Order 1

Order Details: Ex-parte Judgement
Pdf Text: 1 Comm.SU No.942021
MHCC010061312018
Presented on : 04052018
Registered on : 02072018
Decided on : 15112021
Duration : Y03, M06, D11
IN THE CITY CIVIL COURT AT GREATER BOMBAY
COMMERCIAL SUIT NO.94 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 Bangalore, Karnataka State and a ]
Branch Office at Dockyard Road, Mazagaon, ]
Mumbai 400010 ]
The suit is filed by Mr.Munna Khalkho ]
Manager and Power of Attorney Holder ]...Plaintiff
V/s
Mr. Giridhar Shrimant Thorat ]
Prop. of M/s. Saichha Tours and Travels ]
address at Room No.20, Bldg. No.E/13, Marol Police ]
Camp Vijay Nagar, Marol Maroshi Road, Andheri (E), ]
Mumbai400 059 ]....Defendant
APPEARANCE:
Adv.S.B.Sule i/by M/s.Sanjeev Kanchan & 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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2 Comm.SU No.942021
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 03.06.2015, the plaintiff
sanctioned and disbursed loan of Rs.9,49,000/ to the defendant. It was
for vehicle loan. The defendant was liable to repay the loan in 60 equal
monthly installments alongwith interest thereon. As the defendant
became irregular in repayment of loan amount, the plaintiff issued legal
notice on 20.04.2018. 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.9,29,188.86 alongwith interest at the rate of 9.7% p.a.
plus 2% penal interest till final payment is received. Accordingly, the
plaintiff has prayed for decree against the defendant in respect of said
amount.
3. By my predecessor's order dated 07.02.2019, suit is
proceeded exparte against the defendant.
4. Heard the learned Advocate for the plaintiff. No argument
of the defendant. Read the written notes of argument (Exh.28) filed by
Advocate for the plaintiff. Points for determination along with my
findings thereon with reasons are as under:
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3 Comm.SU No.942021
POINTS FINDINGS
1. Whether the plaintiff proves that it has
advanced term loan of Rs.9,49,000/ 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.9,29,188.86 is due and
payable from the defendant?
Yes
4. If yes, at what rate of interest ? @ 9.7% 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 Nishant (PW1) at Exh.07. The plaintiff has relied on the
following documentary evidence (Exh.08):
1 Power of Attorney dated 24.04.2018
2 Application Form dated 03.06.2015 at Exh.17
3 Letter of Undertaking re:loan/advances dated 10.06.2015
at Exh.18
4 Sanction Letter dated 10.06.2015 at Exh. 19 colly
5 Letter of defendant dated 10.06.2015 at Exh.20
6 Deed of Hypothecation Revehicle dated 10.06.2015 at
Exh.21
7 Plaintiffs Advocate notice dated 20.04.2018 at Exh.22
8 Postal receipt at Exh.23
9 Acknowledgment card of the defendant at Exh.24
10 RC copy at Art.X
11 Invoice of the dealer dated 16.05.2015
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4 Comm.SU No.942021
12 Statement of account at Exh.26
13 I.T. Certificate at Exh.27
6. The documentary evidence alongwith oral evidence of the
plaintiff shows that the defendant approached the plaintiff bank for
obtaining term loan of Rs.9,49,000/ vide Exh.17. The sanction letter
(Exh.19) shows that the plaintiff bank has sanctioned loan of
Rs.9,49,000/ to the defendant with rate of interest at the rate of
10.55% p.a.[0.55% above the base rate. Presently base rate is 10%].
The period for repayment of loan was 60 months. The defendant has
executed letter of undertaking which is at Exh.18. The defendant has
also executed letter dated 10.06.2015 at Exh.20. The oral evidence and
documentary evidence clearly shows that the defendant has obtained
loan of Rs.9,49,000/ from the plaintiff.
7. Nishant (PW1) deposes that the defendant has failed and
neglected to pay the outstanding amount of the loan. The defendant
was called upon to pay the outstanding loan amount by legal notice
dated 20.04.2018 at Exh.22. He 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.9,29,188.86 was due and payable from the
defendant to the plaintiff. For which the plaintiff has relied on the
account statement at Exh.26. These documents alongwith oral evidence
show that the defendant has failed to pay the outstanding amount of
Rs.9,29,188.86 on 24.06.2018 to the plaintiff.
8. The agreed rate of interest as stated in the sanction letter is
10.55% p.a. [0.55 above the base rate. Presently the base rate is 10%].
Even excluding the penal interest which is claimed in the plaint, the
defendant is liable to pay the outstanding amount along with present
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5 Comm.SU No.942021
rate of interest at the rate of 9.7% p.a. Considering the transaction and
considering the fact that the defendant has obtained term loan, in my
view, the plaintiff is entitled for the rate of interest at the rate of 9.7%
p.a. on Rs.9,29,188.86 from the date of filing of suit till realisation.
9. As aforesaid the plaintiff proves that the defendant has
obtained loan of Rs.9,49,000/ from the plaintiff. The plaintiff also
proves that the defendant has failed to repay the balance loan amount
of Rs.9,29,188.86 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
9.7% 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.9,29,188.86(Rupees Nine Lakh Twenty Nine
Thousand One Hundred Eighty Eight and Paise Eighty
Six Only) together with interest at the rate of 9.7% 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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