Final Order 1

Order Details: Copy of Judgment
Pdf Text: 1 Comm.suit 162.19
Received on : 05/08/2019
Registered on : 24/10/2019
Decided on : 30/01/2020
Duration : Y M D
00 03 06
IN THE COURT BOMBAY CITY CIVIL COURT AT GR.BOMBAY
Commercial Suit No.162 of 2019
Syndicate Bank,
a body corporate constituted
under the Banking Companies
(Acquisition and Transfer of
Undertaking)Act,1970 having its
heard ofce at Manipal in the State
of Karnataka and a Regional Ofce
at Maker Tower “E” Wing, 2nd foor,
Cufe Parade, Mumbai-5 and a
Branch ofce amongst others at
Mandvi Branch, 83/85, 2nd foor,
Supari Bhavan, Kazi Sayed Street,
Mandvi, Mumbai-3 through its
Branch manager Shri Aakash Jain ..Plaintif
V/s.
M/s. More Mauli Tours & Travels,
through Proprietor, Mr.Atamaram
N. Chikne having his address at
room no.18, near Datta Mandir,
Shivneri Chawl No.6, Sainath
Nagar Road, Ghatkopar(W),
Mumbai-86 ..Defendant
Coram : H.H.THE PRINCIPAL JUDGE
M.W. CHANDWANI
Dated : 30th January,2020
(C.R.No.19)
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2 Comm.suit 162.19
Advocate Mr.Abhishek Kotulkar for plaintif.
Defendant and advocate absent.
O R A L J U D G M E N T
The present suit has been fled by the plaintif for
recovery of sum of Rs.6,03,775.88.
2 Brief facts of the case are as under:
Plaintif is a body corporate, constituted and established
under the Banking Companies (Acquisition and Transfer of
Undertakings) Act,1970 and its ofce is at Manipal in Karnataka
State. It has several branches in India and in the city of Mumbai
including Mandvi branch situated at Kazi Sayed Street, Mumbai.
The plaintif bank carries on business as bankers and fnanciers.
The defendant is engaged in the tours and travel business.
3 In the month of February,2016, the defendant
approached to the plaintif with a request for grant of vehicle
loan of Rs.8,30,000/-. The plaintif bank sanctioned the vehicle
loan vide its sanction letter dated 2nd March,2016.
4 On execution of stamped composite hypothecation
agreement and receipt of loan of Rs.7,25,000/- on 2nd
March,2016, the plaintif disbursed the loan amount of
Rs.7,25,000/-. The plaintif issued a demand draft of
Rs.8,27,642/- including the contribution of the defendant in the
name of M/s.Angel Auto World Pvt. Ltd. towards purchase of
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3 Comm.suit 162.19
Chevrolet Enjoy vehicle. The defendant received delivery of the
said vehicle and got registration number as MH-03 BC 6663. The
defendant failed to keep sufcient balance in his account as per
the terms and conditions of the loan agreement. The plaintif on
various occasions called the defendant to pay the outstanding
dues together with interest, but the defendant failed to do.
Therefore, the plaintif initiated recovery proceeding against the
defendant.
5 The hypothecated vehicle was surrendered by the
defendant to the plaintif vide letter dated 10th April,2018. The
plaintif bank sold the said vehicle in open auction on 18 th
September,2018 for Rs.1,55,000/- and the said amount was
adjusted towards the loan account of defendant. After adjusting
the said consideration amount, there was outstanding of
Rs.5,87,976.30 in the loan account of the defendant as on 30th
November,2018. Notice was sent to the defendant asking him to
pay the balance amount, but the defendant did not pay any
amount. As on 31st July,2019 amount of Rs.6,03,775.88 due
towards the defendant, therefore, present suit came to be fled
for recovery of amount of Rs.6,03,775.88 with future interest @
10.75% p.a.
6 Though the defendant was served with writ of
summons, the defendant failed to appear nor he fled his written
statement. Therefore, the case against the defendant was
proceeded ex-parte .
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4 Comm.suit 162.19
7 The plaintif has examined its witness Aakash Jain,
Branch Manager of Mandvi Branch. The plaintif has fled various
documents as per list Exh.7.
8 Having heard learned advocate for the plaintif, after
perusing the plaint as well as evidence on record, the following
points arise for my determination and I have given my fndings
against each of them for the reasons mentioned hereinafter.
POINTS FINDINGS
1) Whether the plaintif is entitled
to recover an amount of Rs. 6,03,775.88
alongwith future interest @ 10.75%
p.a. from the date of fling of the ..In the afrmative
suit till the date of realisation
of the amount?
2) What order? ..As per fnal order
R E A S O N S
As to point no.1:
9 I have heard the learned advocate for the plaintif.
Perused the plaint and the evidence of plaintif-bank witness
Aakash Jain. The plaintif bank has fled authority letter of
Regional Manager at Exh.8 authorising Aakash Jain to depose on
behalf of bank. The plaintif’s witness in his evidence at para 5
has stated about execution of documents by the defendant. The
application of the defendant for credit facility to his tour and
travel business (Exh.9), letter of sanction of loan of Rs.7,25,000/-
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5 Comm.suit 162.19
(Exh.10), the composite hypothecation agreement (Exh.11) and
the receipt of loan amount of Rs.7,25,000/- (Exh.12) are duly
proved through plaintif's witness Aakash Jain.
10 The plaintif has also fled the account statement
(Exh.18) alongwith IT certifcate. It appears from the account
statement that there is outstanding dues of Rs.6,03,775.88
towards defendant. There is no rebuttal to the evidence
produced by the plaintif.
11 Thus, oral as well as documentary evidence on record
is more than sufcient to hold that the plaintif has proved that
the plaintif has disbursed loan of Rs.7,25,000/- to the defendant;
the defendant failed to repay the entire loan amount as per
agreement; and as on 31st July,2019, after adjusting the
consideration amount of sale of vehicle there is outstanding of
Rs.6,03,775.88 due towards the defendant, to be paid to the
plaintif. Since the loan amount was taken for purchasing the
vehicle for the business of tours and travel, the transaction
between the plaintif and defendant is a commercial transaction.
Therefore, the plaintif bank is entitled for future interest @
prevailing market rate, which according to plaintif's evidence is
10.75% p.a.
12 In view of above, the plaintif is entitled to a decree for
sum of Rs.6,03,775.88 alongwith future interest @ 10.75% p.a.
from the date of suit till realisation of the amount.
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6 Comm.suit 162.19
13 In view of above, I answer the point accordingly and
proceed to pass the following order:
O R D E R
1) Suit is decreed with costs.
2) The defendant shall pay the amount of Rs.6,03,775.88
alongwith interest @ 10.75% p.a. from the date of
fling of the suit till realisation of the amount to the
plaintif.
3) Decree be drawn accordingly.
30/01/2020 (M.W. CHANDWANI)
Principal Judge,
Gr.Bombay.
Dictated on : 30/01/2020
Transcribed on : 31/01/2020
Signed by H.H.J. on : 05/02/2020
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7 Comm.suit 162.19
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER
Name of Stenographer: Mrs.Aruna S. Jayade
Upload date and time: 06/02/2020 (10.45 a.m.)
Name of the Judge H.H.THE PRINCIPAL JUDGE
Shri M.W. CHANDWANI(C.R.No.19)
Date of Pronouncement of Order 30th January, 2020
Order signed by P.O. on 5th February,2020
Order uploaded on 6th February,2020
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