Final Order 1

Order Details: Ex-parte Judgement
Pdf Text: Summ. Suit No. 243/18
Filed on : 05.01.2018
Registered on : 23.02.2018
Decided on : 21.02.2020
Duration : Yr-01 Ms-11 Ds-17
IN THE BOMBAY CITY CIVIL COURT AT BOMBAY
SUMMARY SUIT NO.243 OF 2018
(CNR NO.MHCC01-000202-2018)
Exhibit-18
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, Mzda Mansion,
Bhulabhai Desai Marg, Near Breach Candy
Hospital, Breach Candy, Cumballa Hill,
Mumbai-400026
Through its Authorised Officer
Mr. Rahul Dubey ….Plaintiffs
V/s.
1. Mr. Sadanand R. Koli
Age: Adult
Address: 115/F-10, Flat No.1,
Kamgar Vashat, Taluka: Uran,
Navi Mumbai 400 707
And
Jawaharlal Nehru Port Trust,
Administration Building, Nava Sheva,
Navi Mumbai- 400 707.
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2 Sum. Suit No. 243 of 2018.
2. Mr. Chandrakant N. Kadu
Guarantor of Defendant No.1,
Age: Adult,
Address: Jawaharlal Nehru Port Trust,
Traffic Department,
PPD, Administration Building,
Nava Sheva, Navi Mumbai: 400 707
3. Mr. Bharat G. Gharat
Guarantor of Defendant No.1,
Age: Adult,
Jaskargaon, JNPT Sector III,
In front of Ratneshwari Temple,
JNPT Township, Taluka-Uran,
District Raigarh,
Navi Mumbai- 400 707
And
Jawaharlal Nehru Port Trust,
Traffic Department,
PPD, Administration Building,
Nava Sheva, Navi Mumbai: 400 707
….Defendants
Appearances:-
Advocate, Salma Ghaswala for the plaintiff.
Exparte against the Defendant.
CORAM : HER HONOUR JUDGE
SMT. S.G. SHAIKH.
(C.R. NO.59).
DATE : 21st February, 2020.
: J U D G M E N T :
(Delivered on this 21st day of February, 2020.)
This is a suit for recovery of money.
The case of the plaintiff in the short is as under :-
2. Plaintiff is a Body Corporate, constituted under the
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3 Sum. Suit No. 243 of 2018.
Provisions of Banking Companies Act 1970. Defendant No.1 is a
Principal Borrower and defendant 2 and 3 are guarantor to the
said loan of the Defendant No.1 The defendant No.1 has availed a
Clean Loan Facility of Rs.3,00,000/-from the plaintiff bank vide
Loan sanctioned latter dated 23.01.2012. According to the plaintiff
bank amount of Rs.91,955/- is due and payable by the defendant
No.1 towards the said loan on the date of the suit. The plaintiff
that Defendant has failed to pay the loan amount to the plaintiff
bank inspite of receipt of legal notice, hence, plaintiff is
constrained to file this suit for recovery of loan amount along with
interest from the date of the filing of the suit till its realization
against all the defendant.
3. Defendant No.1 to 3 were duly served with suit summons,
but failed to appear. Hence, suit proceeded exparte against the
defendant.
4. Considering the contentions in the petition, following points
arise for my determination and I record my findings thereon with
reasons given below :-
Sr.
No.
POINTS FINDINGS
1] Whether plaintiff is entitled to
recover amount of Rs.91,955/- along
with interest ?
A] If yes, what would be the rate of
interest?
Yes
Rs.91,955/- with
interest at the
rate of
Rs.14.45% per
annum.
2] What order and decree? As per final order
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4 Sum. Suit No. 243 of 2018.
: R E A S O N S :
5. In present matter, the plaintiff's Constituted Attorney Mr.
Amit Kumar has filed his Claim Affidavit on record at Exh.6.
6. The plaintiff bank further relied on following documentary
evidence.
Documentary evidence:-
Exhibit
No.
Description of documents.
8 :- Copy of Power if Attorney.
9 :- Sanction letter Dated 23.01.2012
10 :- Demand Promissory Note Dated 24.01.2012
11 :- Guarantee Agreement Executed by defendant No.2 and 3
12 :- Consent cum authorized letter dated 24.01.2012
13 :- Confirmation letter dated 24.01.2012
14 :- Revival letter dated 09.01.2015
15 :- Legal Notice dated 16.05.2017
16 :- Statement of Account.
7. Therefore, the plaintiff's bank has filed evidence close pursis
at Exh.17.
8. The oral and documentary evidence of the plaintiff's has
remained unchallenged. I have gone through the documentary
evidence.
9. All the documents produced by the plaintiff at Exh.8 to 16 go
to establish that plaintiff bank has disbursed loan of Rs.3,00,000/-
to the defendant. The defendant No.1 has failed to pay the loan to
the plaintiff bank. The defendant No.2 and 3 being guarantor to
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5 Sum. Suit No. 243 of 2018.
the said Loan of the Defendant No.1 are also liable to pay the said
amount to the plaintiff. The documentary evidence go to establish
that the defendant No.1, 2 and 3 are liable to pay loan amount
Rs.91,955/- to the plaintiff bank on the date of filing of the suit
towards the said loan.
10. The plaintiff has claimed 14.45% per annum on the principle
amount. As per section 34 of the Code of Civil Procedure the rate
of interest may exceeds 6% per annum, if the transaction is
commercial and there is a contract pertaining to the same between
the parties. In the present case the transaction is commercial one,
and there exists contract between the parties as to the rate of
interest which shall be levied. As per the Loan Sanctioned Letter
Exh.09 the rate of interest agreed is 15.75% per annum. So
considering the agreed rate of interest between the plaintiff and
defendant No.1 and rate of interest claimed by the plaitnif the
rate of Rs.14.45% per annum would e just and proper. to be
awarded on the principle sum adjudged i.e. amount of Rs.91,955/-
Hence, point No.1 is answered in the affirmative.
AS TO POINT NO.2:-
11. In view of discussion and finding on point No.1, it is held
that plaintiff is entitled to recover Rs.91,955/- from the defendant
No.1, 2 and 3 with interest at the rate of Rs.14.45% per annum
from the date of filing of the suit till its realization. Plaintiff bank
is also entitled to recover cost of the suit from the defendant No.1,
2 and 3. Hence, in answered to point No.2, I proceed to pass the
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following order.
: O R D E R :
1. The defendant No.1, 2 and 3 shall jointly and
severally pay Rs.91,955/- (Rs. Ninety One thousand
nine hundred and fifty five Only) to the plaintiff
bank with interest at the rate of 14.45% per annum
from the date of filing of the suit till its realization.
2. Defendant No.1, 2 and 3 shall pay costs of the suit to
the plaintiff bank.
3. Decree be drawn accordingly.
Date : 21.02.2020 (Smt. S. G. Shaikh)
Ad-Hoc Judge,
City Civil Court,
Gr. Bombay
Typed on : 21.02.2020
Signed on : 21.02.2020
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“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED ORDER.”
UPLOAD DATE TIME STENOGRAPHER NAME
21.02.2020 5.00 p.m.
Name of the Judge H.H.J. SABIHA G. SHAIKH.
Ad-hoc Judge.
(Court Room No.59)
Date of pronouncement of Order 21.02.2020
Order signed by P.O. on 21.02.2020
Order uploaded on 21.02.2020
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