Final Order 1

Order Details: Ex-parte Judgement
Pdf Text: 1 Comm. Suit No.11812021
MHCC010051272021 Presented on : 17/7/2021
Registered on : 20/8/2021
Decided on : 25/1/2023
Duration : 01Y/05M/05D
Exh.30
IN THE CITY CIVIL COURT AT MUMBAI.
(Court Room No.32)
COMMERCIAL SUIT No.1181 of 2021
Canara Bank, a Banking Company,
constituted and functioning under the
provisions of the Banking Companies
(Acquisition and Transfer of Undertakings)
Act, 1970, having their Central Office at
Bangaluru, Pin 560 002, Karnataka State
and a Branch Office at All Saints Home
Building 54A Dockyard Road, Mazgaon,
Mumbai400 010.
The suit is filed by Pramod Kumar Singh,
age 37 years Manager and Power of
Attorney Holder.
...PLAINTIFF
VERSUS
1. Jaishree R. Gaud an adult inhabitant, 38
years, Prop. Of M/s. J.S. Tours & Travels
Harhar Mahadev Welfare Association,
Subhash Nagar No.2, Rebello Compound,
Anbdheri(East), Mumbai400 093.
And
Ganesh Chawl Committee, R.No.1, Galli
No.6, MIDC Road, Subhash Nagar, Chakala,
Andheri(East), Mumbai400 093.
And
3K, Ahmed CHL, Mittal Estate,
Bhagatpada3, Mittal Estate Compound,
Andheri(E), Mumbai400 059.
And
...DEFENDANT
Village Payakpur, P.O. Dingrapur, Harraiya,
Basti, Uttar Pradesh272301.
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2 Comm. Suit No.11812021
Shri. S. V. Sule h/f. Sanjeev Kanchan, learned Advocates for
plaintiff.
Defendant exparte.
CORAM : JUDGE SHRI. N.P. TRIBHUWAN
E XP A R T E J U D G M E N T
(Delivered on 25/1/2023)
This is a suit for recovery of sum of Rs.5,73,200.97 with
interest @ 9.45% p.a. (Rate of interest is floating from time to time
according to the guidelines of the banking) + 2 % overdue interest till
the entire and uptodate dues are paid by the defendant to the plaintiff
from the date of suit till realization of amount.
2] Plaintiff is a body corporate constituted and functioning
under the provisions of the Banking Companies (Acquisition and
Transfers of Undertakings) Act, 1970. Defendant approached the
plaintiff and applied for loan of Rs.9,49,000/ for purchasing vehicle.
On 09/06/2015 plaintiff sanctioned and disbursed him loan of
Rs.9,49,000/ under the scheme – Canara Pragati (SMESRTO Service)
with interest @ 10.55 p.a. (0.55% above base rate, presently base rate
is 10%). Defendant has executed composite hypothecation agreement ,
letter of undertaking on 9/6/2015, acknowledgment of debt and
security dtd.1/6/2018 in favour of plaintiff.
3] The said vehicle loan was restructured on 8/3/2019 for 36
equal monthly installments of Rs.15,997/ with interest 9.7% per month
during holiday period. Defendant was irregular in repayment of loan
installments. Hence, plaintiff issued notice on 31/1/2020 to the
defendant and called upon him to pay the outstanding dues. However,
defendant did not clear the outstanding amount. Hence, plaintiff filed
this suit for principal sum of Rs.4,37,424.80 + interest of
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3 Comm. Suit No.11812021
Rs.1,35,776.17 (Total Rs.5,73,200/).
4] Defendant served with suit summons but did not appear.
Hence, suit proceeded exparte against him.
5] 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
advanced vehicle loan of Rs.9,49,000/ to
plaintiff ?
…Yes
2. Whether the plaintiff proved that
defendant is in outstanding principal sum
of Rs.4,37,424.80 + interest of
Rs.1,35,776.17 (Total Rs.5,73,200/) ?
…Yes
3. Whether the plaintiff is entitled for the
relief claimed?
...Yes
4. What order and decree? ...As per final
order.
REASONS
AS TO POINT Nos.1 TO 3 :
6] Heard learned counsel of Plaintiff. Plaintiff has examined
its Sr. Manager (PW1 Vidhadhar S. Khandait) to prove its case. He
reproduced all content of plaint in his chiefexamination. His evidence
is supported by documentary evidence (Exh.11 to 29) : Authority
Letter dtd.9/1/2023, application form dtd.31/5/2015, Sanction letter
dtd.09/06/2015, Letter of undertakings reloan/advance dtd.9/6/2015,
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4 Comm. Suit No.11812021
Deed of Hypothecation revehicle dtd.09/06/2015, Acknowledgment of
Debt and Security Agreement dtd.1/06/2018, Application form
dtd.8/03/2019, Sanction letter 8/3/2019, Letter of undertakings
dtd.8/3/2019, Debtor and Creditor Agreement dtd.8/3/2019, Debt
restructuring agreement dtd.8/3/2019, Plaintiff advocate notice
dtd.31/1/2020, Postal receipt, acknowledgment card, RC copy,
Proforma invoice dtd.16/05/2015, Statement of account, I.T.
Certificate.
7] In view of evidence of PW1 Sr. Manager of plaintiffBank
and documentary evidence, it becomes clear that on the request of
defendant on 9/06/2015 plaintiff has sanctioned him vehicle loan of
Rs.9,49,000/ for purchasing vehicle. At the time of sanctioning the said
loan defendant has executed Hypothecation agreement and above
documents in favour of plaintiff. The said vehicle loan was restructured
on 08/03/2019 for 36 equal monthly installments of Rs.15,997/ with
interest @ 9.7% p.a. Statement of account (Exh.27) shows that as on
the date of filing of the suit defendant was in outstanding principal sum
of Rs.4,37,424.80 + interest of Rs.1,35,776.17 (Total Rs.5,73,200/).
8] 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 vehicle loan to defendant with
conditions. Principal sum of Rs.4,37,424.80 + interest of
Rs.1,35,776.17 (Total Rs.5,73,200/) is due and payable by defendant
with interest @ 9.45% p.a. + 2% overdue interest. Therefore, plaintiff
is entitled for the recovery of the same. Hence, I answered point Nos.1
to 3 as above. Hence, I pass the following order.
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5 Comm. Suit No.11812021
ORDER
1. Suit is decreed with costs.
2. The defendant is directed to pay to plaintiff the amount
of Rs.5,73,200.97 and interest @ 9.45% p.a. + 2%
overdue interest on principal sum of Rs.4,37,424.80 from
the date of suit till realization of the said amount.
3. Decree be drawn up accordingly.
Date : 25/1/2023.
(N.P. Tribhuwan)
Judge, City Civil Court,
Mumbai. C.R.No.32
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6 Comm. Suit No.11812021
Dictated on : 25/1/2023.
Checked on : 25/1/2023.
Signed on : 25/1/2023.
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
25/1/2023. Mrs.R.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 25/1/2023.
Order signed by P.O. on 25/1/2023.
Order uploaded on 25/1/2023.
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