Final Order 1

Order Details: Ex-parte Judgement
Pdf Text: Comm.Suit No. 243/21. 1 Ex-parte Judgement (Exh.15).
MHCC010070772018
Presented on : 13-06-2018
Registered on : 28-06-2018
Decided on : 29-04-2022
Duration : 3 years, 10 months, 16 days
IN THE BOMBAY CITY CIVIL COURT AT BOMBAY.
COMMERCIAL SUIT NO. 243 OF 2021
Exh.15.
[Syndicate Bank, a body corporate )
constituted under the Banking )
Companies (Acquisition and Transfer of )
Undertaking), Act 1970, having their )
Head Office at Manipal in the State of ) (Deleted)
Karnataka and Regional Office at Maker )
Tower 'E', Plot No. 85, Cuffe Parade, )
Colaba, Mumbai400 005 and having one )
of its branch office at 10, Homji Street, )
1st Floor, Mumbai400023 )]
Canara Bank a body Corporate )
Constituted under the banking )
Companies (Acquisition and transfer )
Of undertakings) Act, 1970 and having )
its head Office at 112 J.C. Road )
Bangaluru560002) and having branch )
office at 10, Homji Street, )
Domestic Branch, 1st floor, )
Fort Mumbai – 400 023 )...Plaintiff
Versus
Vishal Ganpat Futak S/o Ganpat Ramji )
Futak, aged about 27 years, Indian )
Inhabitant, Prop. of M/s. Kausalya )
Tours & Travels, having address at 623, )
Mahatma Phule Nagar, 6th Floor, Free )
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Comm.Suit No. 243/21. 2 Ex-parte Judgement (Exh.15).
Press Journal Marg, Near Manor Amdar )
Nariman Point, Mumbai400021 )...Defendant
SUIT FOR RECOVERY OF MONEY
CORAM : HIS HONOUR JUDGE SHRI R.R.BHAGWAT.
(COURT ROOM NO.31).
DATE : 29th APRIL, 2022.
Shri Vinit Dubey, Advocate for the plaintiff.
Defendant – (Exparte).
JUDGMENT (EXPARTE)
1. This is a 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 Homji Street, Fort, Mumbai.
Constituted Attorney Mrs. Shilpa Jain (Syndicate Bank) filed the suit for
the plaintiff bank. Basically, the suit is filed by Constituted Attorney of
Syndicate Bank. Subsequently, Syndicate Bank is amalgamated with
Canara Bank and therefore, amendment is carried out in the plaint as
per order in Chamber Summons No. 1122/2021 passed on 22/10/2021.
On an application dated 08/02/2016 of the defendant, the plaintiff had
sanctioned loan of Rs.12,85,000/ to the defendant for purchasing
Toyota Innova a 4 wheeler. Accordingly, sanction letter was issued on
12/02/2016. The defendant also executed other documents including
Composite Hypothecation Agreement of the vehicle. Though the loan
amount was to be repaid with monthly installments of Rs.23,170.11
within period commencing from 30/04/2016 to 31/01/2023 with
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Comm.Suit No. 243/21. 3 Ex-parte Judgement (Exh.15).
interest at the rate of 11.70% p.a. (Base Rate + 2%), the defendant
committed breach in repayment of the loan amount. Account of the
defendant turned NPA on 31/10/2016. The said vehicle was sold in
auction and sale proceeds were adjusted towards recovery of loan
amount. Even then, amount of Rs.8,83,422.75 was outstanding.
Therefore, Demand Letters/Recall Notice were issued on 22/04/2017
and 26/05/2017 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.8,83,422.75 with
future interest thereon at the rate of 13.50% p.a. with monthly rests
from the date of filing of the suit till the date of realization with costs of
the suit.
3. The defendant is duly served with writ of summons as per
affidavit of service (Exh.3) and bailiff report on writ of summons dated
23/11/2019, but he failed to appear and oppose the claim of the
plaintiff. Therefore, I passed the exparte order against him on
01/09/2021.
4. PW 1 Vinay Kumar Vidhya, Officer of the plaintiff bank
deposed on evidence affidavit (Exh.4) and proved documents filed with
list of documents (Exh.5). Proved documents are at Exh.6 to 13. The
plaintiff closed evidence vide pursis (Exh.14). Heard learned counsel
Shri Vinit Dubey 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 :
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Comm.Suit No. 243/21. 4 Ex-parte Judgement (Exh.15).
SR.NO. POINTS FINDINGS
1. Does the plaintiff prove that he is
entitled to recover amount of
Rs.8,83,422.75 from the defendant ? If
yes, at what rate of interest ? In the Affirmative.
@ 11.70% p.a. with
monthly rest.
2. What order as to costs ? As per final order.
3. What order and decree ? Suit is partly
decreed.
REASONS
AS TO POINTS NO.1 AND 2 :
6. PW 1 Vinay Kumar Vidhya 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.9. The defendant failed to make payment. The defendant
neglected to make payment of outstanding loan amount as stated in
statement of account (Exh.13). In short, claim of the plaintiff is proved
from oral as well as documentary evidence on record.
7. So far as interest rate is concerned, the plaintiff has claimed
interest at the rate of 13.50% p.a., but agreed rate of interest as
mentioned in sanction letter (Exh.8) is 11.70% p.a. Therefore, interest
at the rate of 11.70% p.a. can be granted. Costs of the suit is liable to
be imposed on the defendant. In the light of above discussion, I record
my finding as to point no.1 in the affirmative. Hence, I pass the
following order :
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Comm.Suit No. 243/21. 5 Ex-parte Judgement (Exh.15).
ORDER
1. Commercial Suit No. 243/2021 is partly decreed.
2. The defendant is directed to pay amount of Rs.8,83,422.75
(Rupees Eight Lakhs Eightythree Thousand Four Hundred
Twentytwo and Paise Seventyfive Only) to the plaintiff
with future interest @ 11.70% p.a. with monthly rests
from the date of the suit till the date of realization within
three months from the date of decree.
3. The defendant shall bear the costs of the suit.
4. Decree be drawn up accordingly.
(R.R.BHAGWAT)
Judge,
City Civil Court,
(Court Room No.31)
Date : 29/04/2022. Mumbai.
1. Dictated online on : 29/04/2022.
2. Signed on : 29/04/2022.
3. Delivered to Certified :
Copy Section on
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
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Comm.Suit No. 243/21. 6 Ex-parte Judgement (Exh.15).
SIGNED JUDGMENT/ORDER”
UPLOAD DATE AND TIME NAME OF STENOGRAPHER
29/04/2022. 12.14 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 29/04/2022.
Judgment/Order signed by P.O. on 29/04/2022.
Judgment/Order uploaded on 29/04/2022.
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