Final Order 1

Order Details: Copy of Judgment
Pdf Text: 1 Comm. Suit No.411/2020
MHCC010009032020 Presented on : 21/01/2020
Registered on : 27/02/2020
Decided on : 19/07/2022
Duration : 2Y 4M 22D
IN THE CITY CIVIL COURT AT MUMBAI.
COMMERCIAL SUIT No. 411 OF 2020
Canara Bank, a body corporate, constituted
and functioning under the Banking
Companies (Acquisition and Transfer of
Undertakings) Act, 1970, having its Head
Office at 112, C.J. Road, Bangalore,
Karnataka State and having one of their
branch offices at 167, Navyug Niwas, Opp.
Minerva Cinema, Lamington Road,
Mumbai400007. ...PLAINTIFF
VERSUS
M/s HMR Tours and Travels
A proprietary concern, through its
Proprietor Mr. Shaikh Khalid Awar, 15/47
Navnit Bhavan, 2nd floor, Room no. 42, 6th
Kharwa Galli, P.B. Marg, Girgaon, Mumbai
400004 …DEFENDANT
Smt.Sujata Dahigaonkar i/b. Smt.Sandhya Nanavare, Advocate
for plaintiff
Defendant: exparte.
CORAM : SHRI. N.P. TRIBHUWAN, ADHOC DISTRICT JUDGE
(C.R.NO.32)
E XP A R T E J U D G M E N T
(Delivered on 19/07/2022)
This is a suit for recovery of sum of Rs.6,11,928.18
alongwith interest @ of Rs.10.75 p.a.
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2 Comm. Suit No.411/2020
2. It is case of plaintiff that it is a nationalized bank under the
Banking Companies (Acquisition and Transfer of Undertakings) Act,
1970. On 11/12/2015 on request of defendant the plaintiff has
sanctioned him term loan facility of Rs.5,90,000/ with interest @
10.95% p.a. compounded monthly for purchasing vehicle – Maruti Swift
Dzire. The loan was repayable in 60 equal months installments of
Rs.13,058.49/ each from 31/1/2016 to 30/11/2020. At the time of
sanctioning loan defendant has executed several documents in favour of
plaintiff. Defendant was not regular in repaying loan installments. As a
result, account of defendant was treated as “non performing asset”.
3. On 15/2/2019 plaintiff issued notice to defendant and
asked him to pay outstanding loan within seven days. Inspite of service
of said notice, defendant failed and neglected to pay the outstanding
amount. As on 19/1/2020 as per statement of account the defendant is
liable to pay outstanding amount of Rs.6,11,928.18. Therefore, plaintiff
has filed this suit for recovery of the said amount alongwith interest.
4. Defendant served with suit summons but did not appear.
Hence, suit proceeded exparte against it as per order dtd.30/11/2021.
5. On above facts following points arise for determination and
this court and recorded findings thereon for the reasons stated as under.
POINTS FINDINGS
1. Whether the plaintiff proved that it has
advanced term loan of Rs.5,90,000/ to
plaintiff?
…Yes
2. Whether the plaintiff proved that it is
entitled for recovery of amount of Rs.
6,11,928.18 with interest @ 10.75% p.a.?
…Yes
3. What order and decree? ...As per final order.
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3 Comm. Suit No.411/2020
REASONS
AS TO POINT Nos.1 AND 2:
6. Heard learned counsel of Plaintiff. Plaintiff has examined
its Manager (PW1 A.M. Gaikwad) to prove its case. He reproduced all
content of plaint in his chiefexamination. His evidence is supported by
documentary evidence as under : Loan application dt.3/12/2015, letter
of sanction dt.11/12/2015, Composite hypothecation agreement
dt.11/12/2015, letter to debit monthly installments, Particulars of
assets and liabilities, consentcumundertaking, Receipt
dtd.11/12/2015, Notice dtd.15/2/2019 and statement of account
(Exh.10 to 19 respectively)
7. In view of evidence of PW1 Manager of plaintiffBank and
documentary evidence, it becomes clear that on the request of
defendant on plaintiff has sanctioned him term loan of Rs.5,90,000/
for purchasing vehicle. At the time of sanctioning the said loan
defendant has executed composite Hypothecation agreement in favour
of plaintiff. He executed receipt on the same day regarding receipt of
said amount. It seems that defendant agreed to repay loan in 60 equal
monthly installments with interest. Statement of account shows
outstanding amount.
8. Evidence of PW1 remained unchallenged. His evidence is
supported by documentary evidence mentioned in para supra. There is
no reason to disbelieve his testimony. Hence, plaintiff succeed to prove
that it has advanced above mentioned term loan to defendant with
conditions. The amount of Rs.6,11,928.18 is due and payable by
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4 Comm. Suit No.411/2020
defendant to plaintiff with interest at the rate of 10.75% p.a. As per
account statement the defendant has paid last installment on
11/01/2019. Plaintiff has filed this suit on 21.01.2020. Hence, suit is
within limitation. Therefore, plaintiff is entitled for the recovery of
above outstanding amount. Hence, I answered point Nos.1 and 2 as
above. Hence, I pass the following order.
ORDER
1. Suit is decreed with costs.
2. The defendant is directed to pay to plaintiff the amount
of Rs.6,11,928/ with interest @ 10.75 % p.a. from the
date of suit till realization of the said amount.
3. Decree be drawn up accordingly.
Date : 19/07/2022.
(N.P. Tribhuwan)
Judge, City Civil Court,
Mumbai. C.R.No.32
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5 Comm. Suit No.411/2020
Dictated on : 19/07/2022.
Checked on : 19/07/2022.
Signed on : 19/07/2022.
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
19/07/2022. Mrs.Rupali S. Bhor
UPLOAD DATE AND TIME NAME OF STENOGRAPHER
Name of the Judge(with CR
No.)
HHJ SHRI. N. P. TRIBHUVAN
(C.R.No.32)
Date of pronouncement of Order 19/07/2022.
Order signed by P.O. on 19/07/2022.
Order uploaded on 19/07/2022.
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