Final Order 1

Order Details: Ex-parte Judgement
Pdf Text: Comm.Suit No. 21/19. 1 Ex-parte Judgment (Exh.24).
MHCC010061432019
Presented on : 04-03-2019
Registered on : 15-06-2019
Decided on : 22-10-2021
Duration : 2 years, 7 months, 18 days
IN THE BOMBAY CITY CIVIL COURT AT BOMBAY.
COMMERCIAL SUIT NO. 21 OF 2019
Exh.24.
Canara Bank, )
A Body Corporate constituted under )
the provisions of Banking Companies )
(Acquisition & Transfer of Undertakings) )
Act, V of 1970, having its Head Office at )
112, J.C. Road, Bangalore – 560 002 )
and having its one of the Branch at: )
Mondesire Building, Ranade Road Junction,)
Shivaji Park, Dadar (West), )
Mumbai – 400 028, Maharashtra, )
Known as “Dadar (West) Branch” )
Constituted Power of Attorney Holder / )
Authorized Officer / Sr. Manager, )
Mr. Krishnakumar L. Samant )...Plaintiff
Versus
Mr. Rajesh Kumar Sharma )
As a Principle Borrower, S/o Kamla Prasad )
Sharma an adult, Indian Inhabitant of, )
having his address at: R. No. 6, )
Abbas Seth Chawl, Behind Niranjan Hotel, )
Kurla (West), Mumbai – 400 070 )...Defendant
SUIT FOR RECOVERY OF MONEY
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Comm.Suit No. 21/19. 2 Ex-parte Judgment (Exh.24).
CORAM : HIS HONOUR JUDGE SHRI R.R.BHAGWAT.
(C.R.NO.31).
DATE : 22nd OCTOBER, 2021.
Ms. Priya Nigwekar, Advocate for the plaintiff.
Defendant – (Exparte).
JUDGMENT (EXPARTE)
1. This is suit for recovery of money.
2. Case of the plaintiff, in brief, is as under :
The plaintiff is a body corporate constituted under
the Banking Companies (Acquisition & Transfer of Undertakings) Act,
1970, having its branch office at Dadar (West). Constituted Attorney
Krishnakumar Samant filed the suit for the plaintiff bank. On an
application dated 26/12/2015 of the defendant, the plaintiff had
sanctioned term loan of Rs.3,93,000/ under Canara MSE Pragati
Scheme to the defendant for purchasing brand new Hyundai I 10 Taxi
on 12/01/2016. Accordingly, sanction letter was issued on
12/01/2016. The defendant also executed other documents including
Deed of Hypothecation of the vehicle. Though the loan amount was to
be repaid with monthly installments of Rs.6,550/ within period of 60
months with interest at the rate of 10.65% p.a. (B.R. + 1%), the
defendant committed breach in repayment of the loan amount. Then,
legal notice was issued on 05/01/2019 calling upon the defendant to
pay outstanding amount, but the defendant failed to make payment.
Hence, the plaintiff filed the suit for recovery of outstanding amount of
Rs.4,83,886.35 as on 05/01/2019 with further interest at the rate of
10.65% p.a. with monthly rest from 13/12/2018 till the date of
realization with costs of the suit.
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Comm.Suit No. 21/19. 3 Ex-parte Judgment (Exh.24).
3. The defendant is duly served with writ of summons as per
affidavit of service, but he failed to appear and oppose the claim of the
plaintiff. Therefore, my learned Predecessor passed the exparte order
against him on 13/10/2020.
4. PW 1 Jyotsnarani Nayak, Officer of the plaintiff bank
deposed on evidence affidavit (Exh.3) and proved documents filed with
list of documents (Exh.4). Proved documents are at Exh.5 to 22. The
plaintiff closed evidence vide pursis (Exh.23). Heard learned counsel
Miss Priya Nigwekar for the plaintiff.
5. After considering pleadings of the plaintiff and evidence on
record, following points arose for my determination with my findings
against them with reasons to follow :
SR.NO. POINTS FINDINGS
1. Does the plaintiff prove that he is
entitled to recover amount of
Rs.4,83,886.35 ? If yes, at what rate of
interest ? In the Affirmative.
@ 10.65% p.a. with
monthly rest.
2. Whether the plaintiff is entitled to
declaration that loan amount is duly
secured by a valid hypothecation of
security ? In the Affirmative.
3. What order as to cost ? As per final order.
4. What order and decree ? Suit is partly
decreed.
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Comm.Suit No. 21/19. 4 Ex-parte Judgment (Exh.24).
REASONS
AS TO POINT NOS.1 TO 3 :
6. PW 1 Jyotsnarani Nayak has specifically stated that the
loan amount enumerated in the plaint was sanctioned for purchasing
the vehicle to the defendant. The said vehicle is also hypothecated as
per Exh.14. As the defendant failed to make payment, legal notice
(Exh.20) was issued and served upon the defendant. Even then, the
defendant neglected to make payment of outstanding loan amount as
stated in statement of account (Exh.21).
7. In short, claim of the plaintiff is proved from oral as well as
documentary evidence on record. Interest rate of 10.65% is stated in
Sanction Letter (Exh.7) and Pronote (Exh.8) and the defendant is
bound to pay the said interest rate. There is no hurdle in the way of
granting interest as demanded by the plaintiff. The defendant has
executed Deed of Hypothecation (Exh.14) and validity of the same is
not in question. Therefore, relief of declaration regarding validity of
hypothecation can be granted. Costs of the suit is liable to be imposed
on the defendant. In the light of above discussion, I record my findings
as to points no.1 and 2 in the affirmative. Hence, I pass the following
order :
ORDER
1. Commercial Suit No. 21/2019 is partly decreed.
2. The defendant is directed to pay amount of Rs.4,83,886.35
(Rupees Four Lakhs Eightythree Thousand Eight Hundred
Eightysix and Paise Thirtyfive Only) to the plaintiff with
interest @ 10.65% p.a. with monthly rest from 05/01/2019
till the date of realization within three months from the
date of decree.
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Comm.Suit No. 21/19. 5 Ex-parte Judgment (Exh.24).
3. It is hereby declared that the sums payable by the
defendant to the plaintiff are validly secured in favour of
the plaintiff by the hypothecation of the said vehicle
mentioned in Deed of Agreement for Hypothecation
(Exh.14) and the plaintiff is entitled to sell the same and
realize and appropriate the sale proceeds towards his dues.
4. The defendant shall bear the costs of the suit.
5. Decree be drawn up accordingly.
(R.R.BHAGWAT)
Judge,
City Civil & Sessions Court,
(Court Room No.31)
Date : 22/10/2021. Mumbai.
1. Dictated online on : 22/10/2021.
2. Signed on : 22/10/2021.
3. Delivered to Certified :
Copy Section on
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
UPLOAD DATE AND TIME NAME OF STENOGRAPHER
22/10/2021. 4.35 p.m. Miss M.A.Kulkarni.
Name of the Judge (with Court Room no.) HHJ Shri R.R.Bhagwat.
(Court Room No.31).
Date of Pronouncement of Judgment/Order 22/10/2021.
Judgment/Order signed by P.O. on 22/10/2021.
Judgment/Order uploaded on 22/10/2021.
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