Final Order 1

Order Details: Copy of Judgment
Pdf Text: 1 Judgment in Comm. Suit No. 83/2019
MHCC010068532019 Presented on : 03/07/2019
Registered on : 16/08/2019
Decided on : 28/06/2022
Duration : 02Y 11M 25D
IN THE CITY CIVIL COURT AT MUMBAI.
COMMERCIAL SUIT No. 83 OF 2019
Bank of Baroda, a body corporate,
Constituted under the Banking Companies
(Acquisition) and Transfer of Undertaking)
Act, V1970, having their head office at
Mandvi, Baroda, Gujrat State and their
Branch office at LBS Road Kurla Branch, 5,
Solanki Apartment, LBS Road, Kurla(W),
Mumbai400 070.
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} ...PLAINTIFF
VERSUS
1. M/s. The Pal Enterprises (Through a
proprietor Mr. Darmendra Parashanth Pal)
An adult, A48, Bandra Plot, Jhula Maidan
Road, Jogeshwari(E), Mumbai400 060.
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2. Mr. Darmendra Parashanth Pal
An adult, B/5, Radha Krishna Nagar, Chawl
No.2, S. N. Dube Road, Nr. Shani Mandir,
Rawalpada, Dahisar(East), Mumbai 400
068.
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} ...DEFENDANTS
Smt. Purnima Pandit, learned advocate for the plaintiff.
Defendant exparte.
CORAM : HIS HONOUR JUDGE SHRI. N.P. TRIBHUWAN
(C.R.NO.32)
E XP A R T E J U D G M E N T
(Delivered on 28/06/2022)
This is a suit for recovery of sum of Rs.6,98,621/ with
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2 Judgment in Comm. Suit No. 83/2019
interest @ of 10.40% p.a. monthly rest.
2. It is case of plaintiff that it is a body corporate constituted
under the Banking Companies (Acquisition and Transfer of
Undertakings) ActV of 1970 and carrying on business of bankers.
Defendant No.1 is borrower. Defendant No.2 is proprietor and
guarantor of defendant No.1. Defendant No.1 applied to plaintiff for
term loan of Rs.7,25,000/. Plaintiff has sanctioned the same on
28.04.2016. Defendant agreed to pay interest at the rate of 10.70 over
prime lending rate of bank p.a. with monthly rests. Defendant also
executed documents – demand promissory note, letter of authority,
letter of installment, composite hypothecation agreement, composite
undertaking etc. in favour of plaintiff. Defendant No.2 has executed
General Form of Guarantee.
3. Defendant failed to repay the outstanding term loan.
Inspite of repeated request and demands, defendant failed to pay the
outstanding loan amount. Hence, on 07/02/2019 plaintiff has sent
notice through advocate to defendant and therein asked defendant to
pay the outstanding loan amount. As per statement of accounts on the
date of filing of this suit, a sum of Rs.6,98,621/ is due and payable
with interest at the rate of 10.40% per annum with monthly rest.
Therefore, plaintiff has filed this suit for recovery of aforesaid amount.
4. Defendant served with suit summons but did not appear
hence, suit proceeded exparte against him as per order
dtd.14/02/2022.
5. On above facts following points arise for determination and
this court and recorded findings thereon for the reasons stated as under.
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3 Judgment in Comm. Suit No. 83/2019
POINTS FINDINGS
1. Whether the plaintiff proved that it had
advanced the loan of Rs.7,25,000/ to
defendant No.1 ?
…Yes
2. Whether the plaintiff proved that on the
date of filing of the suit, a sum of
Rs.6,98,621/ is due and payable by
defendant ?
If yes, at what rate of interest?
…Yes.
@ of 10.40 p.a.
with monthly rest.
3. What order and decree? ...As per final
order.
REASONS
AS TO POINT Nos.1 AND 2:
6. Heard learned counsel of Plaintiff. Plaintiff has examined
its Manager Vinay Kumar Alok (PW1) to prove their case. He
reproduced all content of plaint in his chiefexamination. His evidence
is supported by documentary evidence as under.
Ex.22 Letter of sanction of credit facilities under Pradhanmantri
Mudra Yojna.
Exh.23 Demand Promissory note dt.28.04.2016.
Exh.24 Letter of authority to make payment directly to dealers
dt.28.04.2016, which is executed by defendant No.1.
Exh.25 Letter of respondent with acceleration cause dt.28.04.2016
executed by defendant No.1.
Exh.26 Letter of sole proprietorship dt.28.04.2016.
Exh.27 Composite hypothecation agreement dt.28.04.2016.
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4 Judgment in Comm. Suit No. 83/2019
Exh.28 Composite undertaking cum declaration dt.28.04.2016.
Exh.29 General form of guarantee dt.28.04.2016.
Exh.30 Notice dt.07.02.2019 issued by plaintiff through Advocate
to defts.
Exh.31 Statement of account with certificate u/s 65 B of Evidence
Act.
Exh.32 Power of attorney executed by Deputy General Manger of
plaintiff namely Pitabash Pattanayak in favour of
PW1/Chief Manager of Plaintiff branch.
7. Sanction Letter shows that plaintiff has sanctioned credit
facilities under Pradhan Mantri Mudra Yojana i.e. term loan of
Rs.7,25,000/ with interest @ of 10.70 p.a. with monthly rest subject to
changes in interest rate from to time. Demand Promissory note shows
that defendant agreed to pay Rs.7,25,000/ with interest at the rate of
10.70 over prime lending rate of bank per annum with monthly rest.
General Form of Guarantee indicates that defendant No.1 has executed
it in favour of plaintiff in his personal capacity. As per statement of
account a sum of Rs.6,98,621/ is due and payable by the defendant.
Evidence of PW1 remains unchallenged. His evidence is supported by
documentary evidence. There is no reason to disbelieve his testimony.
Hence, plaintiff succeeded to establish that defendant Nos.1 and 2 are
jointly and severally liable to pay outstanding loan amount of
Rs.6,98,621/ and interest at the rate of 10.40% p.a. with monthly rest
from the date of suit till realization of the entire amount. Thus, I pass
the following order.
ORDER
1. Suit is decreed with costs.
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5 Judgment in Comm. Suit No. 83/2019
2. The defendant Nos.1 and 2 jointly and severally do pay to
plaintiff the amount of Rs.6,98,621/ and interest at the
rate of 10.40% p.a. with monthly rest from the date of
suit till realization of the said amount.
3. Decree be drawn up accordingly.
Date : 28/06/2022.
(N.P.TRIBHUWAN)
Judge, City Civil Court,
Mumbai. C.R.No.32
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6 Judgment in Comm. Suit No. 83/2019
Dictated on : 28/06/2022.
Checked on : 28/06/2022.
Signed on : 28/06/2022.
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
28/06/2022 at 5.30 p.m. 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 28/06/2022
Order signed by P.O. on 28/06/2022
Order uploaded on 28/06/2022
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