Final Order 1

Order Details: Ex-parte Judgement
Pdf Text: 1 Comm.SU No.4632020
MHCC010033212020
Presented on : 17032020
Registered on : 26102020
Decided on : 15112021
Duration : Y01, M07, D29
IN THE CITY CIVIL COURT AT GREATER BOMBAY
COMMERCIAL SUIT NO.463 OF 2020
Bank of Baroda, ]
A body corporate,constituted under the Banking ]
Companies (Acquisition & Transfer of Undertakings) ]
Act,1970 having their corporate office at Baroda ]
Corporate Centre, G26, G Block, BandraKurla Complex]
Bandra (E), Mumbai400 051 and its Altamount Road ]
Branch at 36, Crystal, Kemps Corner, Mumbai400 026 ]
through its Chief Manager Mrs. Rekha Pai ]...Plaintiff
V/s
Mrs. Rupali Vinay Patil ]
of Indian inhabitant, adult, residing6 & 7, ]
Brahamachitanya Apartment, Opp. Sanjeen Hospital ]
Golmohar Colony, Sangali, Maharashtra416416 ]....Defendant
APPEARANCE:
Adv. Divya Bamne i/by M/s. A.R. Bamne &Co. for the plaintiff.
Defendant Exparte.
CORAM : HIS HONOUR ADHOC JUDGE
SHRI. RAJESH A. SASNE
(C.R.No.32)
DATED : 15th November, 2021
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EXPARTE JUDGMENT
This is suit under Section 2(1)(c)(i) of the Commercial
Courts Act, 2015 for recovery of amount advanced to the defendant by
term loan.
In brief, the facts of the plaintiff's case are as under :
2. The plaintiff is body corporate constituted under the
Banking Companies (Acquisition and Transfer of Undertakings) Act,
1970. On the request of the defendant on 27.03.2018, the plaintiff
sanctioned term loan of Rs.5,00,000/ to the defendant. The defendant
was liable to repay the loan in 48 equal monthly installments each of
Rs.13,303/ alongwith interest thereon with effect from 24.04.2018.
The defendant has paid the monthly installments till 25.03.2020, but
thereafter, she failed and neglected to pay the monthly installments. On
23.10.2018, her loan account came to be classified as NPA. Demand
notice for repayment of outstanding dues was issued by the plaintiff to
the defendant on 17.05.2019. In spite of the same, the defendant has
failed to pay the outstanding dues. The defendant is liable to pay the
outstanding amount of Rs.5,86,563.24 alongwith interest at the rate of
12.55% p.a. and penal interest at the rate of 2% p.a. Accordingly, the
plaintiff has prayed for decree against the defendant in respect of said
amount.
3. By my predecessor's order dated 05.04.2021, suit is
proceeded exparte against the defendant.
4. Heard the learned Advocate for the plaintiff. No argument
of the defendant. Points for determination along with my findings
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thereon with reasons are as under:
POINTS FINDINGS
1. Whether the plaintiff proves that it has
advanced term loan of Rs.5,00,000/ to the
defendant ?
Yes
2. Whether the defendant has failed to repay
the amount due against the loan to the
plaintiff ?
Yes
3. Whether the plaintiff proves that the
amount of Rs.5,86,563.24 is due and
payable from the defendant?
Yes
4. If yes, at what rate of interest ? @ 12.55% p.a.
5. What order and decree? Suit is decreed
REASONS
AS TO POINT NOs.1 to 4:
5. All these points are interlinked with each other, hence they
are taken together for consideration. The plaintiff in support of its claim
has examined Sayali (PW1) at Exh.06. The plaintiff has relied on the
following documentary evidence (Exh.07):
1 Letter of authority dated 30.09.2021 at Exh.08
2 Loan application dated 26.03.2018 at Exh.09
3 Sanction letter dated 27.03.2018 at Exh.10
4 Demand promissory note dated 27.03.2018 at Exh.11
5 Letter of installment with acceleration of clause dated
27.03.2018 at Exh.12
6 Composite Undertaking Cum Declaration dated 27.03.2018
at Exh.13
7 Legal notice dated 17.05.2019 sent by the Advocate of
plaintiff to the defendant alongwith postal receipt at Exh.14
8 Acknowledgment card in respect of defendant at Exh.15
9 Statement of accounts alongwith the Banker's Book
Evidence Act Certificate at Exh. 16 colly.
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6. The documentary evidence alongwith oral evidence of the
plaintiff shows that the defendant approached the plaintiff bank for
obtaining term loan of Rs.5,00,000/. The sanction letter (Exh.10)
shows that the plaintiff bank has sanctioned loan of Rs.5,00,000/ to
the defendant with rate of interest at the rate of 12.55% p.a. The period
for repayment of loan was 48 months. The defendant has executed
demand promissory note for the same which is at Exh.11. The
defendant has also executed composite undertaking cum declaration at
Exh.13. These documents clearly show that the defendant has obtained
loan of Rs.5,00,000/ from the plaintiff.
7. Sayali (PW1) deposes that the defendant has failed and
neglected to pay the outstanding amount of the loan which resulted
into classification of loan account as NPA. The defendant was called
upon to pay the outstanding loan amount by legal notice dated
17.05.2019 at Exh.14. She further deposes that in spite of this, the
defendant has failed to pay the outstanding amount. On the date of
filing of suit, amount of Rs.5,86,563.24 was due and payable from the
defendant to the plaintiff. For which the plaintiff has relied on the
account statement at Exh.16 (colly). These documents alongwith oral
evidence show that the defendant has failed to pay the outstanding
amount of Rs.5,86,563.24 to the plaintiff.
8. The agreed rate of interest as stated in the sanction letter is
12.55% p.a. and there will be penal interest at the rate of 2% p.a. for
delayed payment. Even excluding the penal interest, the defendant is
liable to pay the outstanding amount along with interest at the rate of
12.55% p.a. Considering the transaction and considering the fact that
the defendant has obtained term loan, in my view, the plaintiff is
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entitled for the rate of interest at the rate of 12.55% p.a. on
Rs.5,86,563.24 from the date of filing of suit till realisation.
9. As aforesaid the plaintiff proves that the defendant has
obtained loan of Rs.5,00,000/ from the plaintiff. The plaintiff also
proves that the defendant has failed to repay the balance loan amount
of Rs.5,86,563.24 which is due and payable from the defendant to the
plaintiff. Hence, the plaintiff is entitled for the decree against the
defendant for recovery of said amount along with interest at the rate of
12.55% p.a. from the date of filing of this suit till realisation of amount.
Accordingly, I answer points No.1 to 4.
AS TO POINT NO.5:
10. In view of my findings to point Nos.1 to 4, the suit is liable
to be decreed with costs. In the result, in answer to point No.5, I pass
the following order.
ORDER
1. Suit is decreed with costs.
2. The defendant do pay to the plaintiff an amount of
Rs.5,86,563.24(Rupees Five Lakh Eighty Six Thousand
Five Hundred Sixty Three and Paise Twenty Four
Only) together with interest at the rate of 12.55% per
annum from the date of filing of this suit till its
realisation.
3. Decree be drawn up accordingly.
(Rajesh A.Sasne)
Judge,
City Civil & Sessions Court,
Date : 15.11.2021 Mumbai.
Dictated on : 15.11.2021
Transcribed on : 15.11.2021
Signed by HHJ on : 15.11.2021
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“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
15.11.2021 at 5.15 p.m.
UPLOAD DATE AND TIME
(Mrs. K.S.Bhosale)
NAME OF STENOGRAPHER
Name of the Judge HHJ SHRI RAJESH A.SASNE
(COURT ROOM NO.32)
Date of pronouncement of
judgment/order
15.11.2021
Judgment/order signed by P.O. on 15.11.2021
Judgment/order uploaded on 15.11.2021
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