Final Order 1

Order Details: Ex-parte Judgement
Pdf Text: 1
MHCC010070712018
Presented on : 13062018
Registered on : 16072018
Decided on : 28092021
Duration : Y3, M3,D15
IN THE CITY CIVIL COURT AT GREATER BOMBAY
COMMERCIAL SUIT NO.144 OF 2021
(OLD COMMERCIAL SUIT NO.184 OF 2020)
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 Bangaluru560 002, ]
Karnataka State and a Branch Office at All saints ]
Home building 54A Dockyard Road, Mazgaon, ]
Mumbai400010 ]
The suit is filed by Mr.Nishant Puroshottam Sinha ]
Probationary Officer, and Power of Attorney Holder ]...Plaintiff
V/s
Mr. Tahir Hussain Ansari ]
PropM/s. K.G.N.Tours and Travels ]
A/603, Humera Park, Building No.1 Opp. Masjid, ]
Pathanwadi Road, Malad (East) ]
Mumbai400043 ]..Defendant
APPEARANCE:
Ld. Adv. Jyotsna Puthran i/by Sanjeev Kanchan and Co. for the plaintiff.
Defendant Exparte
CORAM : HIS HONOUR ADHOCADDL.SESSIONS
JUDGE SHRI. RAJESH A. SASNE
(C.R.No.32)
DATED : 28th September, 2021.
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EXPARTE JUDGMENT
(Dictated in Open Court)
This is suit under 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 a body corporate constituted under the
Banking Companies Act, 1970. On or about 15.06.2015, the defendant
requested the plaintiff for the Vehicle Loan of Rs.9,49,000/ (Rupees
Nine Lacs Forty Nine Thousand Only). Accordingly, the plaintiff on
23.06.2015 has disbursed the loan on Rs.9,49,000/ in favour of the
defendant to purchase a Brand New Nissan Sunny XLD 5 Seater Car,
Registration No.MH47/C/7351, at the rate of 10.55% (0.55% above the
base rate. Presently base rate is 10.00%). As per the terms of sanction of
loan, it was agreed to repay the term loan in sixty months. The
defendant had executed various loan documents. The plaintiff granted
and disbursed the loan of Rs.9,49,000/ to the defendant. The
defendant failed and neglected to conduct the facility satisfactorily and
to comply and observer the terms and conditions of the sanctioned term
loan. The plaintiff called upon the defendant to pay the overdue
amount outstanding in the said account. The defendant was irregular in
repayment of loan amount. Therefore, On 23.05.2018, the plaintiff
issued legal notice to the defendant and called upon him to make
payment of outstanding amount. The defendant is liable to pay sum of
Rs.8,24,420.89 (Rupees Eight Lacs Twenty Four Thousand Four
Hundred Twenty and paise Eight Nine) as on 25.05.2018 alongwith the
interest at the rate of 9.7% p.a. with further interest at the rate of 9.7%
p.a. from 26.05.2018. Accordingly, the plaintiff has prayed for decree of
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recovery of said amount against the defendant.
3. In spite of service of suit summons, the defendant remained
absent hence, the suit proceeded exparte against him.
4. Heard the learned Advocate for the plaintiff. No argument
of the defendant. Points for determination along with my findings
thereon with reasons are as under:
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 failed to repay the
amount due against the loan to the
plaintiff ?
Yes
3. Whether the plaintiff proves that the
amount of Rs.8,24,420.89 (Rupees Eight
Lacs Twenty Four Thousand Four Hundred
Twenty and paise Eight Nine) is due and
payable from the defendant ?
Yes
4. If yes, at what rate of interest ? @ 10% p.a.
5. What order and decree? Suit is decreed.
REASONS
AS TO POINTS NO.1 to 4:
5. The plaintiff has examined Ms.Jayita (PW.1) at Exh.08, in
support of claim and has adduced the following documentary evidence.
Sr.
No.
Particulars
1 Power of Attorney dated 24.04.2018 at Exh.11
2 Application Form dated 15.06.2015 at Exh.13
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3 Loan Application and Interview cum Appraisal Forms dtd.
23.06.2015 at Exh.14
4 Letter of the defendant dated 23.06.2015 at Exh.15
5 Sanction Letter dated 23.06.2015 at Exh.16
6 Letter of Undertaking reloan/Advance dtd.23.06.2015 at
Exh.17
7 Deed of Hypothecation ReVehicle dated 23.06.2015 at
Exh.18
8 Plaintiff Advocate Notice dated 23.05.2018 at Exh.19
9 Postal Receipt at Exh.20
10 Returned envelop with remark “Unclaimed” at Exh.21
11 RC copy at ArtX1
12 Invoice of the dealer dated 10.06.2015 at Exh.22
13 Statement of account at Exh.23
14 I.T. Certificate at Exh.24
6. The documentary evidence alongwith oral evidence of the
plaintiff shows that the defendant by loan application (Exh.14)
requested the plaintiff bank for obtaining vehicle loan of Rs.9,49,000/.
The said loan was for purchase of vehicle. The original sanction letter
(Exh.16) shows that the plaintiff bank has sanctioned the loan of
Rs.9,49,000/ to the defendant. The period for repayment of loan was
60 months. The letter of undertaking (Exh.17) has been executed by
the defendant. Similarly, deed of hypothecation (Exh.18) is also
executed by the defendant. The said deed of hypothecation bears
condition that borrower shall pay interest at the rate of 0.55% above
ongoing base rate [base rate at present being 10.00%]. These
documents clearly shows that the defendant has obtained loan of
Rs.9,49,000/ from the plaintiff.
7. Jayita (PW1) deposes that though the defendant had
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availed the loan facility from the plaintiff but has not repaid the loan
amount. In view of irregularities of accounts, the plaintiffs by their
Advocate issued notice dated 23.05.2018 (Exh.19) called upon the
defendant to pay the outstanding loan amount with interest to the
plaintiff. The statement of account (Exh.23) shows that the last amount
credited to the loan account was on 23.08.2017. On 25.05.2018 the
amount of Rs.8,24,420.89 was due and payable from the defendant.
8. The rate of interest as stated in the deed of hypothecation
is 0.55% above ongoing base rate which was 10.00% at that time. In the
plaint, the plaintiff has prayed for interest at the rate of 9.7% p.a. from
26.05.2018. The plaintiffs have also prayed for 2% penal interest. .
Considering the transaction and considering the fact that the defendant
had obtained loan for purchase of vehicle, in my view, the plaintiff is
entitled for the rate of interest at the rate of 10% p.a.
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 loan amount of
Rs.8,24,420.89 which is due and payable from him 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 10% 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.
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ORDER
1. Suit is decreed with costs.
2. The defendant do pay to the plaintiff the amount of
Rs.8,24,420.89 (Rupees Eight Lacs Twenty Four
Thousand Four Hundred Twenty and Paise Eighty
Nine) alongwith interest at the rate of 10% per annum
from 25.05.2018 till its realisation.
3. Decree be drawn up accordingly.
(Rajesh A.Sasne)
Judge,
City Civil & Sessions Court,
Date : 28.09.2021 Mumbai.
Dictated on : 28.09.2021
Transcribed on : 29.09.2021
Signed by HHJ on : 29.09.2021
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“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
01.10.2021 at 05.05 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
28.09.2021
Judgment/order signed by P.O. on 29.09.2021
Judgment/order uploaded on 01.10.2021
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