Final Order 2

Order Details: Copy of Judgment
Pdf Text: Judgment in
Suit No.1864 of 2019 Exh.18
MHCC010024262018
Presented on : 15022018
Registered on : 03042018
Decided on : 20022023
Duration : 5 Y, 0 M, 5 D
N THE CITY CIVIL COURT FOR GR. BOMBAY AT MUMBAI
SHORT CAUSE SUIT NO.1864 OF 2019.
Exh. 18.
ICICI Bank Ltd. ]
a Body Corporate incorporated and registered ]
under the Indian Companies Act 1956 and ]
licensed as a Bank under the Banking ]
Regulation Act 1949 having Registered ]
Office at “ICICI Bank Tower, Near Chakli ]
Circle,Old Padra Road, Vadodara 390 007, ]
Gujarat, and its Corporate Office at ]
ICICI Bank Towers, Bandra – Kurla Complex, ]
Mumbai – 400 051 through its ]
Power of Attorney Holder ]
Mr. Sameer Bapu Pange ]
Age 37 years, The Debt Manager, ] ...Plaintiff
Vs.
Shankar Ramchandra Telang ]
Age 37 years, Residing at Flat ]
No. 1404, 14th Floor, 3 Wing ]
Varuna Dosti Vihar Complex, ]
Vartak Nagar, Pokhran Road No.1, ]
Thane (West), Thane ]
400 606 ]
AND ]
Office at ]
Dreamz Development (Proprietor) ]
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Judgment in
Suit No.1864 of 2019 Exh.18
S2 Lake City Mall, Kapurbawdi, ]
Junction, Near Big Bazar, ]
Thane 400 067. ]….Defendant.
Appearance:
Adv. Ms.Prajakta Sakpal, for the plaintiff
Defendant – Exparte.
SUIT FOR RECOVERY OF MONEY
Coram : Shri. S. B. Pawar.
Judge
CR No. : 59.
Date :20th February, 2023.
ORAL JUDGMENT
This is a suit for recovery of an amount of Rs.
9,60,475.10/ with interest at the rate of 24% p.a. from the date of the
suit.
Brief facts of the plaintiff's case are as under :
2. Plaintiff is a Public Limited Company under the provisions
of the Companies Act, 1956, a banking company under the provisions
of the Banking Regulation Act, 1949 and also the Scheduled Bank as
per the provisions of the Reserve Bank of India Act, 1934. Defendant is
the borrower. On the request of the defendant, plaintiff sanctioned loan
of Rs.10,20,000/ to the defendant for purchase of vehicle vide Loan
Agreement dated 30.12.2015. Defendant executed hypothecation deed
dated 30.12.2015 and irrevocable Power of Attorney. The loan was to
be repaid in 60 Equated Monthly Installment (in Short 'EMI') of Rs.
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Judgment in
Suit No.1864 of 2019 Exh.18
21,803/. The loan was disbursed and the same was availed by the
plaintiff to purchase motor vehicle SKODA RAPID/ELEGANCE PLUS
bearing registration No. MH04HF5670. However, defendant failed
and neglected to regularize the loan account. As on 10.06.2017 an
amount of Rs.9,60,457.10/ is outstanding in the loan account of the
defendant. Plaintiff issued demand notice. However, defendant failed to
make the payment. Thus, the suit is filed to recover the amount with
interest.
3. Defendant is duly served with writ of summons but he
failed to appear in the suit. Therefore, the suit proceeded exparte
against the defendant.
4. Following points arise for my determination to which
findings have been recorded for the reasons discussed below.:
Sr. No. Points Findings
1 Whether plaintiff proves that an
amount of Rs.9,60,457/ is due
and payable by the defendant to
the plaintiff?
Yes
2. Whether plaintiff is entitled to
recover the above amount from
defendant with interest? If yes,
at what rate?
Yes
Interest at 12 % p.a.
3. What order and decree? Suit is decreed.
R E A S O N S
As to Point Nos. 1 and 2:
5. Heard Ld. advocate for the plaintiff. To substantiate the suit
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Judgment in
Suit No.1864 of 2019 Exh.18
claim, PW1 Vaibhav Suresh Mirgal filed his evidence affidavit on the
basis of Power of Attorney at Exh.6 and therein reiterated the suit
claim. The documentary evidence adduced by the plaintiff is duly
proved in the evidence of the above witness.
8. The application for Preliminary Credit facility at Exh.8 and
Credit facility Application/Agreement Form at Exh.9 show that
defendant applied on 30.10.2015 to the plaintiff for loan of
Rs.11,10,080/ for purchase of vehicle. The defendant executed Deed of
Hypothecation (Exh.10) in favour of the plaintiff bank. He also
executed irrecoverable Power of Attorney at Exh.11 in favour of the
plaintiff. Exhs.12 and 13 are the copies of terms and conditions
applicable for loan and fact statement regarding loan transaction,
respectively. Exh.14 further provides details about the agreement of
Leave and License dt.09.06.2015 of defendant. These documents
coupled with the statement of account at Exh.16 (colly) establish that
plaintiff sanctioned the loan of Rs.10,20,000/ to defendant and as on
06.10.2017 an amount of Rs.9,60,457/ is due and outstanding in the
loan account. Exh.17 is the copy of Vehicle Information Letter issued by
Regional Transport Officer (RTO) wherein the charge of the plaintiff is
noted.
9. Demand notice Exh.15 is duly served upon the defendant.
The suit is within limitation. Defendant has not appeared and contested
the suit by raising any defence. The pleadings as well as evidence of
plaintiff has remained unchallenged. Therefore, plaintiff is entitled to
recover the outstanding amount in the loan account of the defendant.
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Judgment in
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10. As regards the interest, the plaintiff bank has relied upon
clause 15 of the agreement which provides for interest at the rate of
24% p.a by way of penalty for delay in repayment. In my view, the
interest claimed by the plaintiff is excessive and in the facts of the
present suit, the same may be restricted to 12% p.a. Therefore, plaintiff
is entitled to recover the due amount with the interest as above. Thus,
point Nos. 1 & 2 are answered in the affirmative. The suit deserves to be
decreed. In the result, following order is passed :
ORDER
1. Suit No.1864 of 2019 is decreed with costs.
2. Defendant shall pay an amount of Rs.9,60,475/ to plaintiff
with interest at the rate of 12 % p.a. from the date of the suit till
entire amount is realised.
3. Decree be drawn up accordingly.
4. Suit No. 1864 of 2019 is disposed off.
(S.B. Pawar)
Judge,
City Civil and Sessions Court
Date.:20.02.2023 Greater Bombay (CR 59)
Declared on : 20.02.2023
Dictated on : 20.02.2023
Transcribed on : 03.03.2023
Checked on : 03.03.2023
Signed on : 09.03.2023.
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Judgment in
Suit No.1864 of 2019 Exh.18
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
04.03.2023 at 4.00 p.m. Mrs. P.R.Wagh
UPLOAD DATE AND TIME NAME OF STENOGRAPHER
Name of the Judge (with Court
Room No.)
HHJ SHRI.S.B.Pawar,(C.R.No.59)
Judge.,City Civil & Sessions Court,
Date of pronouncement of /Order 20.02.2023
Order signed by P.O. on 09.03.2023
order uploaded on 09.03.2023
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