Order 1

Order Details: Copy of Judgment
Pdf Text: Judgment in Suit No.
1814 of 2019.
MHCC010024292018
Presented on : 15022018
Registered on : 03042018
Decided on : 20122022
Duration : 4 Y, 10 M, 5 D.
IN THE CITY CIVIL COURT FOR GR. BOMBAY AT MUMBAI
SHORT CAUSE SUIT NO.1814 OF 2019
Exh.19
ICICI Bank Ltd. ]
a Body Corporate, incorporated and registered ]
under the Indian Companies Act 1956 ]
and licensed as 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
V/s
Vijay Yashu Patne. ]
Age 35 years, Residing at Flat No. 103, ]
A Wing, Galaxy Homes, Reeibunder Road, ]
Kalher Bhiwandi 421 302. ] …. Defendant
Appearance:
Adv. Prajakta Sakpal i/b Divekar Bhagwat & Co, for the plaintiff.
Defendant Exparte.
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Judgment in Suit No.
1814 of 2019.
SUIT FOR RECOVERY OF MONEY
Coram : His Honour Judge
Shri. S. B. Pawar.
CR No. : 59.
Date : 20/12/2022
JUDGMENT
This is a suit for recovery of an amount of Rs.
8,40,922.40/ with interest at the rate of 24% p.a. from the date of the
suit.
Brief facts of the case are as under :
2. Plaintiff is a Public Limited Company registered under the
provisions of the Companies Act, 1956 and a banking company under
the provisions of the Banking Regulation Act, 1949. It is also a
Scheduled Bank as per the Reserve Bank of India Act, 1934.
3. In December 2016, plaintiffBank sanctioned loan of Rs.
8,00,000/ to the defendant to purchase vehicle MAHINDRA TUV 300.
The defendant executed necessary security documents in favour of the
plaintiffBank. The loan was disbursed and was to be paid in 60
equated monthly installments with interest at the rate of 10.37% p.a.
However, defendant failed and neglected to maintain the loan account
and to regularize the loan account. An amount of Rs. 8,40,922.90/ is
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Judgment in Suit No.
1814 of 2019.
outstanding in the loan account. Inspite of issuance of demand notice,
defendant failed to repay the above amount. Therefore, suit is filed for
recovery of the aforesaid amount with interest at the rate of 24% p.a.
4. Despite of service of writ of summons, defendant failed to
appear in the suit. Therefore, the suit proceeded exparte against
defendant.
5. Following points arise for my determination, to which, I
record my findings for the reasons discussed below.:
Sr. No. POINTS FINDINGS
1. Whether plaintiff proves that an
amount of Rs.8,40,922.90/ is
due and payable by the defen
dant to the plaintiff?
..Yes..
2. Whether plaintiff is entitled to
recover the aforesaid amount
with interest from the defen
dants? At what rate?
..Yes..
Interest at 12%
p.a.
3. What order and decree? Suit is decreed.
:REASONS:
As to Point Nos. 1 to 3:
6. Heard Ld. advocate Ms. Prajakta Sakpal for the plaintiff.
PW1 Vaibhav Suresh Mirgal, the Officer and Power of Attorney Holder
of the plaintiffBank tendered his affidavit in lieu of examinationin
chief at Exh.4, to substantiate the suit claim. He duly proved the
documents tendered in evidence.
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Judgment in Suit No.
1814 of 2019.
7. The verified copy of Power of Attorney dated 18.09.2019 at
Exh.6 shows that PW1 Vaibhav Suresh Mirgal is authorized to depose
on behalf of the plaintiffBank. The application dated 16.12.2016 at
Exh.7 and 8 indicate that defendant applied for the loan of
Rs.8,00,000/ for purchase of vehicle to the plaintiffBank and executed
Deed of Hypothecation dated 16.12.2016 at Exh.9 and Power of
Attorney at Exh.10 in favour of the plaintiffBank. The terms and
conditions of the loan facility are provided in the document at Exh.11.
The document at Exh.12 provides details of the loan. The document at
Exh.14 is loan recall notice dated 03.07.2017. The above documents
establish that the plaintiff Bank sanctioned loan of Rs.8,00,000/ to the
defendant to purchase the vehicle. Certified copy of Registration
Certificate of vehicle bearing No. MH04HM 9622 finds mention of the
charge of the plaintiff Bank.
8. The statement of account at Exh.15 shows that an amount
of Rs.8,40,922.92/ is outstanding in the loan account of the defendant
as on 13.10.2017. The suit is lodged on 15.02.2018 which is within
limitation. The statement of account further indicates that cheques
issued by the defendant in repayment of loan installments are
consistently dishonored due to 'insufficient funds' in the account of the
defendant. Thus, the plaintiffBank is entitled to recover the
outstanding loan amount from the defendant.
9. The plaintiffBank has claimed the above amount with
interest at the rate 24% p.a. The documents proved in the evidence
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Judgment in Suit No.
1814 of 2019.
reflect that the loan was sanctioned at fix interest rate of 10.37% p.a.
Plaintiff is claiming penalty interest as per the agreement. The rate of
interest claimed by the plaintiff is excessive and the defendant can be
ordered to pay the outstanding amount at the interest of 12% p.a. from
the date of suit. Therefore, point Nos. 1 & 2 are answered in the
affirmative and following order is passed:
ORDER
1. The suit No. 1814 of 2019 is decreed with costs.
2. Defendant shall pay an amount of Rs.8,40,922/ to the
plaintiffBank with interest at the rate of 12% p.a. from the date
of the suit till the entire amount is realised.
3. Decree be drawn up accordingly.
4. Suit No. 1814 of 2019 is disposed off.
(S.B. Pawar)
Judge,
Dated: 20/12/2022 City Civil and Sessions Court,
Greater Bombay (CR 59)
Declared on : 20.12.2022
Dictated on : 20.12.2022
Transcribed on : 30.12.2022
Checked On : 02.01.2023
Signed on : 02.01.2023
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Judgment in Suit No.
1814 of 2019.
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.. 7..
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
03.01.2023 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 20.12.2022
Order signed by P.O. on 02.01.2023
order uploaded on 03.01.2023
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