012018
Presented on : 05-01-2018
Registered on : 03-04-2018
Decided on : 26-02-2021
Duration : 3 years, 1 months, 21 days
IN THE CITY CIVIL COURT AT MUMBAI
SUMMARY SUIT NO. 423 OF 2018
Indian Overseas Bank,
a body Corporate Constituted under
the Banking Companies (Acquisition
& Transfer of Undertakings) Act, 1970
having its Central Office at 763 Anna
Salai Chennai-600 002, Regional Office
5th Floor, E-Wing, Maker Tower Cuffe
Parade, Mumbai 400 005 and Branch
Office amongst others at Breach Candy
Branch, 65, 67, Mazda Mansion Bhulabhai
Desai Marg, Near Breach Candy Hospital,
Breach Candy, Cumballa Hill,
Mumbai 400 026,
Through its Authorized Officer Mr. Rahul Dubey Plaintiff.
VERSUS
1. Mr. Ajay Kashinath Thakur
An adult, Indian inhabitant, residing
at B-19/2/1, JNPT Township, Taluka
Uran, Navi Mumbai 400 707
And also at;
Employee ID : 10262
Jawaharlal Nehru Port Trust, Traffic
Department, Administration Building,
Nava Sheva, Navi Mumbai – 400 707.
-- 1 of 6 --
Judgment Exh.9 2 Sum.Suit 423/18
2. Mr. Anant Gajanan Gharat
Guarantor of Defendant No.1,
an adult, Indian inhabitant, office at
Employee ID : 10628, Jawaharlal
Nehru Port Trust, Traffic Department,
PPD Administration Building, Nava
Sheva, Navi Mumbai – 400707.
3. Mr Sanjay D. Shakule
Guarantor of Defendant No.1,
an adult, Indian inhabitant, office at
Employee ID : 12072, Jawaharlal
Nehru Port Trust, Traffic Department,
PPD Administration Building, Nava
Sheva, Navi Mumbai – 400707. ...Defendants
Appearances: Advocate M/s. Ghaswala & Associates for the plaintiff.
Ex-parte against the defendants.
CORAM : HIS HONOUR AD-HOC JUDGE
DEEPAK L. BHAGWAT
(C.R. NO. 28)
DATE : 26th FEBRUARY, 2021
J U D G M E N T
1. This is Summary Suit under Order 37 of the Code of Civil
Procedure, for recovery of amount of Rs.1,70,498/- with pendente lite
and future interest at the rate of 14.45% per annum.
2. According to the plaintiff, it is a body Corporate Bank.
Defendants No. 1 to 3 are the employees at Jawaharlal Nehru Port
Trust. On the request of defendant No. 1, vide sanction letter dated
02.02.2012, the plaintiff granted clean loan facility of Rs.5 lakhs
carrying the interest @ 15.75% with monthly rest, which was payable
by defendant No. 1 in 60 Equated Monthly Installments of Rs. 12,100/-
per month till the entire loan with interest, cost, charges, expenses is
-- 2 of 6 --
Judgment Exh.9 3 Sum.Suit 423/18
fully paid. Defendants No. 2 and 3 stood as guarantors for defendant
No.1. Accordingly, defendants No. 1 to 3 executed loan documents as
demand promissory note, particulars of surety, guarantee agreement,
consent cum authorized letter, confirmation letter and PL-8 Form dated
03.03.2012. Defendant No.1 was to deposit EMI in regular basis from
his salary. After receipt of the loan amount, defendant No. 1 did not
repay the amount by installments regularly. The plaintiff issued legal
notice dated 16.05.2017 to the defendants, calling upon them to pay
the amount of Rs.1,70,498/- due and payable by the defendants.
Therefore, the plaintiff claimed recovery of same amount with pendente
lite and future interest @ 14.45% per annum as per contractual rate of
interest and 2% additional interest charged on irregular outstanding.
Hence, this suit.
3. Despite service of summons, the defendants failed to
appear. Therefore, suit proceeded exparte against defendants No.1 to 3.
4. Considering the material on record and submissions
made on behalf of the plaintiff, points arise for determination along
with my findings thereon for the reasons recorded are as under:-
Sr. No. POINTS FINDINGS
1. Whether the plaintiff is entitled to recovery
of the amount as prayed ? Yes.
2. At what rate of pendente lite and future
interest ?
10% p.a.
3. What order & decree? As per final order
-- 3 of 6 --
Judgment Exh.9 4 Sum.Suit 423/18
R E A S O N S
AS TO POINTS NO.1 to 3 :-
6. The plaintiffs examined its Manager PW-1 Amitkumar
at Exh.7 and also produced documents below Exh.8. Testimony of
PW-1 Amitkumar, speaks that on the request of defendant No.1 vide
sanction letter dated 02.02.2012, the plaintiff granted loan facility
of Rs. 5 lakhs with interest @ 15.75% with monthly rest in favour
of defendant No.1, which was repayable by defendant No.1 in 60
equated monthly installments of Rs.12,100/- per month.
Defendants No. 2 and 3 stood as guarantors of defendant No.1.
Accordingly, defendants executed loan documents as demand
promissory note, particulars of sureties, guarantee agreements,
consent cum authorized letter, confirmation letter and PL-8 Form
dated 03.02.2012. Testimony of Amitkumar further speaks that
defendant No.1 failed to repay the amount. Defendant No.1 also
executed revival letter dated 08.01.2015. However, again
defendants failed to pay the amount. On the date of filing of the
suit, amount of Rs.1,70,498/- was due and payable by the
defendants.
7. The testimony of PW-1 Amitkumar is unchallenged
there being no cross examination to it. The sanction letter,
application form, loan form, particulars of sureties, guarantee
agreements, authorisation letter, show that loan of Rs.5 lakhs was
sanctioned to defendant No. 1 for which defendants No.2 and 3
stood as guarantors. The revival letter dated 08.1.2015, shows that
defendant No.1 executed the same and acknowledged receipt of
-- 4 of 6 --
Judgment Exh.9 5 Sum.Suit 423/18
loan amount of Rs.5 lakhs. Copy of statement of account shows
that on the date of suit, amount of Rs.1,70,498/- was due and
payable by defendant No.1. Thus, the documents on record
corroborate the testimony of PW-1 Amitkumar. It is proved that the
defendants are liable to pay the amount of Rs.1,70,498/-.
However, so far as pendente lite and future interest is concerned,
considering the over-all circumstances, it is just and proper to grant
simple interest at the rate of 10% p.a. Hence, points No.1 and 2
are answered as that the plaintiffs are entitled to recovery of
amount of Rs. 1,70,498/- with simple interest at the rate of 10%
p.a. In answer to point No.3, order as follows is passed:-
ORDER
1. The Suit is ex-parte decreed with costs as under.
2 Defendants No.1 to 3 jointly and severally shall pay to the
plaintiff the amount of Rs.1,70,498/- (Rupees One Lakh Seventy
Thousand Four Hundred Ninety Eight Only) with simple interest at
the rate of 10% p.a. from the date of the suit till realization of the
amount.
3. Decree be drawn up accordingly.
(Deepak L. Bhagwat)
Ad-hoc Judge,
City Civil Court, Mumbai
Date: 26.02.2021
Dictated on : 26.02.2021
Transcribed on : 01.03.2021
Date of sign : 04.03.2021
-- 5 of 6 --
Judgment Exh.9 6 Sum.Suit 423/18
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
UPLOAD DATE & TIME : 04.03.2021 3.20 p.m.
NAME OF STENOGRAPHER : S.S.BATHE
Name of Judge (with Court Room No.) Shri.D.L.Bhagwat
(C.R.NO.28)
Date of Pronouncement of
JUDGMENT /ORDER
26.02.2021
JUDGMENT /ORDER signed by P.O. on 04.03.2021
JUDGMENT /ORDER uploaded on 04.03.2021
-- 6 of 6 --