Final Order 1

Order Details: Ex-parte Judgement
Pdf Text: 1 Comm. Suit No.2482019
MHCC010056772019 Presented on : 7/6/2019
Registered on : 9/12/2019
Decided on : 19/1/2023
Duration : 3Y/1M/10D
Exh.23
IN THE CITY CIVIL COURT AT MUMBAI.
COMMERCIAL SUIT No.248 of 2019
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
Mandvi Branch, 1st floor, Alankar Building,
Vadgadi, Samual Street, Masjid West,
Mumbai400 003.
Through its Manager and Authorised
Signatory Vishal Pandit Sakharkar
...PLAINTIFF
VERSUS
1. M/s. Pravin Sitaram Salvi
Flat No.303, B5, Saraf Choudhary Nagar,
CHSL, Thakur Complex, Kandivali(East),
Mumbai400 101.
2. Mr. Pravin Sitarm Salvi
Age not known.
Flat No.303, B5, Saraf Choudhary Nagar,
CHSL, Thakur Complex, Kandivali(East),
Mumbai400 101.
...DEFENDANTS
Smt. Priti Tare, learned Advocates for plaintiff.
Defendant exparte.
CORAM : JUDGE SHRI. N.P. TRIBHUWAN (C.R.NO.32)
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2 Comm. Suit No.2482019
E XP A R T E J U D G M E N T
(Delivered on 19/1/2023)
This is a suit for recovery of sum of Rs.10,64,319/ with
interest @ 9.60 % 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 firm.
Defendant no.2 is the sole proprietor of defendant No.1 conducting the
business. On 1/7/2016 defendants had applied for term loan of
Rs.5 Lakh and cash credit facility of Rs.5 Lakh. Plaintiff has sanctioned
term loan and cash credit facility of Rs.5 Lakh each to the defendants as
per sanctioned letter dtd.12/9/2016. On 15/9/2016 defendants has
executed term loan agreement in favour of plaintiff Bank. As per the
agreement defendants agreed to repay loan amount with interest @
9.60 % p.a. in 120 equal monthly installments of Rs.6,597/.
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 30/11/2018 in accordance with the guidelines of Reserve
Bank of India. Thereafter on 28/01/2019 the plaintiff has issued
demand notice to defendants and called upon them to pay the
outstanding amount. However, the said RPAD envelope returned with
postal remark “ Left”.
4. As on 30/11/2018 as per statement of account, defendants
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3 Comm. Suit No.2482019
are in outstanding of Rs.10,64,319/ as under.
Outstanding dues of term loan Rs.4,65,688/
Interest @ 9.60 % p.a. upto
31/5/2019 towards term loan.
Rs.44,706/
Outstanding dues of cash credit. Rs.5,05,406/
Interest @ 9.60 % p.a. upto
31/5/2019 towards cash credit.
Rs.48,518/
Total 10,64,319/
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. Does plaintiff prove that it has sanctioned
and advanced term loan of Rs.5,00,000/
and cash credit facility of Rs.5,00,000/ on
12/9/2016 to defendants?
…Yes
2. Whether the plaintiff proved that it is
entitled for recovery of amount of
Rs.10,64,319/ and interest @ 9.60 % p.a.
on principal 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
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4 Comm. Suit No.2482019
its Manager (PW1 Rajivranjan Sanjivan Choudhary) to prove its case.
He reproduced all content of plaint in his chiefexamination. His
evidence is supported by documentary evidence : Letter of authority dt.
01/07/2022, Loan application form dt. 01/07/2016 , Sanction letter dt.
12/09/2016, Demand promissory note dt.15/09/2016, Agreement
relating to term loan dt.15/09/2016 executed by the defts., Deed of
hypothecation of movables to secure a term loan, Demand promissory
note dt.15/09/2016, Deed of hypothecation of goods to secure a
demand cash credit, Guarantor's form dt.15/09/2016, Legal notice dt.
28/01/2019 along with original postal receipt and RPAD envelope,
Statement of account of terms loan account no.01420610002308,
Statement of account of cash credit account no.01420510000342.
(Exh.9 to 20 respectively).
8. In view of evidence of PW1 and documentary evidence, it
becomes clear that on the request of defendant on 12/9/2016 plaintiff
has sanctioned him term loan of Rs.5,00,000/ plus cash credit facility
of Rs.5,00,000/ for business purpose. At the time of sanctioning the
said loan defendant has executed term loan agreement and above
documents in favour of plaintiff. Defendants agreed to repay loan in
120 equal monthly installments with interest. Statement of account
shows that as on 28.2.2018 the closing balance in term loan account
was Rs.4,65,688/ and in cash credit account was Rs.5,05,406/ was
due and payable. The defendants are liable to pay interest of
Rs.44,706/ upto 31/5/2019 in respect of the term loan and
Rs.48,518/ upto 31/5/2019 in respect of cash credit facility. Thus,
total due and payable outstanding amount is Rs.10,64,319/.
9. Evidence of PW1 remained unchallenged. His evidence is
supported by documentary evidence mentioned in para supra. There is
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no reason to disbelieve his testimony. Hence, plaintiff succeed to prove
that it has advanced above mentioned term loan and cash credit facility
to defendant with conditions. The amount of Rs.10,64,319/ is due and
payable by defendants to plaintiff and interest @ 9.60% p.a. on
principle sum. 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.10,64,319/.
3. Defendants are jointly and severally directed to pay
interest @ 9.60% p.a. on principal term loan of
Rs.4,65,688/ and principal cash credit sum of
Rs.5,00,000/ from the date of suit till realization of the
said amount.
4. Decree be drawn up accordingly.
Date : 19/1/2023.
(N.P. Tribhuwan)
Judge, City Civil Court,
Mumbai. C.R.No.32
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Dictated on : 19/1/2023.
Checked on : 19/1/2023.
Signed on : 19/1/2023.
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
19/1/2023. 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 19/1/2023.
Order signed by P.O. on 19/1/2023.
Order uploaded on 19/1/2023.
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