Final Order 1

Order Details: Copy of Judgment
Pdf Text: Judgment in Exh. 36
Suit No. 346 of 2021
MHCC010048482018
Presented on : 12042018
Registered on : 01062018
Decided on : 15042023
Duration : 4 Yr, 10 M, 14 D
Exh. 36.
IN THE CITY CIVIL COURT FOR GR. BOMBAY AT MUMBAI
SHORT CAUSE SUIT NO.346 OF 2021.
IDBI Bank Limited. ]
A Company incorporated and registered, ]
under the Indian Companies Act, 1956 ]
[1 of 956] and also a banking company under ]
Section 5(c) of Banking Regulation ]
Act of 1949 [10 of 1949], having its registered ]
office at IDBI Tower, WTC Complex, ]
Cuffe Parade, Mumbai 400 005 and having one ]
of the its branches amongst other places at Indu ]
House, Veer Savarkar Marg, Prabhadevi 400 025. ] .... Plaintiff.
V/s
1. M/s. Samarth Tours and Travels. Prop. ]
Mohan Bagal, having address at 18/7, Shri ]
Sainath Nagar, Nasib Ali Chawl, Near Kurla ]
Garden, LBS Marg, Kurla West, Mumbai 400 070. ]
2. Mohan Bagal, Male, adult, Indian inhabitant ]
Having address at 18/7, Shri Sainath Nagar, ]
Nasil Ali Chawl, Near Kurla Garden, LBS Marg, ]
Kurla (West), Mumbai 400 070. ]
3. Mr. Santosh Adagale, Male, Adult, Indian ]
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Judgment in Exh. 36
Suit No. 346 of 2021
Inhabitant, Having address at Room No.124, ]
Rajesh Nagar, J.B. Road, Sewri, Mumbai 400 015.]….Defendants.
Appearance:
Adv. Mrs. A.W.Barve for the plaintiff.
Defendant Exparte.
SUIT FOR RECOVERY OF MONEY
Coram : Shri. S. B. Pawar.
Judge.
CR No. : 59.
Date :15th April, 2023.
ORDER
This is suit for recovery of an amount of Rs.7,95,885/ with
interest at the rate of 11.75% p.a.
Brief facts of the plaintiff's case are as under :
2. The plaintiff is a Company incorporated and registered
under Companies Act, 1956 and also a banking Company under
Banking Regulation Act, 1949. Defendant No.1 approached plaintiff for
term loan to purchase a car to be used as a taxi. Defendant No.2 is
proprietor of defendant No.1 and a guarantor and defendant No.3 is
also a guarantor to the loan. On the application of defendant No.1
dated 09.04.2015, plaintiff sanctioned term loan of Rs.9,21,933/ under
Small Road and Water Transport Operator Scheme. Defendants
executed all the necessary security documents. Plaintiff disbursed the
loan amount. However, defendant No.1 failed to regularise the account.
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Judgment in Exh. 36
Suit No. 346 of 2021
Plaintiff issued various demand notices to the defendants. However,
defendants did not take steps to regularise the account. Ultimately
plaintiff addressed recall notice dated 13.02.2017 and notice of
invocation and guarantee dated 15.11.2017. But defendants failed to
repay the outstanding loan amount. As on 12.04.2018, an amount of
Rs. 7,95,887/ is outstanding from the defendants. The suit is filed to
recover the said amount with interest at the rate of 11.75 %p.a.
3. Despite of service of writ of summons, defendants failed to
appear in the suit. Therefore, the suit proceeded exparte against the
defendants.
4. 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.7,95,887/ is due
and payable by the defendants
to the plaintiff?
..Yes..
2. Whether plaintiff is entitled to
recover the aforesaid amount
from the defendant with inter
est at 11.75% p.a.?
...Yes..
3. What order and decree? Suit is decreed.
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Judgment in Exh. 36
Suit No. 346 of 2021
REASONS
As to point Nos. 1 to 3:
5. Heard. Ld. advocate for plaintiff. In order to prove the suit
claim, Mr. Rameshwar Taktode filed his affidavit in lieu of examination
inchief at Exh.7 as PW1 and reiterated the claim in terms of pleadings
in the plaint. The documents tendered in evidence are duly proved in
the evidence of PW1.
6. Document at Exh. 9 is the application dated 13.08.2015 by
defendant No.1 requesting term loan of Rs.9,40,406/. Exh.10 is the
Proforma Invoice issued by Ritu Nissan in respect of vehicle Nissan
model of Sunny XV indicating on road price as Rs.10,84,627/. Sanction
Letter at Exh.11 shows that plaintiff sanctioned the loan of
Rs.9,21,933/ to the defendant No.1. Defendant No.1 through
proprietor defendant No.2 executed Demand Promissory Note (Exh.12),
Demand Promissory Note Delivery Letter (Exh.13) and Hypothecation
LettercumAgreement (Exh. 19) in favour of plaintiffBank. Letter of
Authority at Exh. 15 and Undertaking at Exh. 16 are also executed by
defendant No.1 through its proprietor defendant No.2 in favour of the
plaintiffBank. Exh. 17 is Common Guarantee Deed executed by
defendant No.2 and 3 in respect of loan sanctioned by the plaintiff. Vide
Exh.18, Ritu Nishan has received an amount of Rs.9,21,933/
sanctioned by the bank. The tax invoice of the vehicle is at Exh.19. The
copy of Registration Certificate at Exh. 20 indicates that the
hypothecation charge of plaintiff is entered in Registration Certificate of
the vehicle. All the above documents establish that on the request of
defendant No.1, plaintiff Bank sanctioned the loan of Rs.9,21,933/ and
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Judgment in Exh. 36
Suit No. 346 of 2021
disbursed the same to defendant No.1 to which defendant No.2 and 3
are the guarantors.
7. The documents at Exhs.21 to 34 are the various demand
notices issued by the plaintiff to defendants. The statement of account
annexed with the particulars of claim at Exh. 35 further reflects that an
amount of Rs.7,95,887/ is payable by the defendants to the plaintiff.
The suit is within the limitation. Defendants have not put forth any
valid defence. Therefore, plaintiff is entitled to recover the outstanding
loan amount from the defendants with interest at the rate of 11.75%
p.a. as agreed in the loan documents. Therefore, point Nos.1 and 2 are
answered in the affirmative. Suit thus, deserves to be decreed. In the
result, following order is passed:
ORDER
1. Suit No. 346/2021 is decreed with costs.
2. Defendants shall, jointly and severally, pay an amount of Rs.
7,95,887/ to the plaintiff with interest at the rate of 11.75% p.a.
from the date of the suit till entire amount is realised.
3. Decree be drawn up accordingly.
4. Suit No. 346 of 2021 disposed off accordingly.
(S.B. Pawar)
Judge,
City Civil and Sessions Court
Date.:15.04.2023 Greater Bombay (CR 59)
Declared on : 15.04.2023
Dictated on : 15.04.2023
Transcribed on : 18.04.2023
Checked on : 19.04.2023
Signed on : 20.04.2023.
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Judgment in Exh. 36
Suit No. 346 of 2021
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
05.05.2023 at 2.00p.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 15.04.2023
Order signed by P.O. on 20.04.2023
order uploaded on 05.05.2023
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