Final Order 1

Order Details: Ex-parte Judgement
Pdf Text: 1 Comm. Suit No.492021
MHCC010049022020 Presented on : 27/10/2020
Registered on : 18/02/2021
Decided on : 29/11/2022
Duration : 1Y/9M/11D
IN THE CITY CIVIL COURT AT MUMBAI.
COMMERCIAL SUIT No.49 of 2021
UCO Bank A Banking Company
incorporated under the Banking companies
(Acquisition and Transfer of Undertakings)
Act, 1970) having its Head Office at 10,
Biplabi Trailokya Maharaja Surani,
Kolkata(West Bengal)700 001 and one of
its Branch Office at amongst others at
Wadala Branch, Bhartiya Krida Mandir,
Naigaum Cross Road, Wadala, Mumbai 400
021, through its Manager and Authorised
signatory Rajiv Kumar Age : 34 years.
...PLAINTIFF
VERSUS
1. M/s. Ruchi Corporation
C1/10/03, Sector 2, Vashi, Navi Mumbai
400 703.
2. Riddhi Kiran Thakare
29 years, Proprietor of M/s. Ruchi
Corporation, C1/10/03, Sector 2, Vashi,
Navi Mumbai400 703.
...DEFENDANTS
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2 Comm. Suit No.492021
Smt. Priti Tare, learned Advocates for plaintiff.
Defendant exparte.
CORAM : JUDGE SHRI. N.P. TRIBHUWAN (C.R.NO.32)
E XP A R T E J U D G M E N T
(Delivered on 29/11/2022)
This is a suit for recovery of sum of Rs.10,83,278/ with
further interest @ 9.70 % p.a. on principle sum from the date of suit till
realization of amount.
2. It is case of plaintiff that it is a banking company
incorporated under the Banking Companies (Acquisition and Transfer of
Undertakings) Act, 1970. Defendant No.1 is proprietorship company.
Defendant no.2 is sole proprietor of defendant No.1 doing catering
business. On 31/1/2017 defendants had applied for term loan of
Rs.5 Lakh for the said business. Plaintiff has sanctioned business loan of
Rs.5 lakh to the defendant on 31.1.2017. Accordingly, defendant has
signed and acknowledged the terms and conditions of sanctioned letter.
She also executed term loan agreement dtd.31/1/2017 in favour of
plaintiff. As per the agreement defendant agreed to repay the said loan
with interest @ 8.35 % p.a. in 36 equal monthly installments of
Rs.16,511/.
3. Defendants failed to repay the loan installments. Inspite of
various demands by plaintiff the defendants did not repay the loan
amount. Hence, the said account classified in “Non Performing Asset”
(NPA)on 31/05/2008 in accordance with the guidelines of Reserve
Bank of India. Thereafter on 8/01/2019 the plaintiff has issued demand
notice to defendants and called upon him to pay the outstanding
amount. However, the said RPAD envelope returned with postal remark
“Left”.
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3 Comm. Suit No.492021
4. As on 30/09/2020 as per statement of account, defendants
are in outstanding of Rs.9,99,769/ plus interest Rs.83,482/ (Total
Rs.10,83,278/). Therefore, plaintiff has filed this suit for recovery of
the said amount alongwith interest.
5. Defendants served with suit summons but they did not
appear. Hence, suit proceeded exparte against them.
6. On above facts following points arise for determination and
this court and recorded findings thereon for the reasons stated as under.
POINTS FINDINGS
1. Whether the plaintiff proved that it has
sanctioned and advanced term loan of
Rs.5,00,000/ on 31/1/2017 to
defendants?
…Yes
2. Whether the plaintiff proved that it is
entitled for recovery of amount of
Rs.10,83,278/ and interest @ 9.70.% p.a.
on principle sum ?
…Yes
3. What order and decree? ...As per final
order.
REASONS
AS TO POINT Nos.1 AND 2:
7. Heard learned counsel of Plaintiff. Plaintiff has examined
its Senior Manager and Principal Officer (PW1 Utsav Anand Sah) to
prove its case. He reproduced all content of plaint in his chief
examination. His evidence is supported by documentary evidence :
letter of authority dtd.1/7/2022, Loan application form
dtd.31/01/2017, Sanction letter dtd.31/1/2017, Demand Promissory
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4 Comm. Suit No.492021
note dtd.31/1/2017, Term loan agreement dtd.31/1/2017, Demand
notice dtd.8/1/2019 alongwith postal receipt and RPAD envelope,
Statement of account, Certificate of claim (Exh.12 to 19 respectively).
8. In view of evidence of PW1 and documentary evidence, it
becomes clear that on the request of defendants on 31/1/2017 plaintiff
has sanctioned them term loan of Rs.5,00,000/ for business purpose.
At the time of sanctioning the said loan defendants has executed term
loan agreement and above documents in favour of plaintiff. Defendants
agreed to repay loan in 36 equal monthly installments with interest.
Statement of account shows that as on 28.12.2018 the closing balance
in the said loan account was Rs.9,99,769/ plus unapplied interest of
Rs.83,482/ for a period 29/12/2018 to 30/9/2020 is due and payable.
Thus, total due and payable outstanding amount is Rs.10,83,278/.
9. Evidence of PW1 remained unchallenged. His evidence is
supported by documentary evidence mentioned in para supra. There is
no reason to disbelieve his testimony. Hence, plaintiff succeed to prove
that it has advanced above mentioned term loan facilities to defendants
with conditions. The amount of Rs.10,83,278/ is due and payable by
defendants to plaintiff and interest @ 9.70% p.a. on principle sum i.e.
loan amount of Rs.5 lakh. Therefore, plaintiff is entitled for the recovery
of the same. Hence, I answered point Nos.1 and 2 as above. Hence, I
pass the following order.
ORDER
1. Suit is decreed with costs.
2. The defendants are jointly and severally directed to pay
to plaintiff the amount of Rs.10,83,278/.
3. Defendants are jointly and severally directed to pay
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5 Comm. Suit No.492021
interest @ 9.70% p.a. on principle sum of Rs.5 Lakh from
the date of suit till realization of the said amount.
4. Decree be drawn up accordingly.
Date : 29/11/2022.
(N.P. Tribhuwan)
Judge, City Civil Court,
Mumbai. C.R.No.32
Dictated on : 29/11/2022.
Checked on : 29/11/2022.
Signed on : 29/11/2022.
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6 Comm. Suit No.492021
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
29/11/2022. Mrs.Rupali S. Bhor
UPLOAD DATE AND TIME NAME OF STENOGRAPHER
Name of the Judge(with CR
No.)
HHJ SHRI. N. P. TRIBHUVAN
(C.R.No.32)
Date of pronouncement of Order 29/11/2022.
Order signed by P.O. on 29/11/2022.
Order uploaded on 29/11/2022.
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