Final Order 2

Order Details: Ex-parte Judgement
Pdf Text: Comm.Suit No. 414/2020. 1 Ex-parte Judgment (Exh.15).
MHCC010026462020
Presented on : 19-06-2019
Registered on : 03-03-2020
Decided on : 29-03-2022
Duration : 2 years, 9 months, 10 days
IN THE BOMBAY CITY CIVIL COURT AT BOMBAY.
COMMERCIAL SUIT NO. 414 OF 2020
Exh.15.
Krystal Colloids Pvt. Ltd., )
private limited company incorporated under )
the Companies Act, 1956, having registered )
office at, Plot No.R924A, T.T.C. Industrial )
Area, Behind Rabale Police Station, off Thane )
Belapur Road, MIDC, Rabale – 400 701 )...Plaintiff
Versus
Vea Global )
Having office at 596, Agarwal Nagar, )
Garage No.1, Dr. Babasaheb Ambedkar Road, )
Matunga, Mumbai – 400 019 )...Defendant
SUIT FOR RECOVERY OF MONEY
CORAM : HIS HONOUR JUDGE SHRI R.R.BHAGWAT.
(COURT ROOM NO.31).
DATE : 29th MARCH, 2022.
Ms. Preeti Gada, Advocate for the plaintiff.
Defendant – (Exparte).
JUDGMENT (EXPARTE)
1. This is suit for recovery of money.
2. Case of the plaintiff, in brief, is as under :
-- 1 of 5 --
Comm.Suit No. 414/2020. 2 Ex-parte Judgment (Exh.15).
The plaintiff is a private company limited incorporated
under the provisions of the Companies Act, 1956. The defendant
approached the plaintiff through broker R.H. Associates for financial
help in the form of friendly loan. Accordingly, the plaintiff advanced
friendly loan of Rs.12,00,000/ to the defendant through RTGS from his
account in Citi Bank, Fort Branch, on 05/10/2017. The defendant had
agreed to pay interest at the rate of 1.05% per month on the loan
amount and assured to repay the loan amount as and when demanded.
The defendant paid Rs.74,760/ towards interest by cheque no. 967688
for the period from 05/10/2017 to 31/03/2018. As the defendant
failed to pay the loan amount and interest for the period commencing
from 01/04/2018, advocate for the plaintiff issued demand notice dated
31/05/2019, but it returned back with endorsement as 'Not Known'.
Hence, the plaintiff filed the suit for recovery of outstanding amount of
Rs.13,71,780/ (principal amount of Rs.12,00,000/ plus interest of
Rs.1,71,780/). He also claimed further interest at the rate of 1.05%
per month on principal amount of Rs.12,00,000/ from the date of the
suit till the date of realization with costs.
3. The defendant is duly served with writ of summons as per
affidavit of service (Exh.4), but he failed to appear and oppose the
claim of the plaintiff. Therefore, I passed the exparte order against him
on 09/12/2021.
4. PW 1 Nayan Mepani, Managing Director of the plaintiff
company deposed on evidence affidavit (Exh.8) and proved documents
filed with list of documents (Exh.6). Proved documents are at Exh.9 to
13. The plaintiff closed evidence vide pursis (Exh.14). Heard learned
counsel Miss Preeti Gada for the plaintiff.
-- 2 of 5 --
Comm.Suit No. 414/2020. 3 Ex-parte Judgment (Exh.15).
5. After considering pleadings of the plaintiff and evidence on
record, following points arose for my determination with my findings
against them with reasons to follow :
SR.NO. POINTS FINDINGS
1. Does the plaintiff prove that he is
entitled to recover amount of
Rs.13,71,780/ (principal amount of
Rs.12,00,000/ plus interest of
Rs.1,71,780/) from the defendant ? In the Affirmative.
2. Does the plaintiff prove that he is
entitled to further interest on principal
amount of Rs.12,00,000/ ? If yes, at
what rate of interest ? In the Affirmative.
@ 12% p.a.
3. What order as to costs ? As per final order.
4. What order and decree ? Suit is partly
decreed.
REASONS
AS TO POINTS NO.1 TO 3 :
6. PW 1 Nayan Mepani has specifically stated that the loan
amount of Rs.12,00,000/ was paid to the defendant through RTGS on
05/10/2017. In order to prove this aspect, he has placed on record
letter of Citi Bank (Exh.10). He also stated about receipt of the interest
of Rs.74,760/ by cheque no. 967688 issued by the defendant. Interest
is credited in the account of the plaintiff on 31/03/2018 as per letter of
the Citi Bank (Exh.11). In short, the plaintiff has brought on record
sufficient evidence to prove advancement of loan amount to the
defendant and receipt of interest from him. The plaintiff had issued
-- 3 of 5 --
Comm.Suit No. 414/2020. 4 Ex-parte Judgment (Exh.15).
notice dated 31/05/2019 (Exh.12) to the defendant, but it was
returned with endorsement as 'Not Known'. In short, claim of the
plaintiff is proved from oral as well as documentary evidence on record.
7. So far as interest rate is concerned, the plaintiff has not
brought on record any document to demonstrate that the defendant had
agreed to pay interest at the rate of 1.05% per month. Considering part
payment of interest and commercial nature of transaction, interest at
the rate of 12% p.a. can be granted on the principal amount. Costs of
the suit is liable to be imposed on the defendant. In the light of above
discussion, I record my finding as to points no.1 and 2 in the affirmative
with modification in rate of interest as discussed above. Hence, I pass
the following order :
ORDER
1. Commercial Suit No. 414/2020 is partly decreed.
2. The defendant is directed to pay amount of Rs.13,71,780/
(Rupees Thirteen Lakhs Seventyone Thousand Seven
Hundred Eighty Only) to the plaintiff with further interest
on principal amount of Rs.12,00,000/ @ 12% p.a. from
the date of the suit till the date of realization within three
months from the date of decree.
3. The defendant shall bear the costs of the suit.
4. Decree be drawn up accordingly.
(R.R.BHAGWAT)
Judge, City Civil Court,
(Court Room No.31)
Date : 29/03/2022. Mumbai.
1. Dictated online on : 29/03/2022.
2. Signed on : 29/03/2022.
3. Delivered to Certified :
Copy Section on
-- 4 of 5 --
Comm.Suit No. 414/2020. 5 Ex-parte Judgment (Exh.15).
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
UPLOAD DATE AND TIME NAME OF STENOGRAPHER
29/03/2022. 3.44 p.m. Miss M.A.Kulkarni.
Name of the Judge (with Court Room no.) HHJ Shri R.R.Bhagwat.
(Court Room No.31).
Date of Pronouncement of Judgment/Order 29/03/2022.
Judgment/Order signed by P.O. on 29/03/2022.
Judgment/Order uploaded on 29/03/2022.
-- 5 of 5 --