Order 1

Order Details: Copy of Judgment
Pdf Text: MHCC010061862018
Presented on
05.05.2018
Registered on 21.07.2018
Decided on 29.02.2020
Duration Yrs. M. Days
01 09 24
CNR No.
EXH.
IN THE BOMBAY CITY CIVIL COURT AT BOMBAY
SHORT CAUSE SUIT NO.1733 OF 2018
COMMERCIAL SUIT NO.317 OF 2020
BANK OF INDIA, a Bank, a body
Corporate constituted under the Banking
Companies (Acquisition and Transfer of
Undertakings) Act V of 1970, having their
Head Office at Star House, C-5, G-Block,
Bandra Kurla Complex, Bandra (East),
Mumbai – 400 051, and one of its Branch
Office being Cumballa Hill Branch, “Kemps
Shoppe”, 1st Floor, Near Hotel “Shalimar”,
141, August Kranti Marg, Kemps Corner,
Mumbai – 400 036, through its constituted
Attorney Mr. Harikumar S., Senior Manger
(Law) of the Plaintiff Bank. ...Plaintiff.
V/s.
MHCC01-006186-2018
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1. M/s. Wagh Tours and Travels
A Proprietorship concern, having address
At Shiv Shakti Chawl,
BMK Compound, Behind Datta mandir,
Bailbazaar, Kranti Nagar,
Kurla (West), Mumbai – 400 070.
2. Mr. Sunil Subhash Wagh
Proprietor of M/s. Wagh Tours and Travels
Adult, Indian Inhabitant, Residing at
Shiv Shakti Chawl,
BMK Compound, Behind Datta mandir,
Bailbazzar, Kranti Nagar,
Kurla (West), Mumbai – 400 070. ...Defendants.
Appearances:
Ld. Adv Mr. Atul Gupta for plaintiff.
None present for defendant.
Suit proceeded ex-parte against defendant.
CORAM : HIS HONOUR JUDGE
SHRI SHANKAR G.BORLEPWAR
(C.R.No.20)
DATED : 29th February, 2019
J U D G M E N T
(Ex-parte)
1. This is a suit for recovery of loan amount.
2. Plaintiff filed this suit for recovery of loan amount
alongwith interest.
3. In brief, it is contention of the plaintiff that plaintiff is a
Bank, body corporate, constituted under the Banking Companies
(Acquisition and Transfer of Undertakings) Act-V of 1970, and having
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Head Officer at Star House, C-5, G. Block, Bandra Kurla Complex,
Bandra (East), Mumbai – 400 051 and one of its Branch Office amongst
others known as Cumballa Hill Branch, situated at “Kemps Shoppe”, 1st
floor, Near Hotel “Shalimar”, 141, August Kranti Marg, Kemps Corner,
Mumbai – 400 036.
4. The plaintiff inter-alia is carrying on business of Bankers.
5. Defendant No.1 is the Proprietary Concern. Defendant
No.2 is the Proprietor of defendant No.1. The suit transaction pertains
to and arises out of loan sanctioned and granted by the plaintiff to
defendants for purchasing four Wheeler (Car) Maruti Swift Dzire under
SRTO Loan Scheme.
6. Defendants had applied to the plaintiff for loan of Rs.5.60
Lacs (Rupees Five Lacs Sixty Thousand only). Plaintiff sanctioned and
granted Loan under SRTO Loan Scheme of Rs.5.60 Lacs (Rupees Five
Lacs Sixty Thousand only) to the defendants on the terms and
conditions mentioned in the Letter of Sanction letter dated 21.04.2014.
Defendants acknowledged their debt due to the plaintiff on 27.1.2017
for a sum of Rs.3,62,072.60/- (Rupees Three Lacs Sixty two Thousand
Seventy two and sixty paise only). Defendants failed to pay accrued
interest alongwith equated monthly installments in the account which
resulted in the account classified as Non Performing Asset (NPA) on
30.06.2017. Thereafter, plaintiff issued notice through Advocate on
21.02.2018 and called upon the defendants to pay the said outstanding
amount. Defendants agreed to pay the said loan amount with interest
at the rate of 1.50% p.a. above base rate and present base rte is 9.45%
p.a. Presently base rate is 10.95% p.a. with monthly rest as on date of
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filing of the suit. Defendants are jointly and severally liable to pay to
the plaintiff a sum of Rs.4,06,700.17 (Rupees Four Lacs Six thousand
Seven Hundred and Paise Seventeen Only) together with further
interest thereon at the rate of 10.95% p.a. with monthly rest plus 2%
penal interest from the date of filing of the suit till payment and /or
realisation. The said Loan amount is subsisting Hypothecation of Four
Wheeler (Car) Maruti Swift Dzire bearing Registration No.MH-03-BC-
1503. Hence, suit be decreed as prayed for.
7. Defendants served with writ of summons. They remained
absent therefore suit is proceeded exparte against both the defendants
as per Roznama dated 22.02.2019.
8. Plaintiff examined PW 1 Mr. Sanjay Kumar vide Exh.5 who
is Chief Manager of the Plaintiff’s Bank. I have heard Learned Advocate
appearing for the plaintiff.
9. PW. 1 Sanjay Kumar supported the contention of the plaint.
He states that the said loan was sanctioned to the defendants.
Defendants did not pay the said loan of Rs.5.60/- Lacs (Rupees Five
Lacs Sixty Thousand only). Therefore, he prayed to decreed the suit.
10. Plaintiff relied upon following documents.
Ex. Sr.No. Particular
7 1 Letter of authority dt. 16/04/2019.
8 2 Letter of sanction dt. 21/04/2014.
9 3 Demand promissory note for Rs.5,60,000/-
dt.22/04/2014.
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10 4 Bearer letter dt.22/04/2014.
11 5 Loan installment letter dt.22/04/2014.
12 6 Non-Relationship Declaration dt. 22/04/2014.
13 7 Hypothecation cum loan agreement dt.22/04/2014.
14 8 Composite agreement dt.22/04/2014.
15 9 Certificate of registration dt.08/05/2014.
16 10 Acknowledgement of debate dt. 27/01/2017.
17 11 Advocates notice dt. 21/02/2018 alongwith
acknowledgement cards received from postal
authorities.
18 12 Statement of accounts alongwith certificate.
11. Perused Exh.7. It is mentioned therein that the plaintiff
authorized P.W. 1 Sanjay Kumar to lead evidence etc. in the suit.
12. Perused letter of sanction dated 21.4.2014 Exh.8. It is
mentioned therein that plaintiff Bank sanctioned SRTO Auto Loan of
Rs.5,60,000/- with rate of interest1.50% Over Bank Rate i.e. at present
(10.20+1.50) 11.70% p.a. with monthly rests or at such other rate as
advised by the Bank from time to time. It is mentioned therein the said
loan amount is sanctioned in 60 equated EMI monthly installments
(emi) of Rs.12,372/- which commencement from three months after
disbursement. It is also mentioned the vehicle which will be purchased
is hypothecated.
13. Perused last installment letter dated 22.4.2014 Exh.11. It
is mentioned therein that defendants to repay the loan amount by 60
installments of Rs.12,372/- per month commencing from 30.07.2014.
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14. Perused hypothecation cum loan agreement Exh.13. It is
mentioned therein that the vehicle which will be purchased is
hypothecated.
15. Perused copy of Certificate of Registration dated 8.5.2014.
It shows vehicle Registration No.MH-03-BC-1503 is stands in the name
of defendant No.1 and 2.
16. Perused acknowledgment of debt Exh.16. It is mentioned
therein that Rs.3,62,072.60/- is indebted by the defendant is on
26.01.2017. The suit filed in the year 2018. The suit is filed within
three years from the date of acknowledgment of debt i.e. from
26.01.2017, therefore the suit is within the law of limitation.
17. Perused Advocate Notice Exh.17. It is dated 21.2.2018 by
the said letter it is informed to the defendants that a sum of
Rs.3,55,984.60 being outstanding amount against the defendants
excluding interest from 30.06.2017 till the date of notice.
18. Perused statement of Account Exh.18. It is mentioned
therein that an amount of Rs.3,66,592.60/- (Rupees Three Lacs Sixty
Six Thousand Five Hundred Ninety Two and paise Sixty only) is
outstanding against the defendant on 03.05.2018.
19. There is nothing on record to disbelieve the plaintiff that
defendants availed the said loan facility and to repay the loan amount
with interest.
20. It is prayed to direct defendants to jointly and severally to
pay to the plaintiffs a sum of Rs.4,06,700.17/- together with further
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interest at the rate of 10.95% p.a. with monthly rest plus 2% penal
interest p.a. from the date of filing of the suit till its realization. It is
also prayed that the said vehicle is sold and net sale proceeds thereof it
is handed over to the plaintiff. In / or satisfaction of the claim amount.
21. The contractual rate of interest between the parties is
10.95% p.a. with monthly rest plust 2% penal interest p.a.
22. Perused Section 34 of the Code of Civil Procedure. It states
where and in so far as a decree is for the payment of money, the Court
may, in the decree, order interest at such rate as the Court deems
reasonable to be paid on the principal sum adjudged, from the date of
the suit to the date of the decree, in addition to any interest adjudged
on such principal sum for any period prior to the institution of the suit,
with further interest at such rate not exceeding six percent per annum,
as the Court deems reasonable on such principal sum, from the date of
the decree to the date of payment, or to such earlier date as the Court
thinks fit;
23. Therefore I am of the opinion that plaintiff is entitled to
recover the amount of Rs.Rs.4,06,700.17/- alongwith interest as prayed
for. Hence, I proceed to pass the following order.
ORDER
The Suit is decreed with costs as under :
1. The Defendant no. 1 and 2 jointly and severally to pay to the
plaintiff amount of Rs.4,06,700.17/- (Four Lacs Six Thousand
Seven Hundred and Seventeen Paise Only) with interest at the
rate of 10.95% per annum with monthly rest from the date of
filing the suit i.e. 05/05/2018 till it's full realisation.
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2. Plaintiff bank is entitled to sell hypothecated Four wheeler
(Car) Maruti Swift Dzire bearing registration No. MH-03-BC-1503
as per law to recover the decreetal amount.
3. Decree be drawn-up accordingly.
( SHANKAR G. BORLEPWAR )
Judge, (C.R.No.20)
Dt.: 29/02/2020 City Civil Court, Gr. MUMBAI
Dictated on : 29/02/2020
Transcribed on : 05/03/2020
Checked on : 20/03/2020
Due to Covid-19 lockdown, the
Court was not functioning and
therefore Signed on : 12/06/2020.
( SHANKAR G. BORLEPWAR )
Judge, (C.R.No.20)
City Civil Court, Gr. MUMBAI
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“CERTIFIED TOBE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
Due to Covid-19 lockdown
uploaded on
12.06.2020 at 04.40 p.m.
UPLOAD DATE AND TIME
(VARSHA U. PAWAR)
NAME OF STENOGRAPHER
Name of the Judge HHJ SHRI S. G.
BORLEPWAR
(COURT ROOM NO.20)
Date of pronouncement of judgment/order 29.02.2020
Judgment/order signed by P.O. on 12.06.2020
Judgment/order uploaded on 12.06.2020
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