Final Order 1

Order Details: Copy of Judgment
Pdf Text: COMMERCIAL SUIT NO.145/2019 1
Received on : 09-08-2019
Registered on : 23-10-2019
Decided on : 18-02-2020
Duration : 00Y 06M 11D
IN THE CITY CIVIL COURT AT MUMBAI
COMMERCIAL SUIT NO. 145 of 2019
(CNR NO.: MHCC01-008381-2019)
Syndicate Bank, a body corporate
Constituted and functioning under the
Banking Companies (Acquisition and
Transfer of Undertakings) Act 1970,
having its Head office at Manipal,
Karnataka State and Regional Office at
Maker Tower, “E” Plot No.85, Cuffe
Parade Colaba, Mumbai-400 005 and
having one of their Branch office at 10,
Homji Street, 1st floor, Fort, Mumbai-400 023. ...Plaintiff
Versus
Mr. Mukesh A Nakte,
Age: Adult,
Proprietor of M/s.M.V..Tours and
Travels, having address at 132,
Ground floor, Azad Nagar, L.N.Road,
Colaba, Mumbai-400055.
And also at
22, Aditi Pailet Bandar, Colaba,
Mumbai-400 005. ….Defendant
Appearances:-
Advocate Anupa Mankar with Mrs.Pramila S Bhaingade for the Plaintiff.
Defendant Ex-parte.
CORAM : HIS HONOUR JUDGE
DEEPAK L. BHAGWAT
(C.R.NO.28)
DATE : 18th February, 2020
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COMMERCIAL SUIT NO.145/2019 2
J U D G M E N T
1. This is Commercial Suit for recovery of Rs.4,51,022.76/-(Rupees
Four Lakhs Fifty One Thousand Twenty Two and Seventy Six Paise
Only) with interest at the rate of 12.75% p.a. compounded with
monthly rest from the date of the suit till realization of amount.
2. According to the plaintiff, it is a Banking Company. On the
request of the defendant, the plaintiff sanctioned vehicle loan of
Rs.7,95,000/- in July 2015 in favour of the defendant. The plaintiff
disbursed the loan amount of Rs.7,95,000/- in favour of defendant. The
Defendant executed relevant documents as application for advances
transport operators dtd.06.07.2015, Sanction letter dtd.07.07.2015,
Sanction review letter dtd.25.08.2015, Particulars of assets and
liabilities dtd.08.07.2015, receipt dtd.10.07.2015 in respect of loan
amount of Rs.7,95,000/- in favour of M/s Nikhil Automobile, composite
hypothecation agreement dtd.09.07.2015, Process note for vehicle loan
dtd.03.07.2015. The defendant had agreed to repay the loan amount in
equated monthly installments with interest @ 11.25% p.a. compounded
with monthly rest. According to the plaintiff, the defendant failed and
neglected to pay the monthly installments regularly. Vide legal notice
dated 18.01.2019, the plaintiff called upon the defendant to pay then
due amount. However, the defendant did not comply with it. At the
institution of the suit, the defendant was liable to pay Rs.4,51,022.76/-.
Therefore, the plaintiff claimed decree for recovery of said amount with
interest.
3. Despite service of summons the defendant failed to appear.
Therefore, suit proceeded Ex-parte against the defendant.
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COMMERCIAL SUIT NO.145/2019 3
4. Considering the material on record and submissions made on
behalf of the plaintiff points arise for determination along with my
findings thereon for the reasons recorded are as under:-
POINTS FINDINGS
1. Whether the plaintiff is entitled
to recovery of amount as prayed?
Yes
2. At what pendente lite and
future interest ?
At the rate of 10% p.a.
3. What order and decree? As per final order
REASONS
AS TO POINTS NO.1 to 3
5. The plaintiff examined its manager P.W.1 Vandana at Exh.6. Her
testimony speaks that on the request of defendant loan of Rs.7,95,000/-
was disbursed in his favour by the plaintiff. However, the defendant
failed to repay the loan amount by regular monthly installments.
According to him, at the institution of the suit, amount of
Rs.4,51,022.76/- was due and payable by the defendant.
6. Her testimony is corroborated by the documents on record as the
application for advances transport operators dtd.06.07.2015, Sanction
letter dtd.07.07.2015, Sanction review letter dtd.25.08.2015,
Particulars of assets and liabilities dtd.08.07.2015, receipt
dtd.10.07.2015 which reveal that the plaintiff had given the defendant
loan of Rs.7,95,000/- and that the defendant agreed to repay the loan
of Rs.7,95,000/- in equated monthly installments with interest
@11.25% p.a.. The statement of account reveals that the loan was
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COMMERCIAL SUIT NO.145/2019 4
disbursed by the plaintiff in favour of the defendant. Thus, it is clear
that the plaintiff had paid loan amount of Rs.7,95,000/- to defendant
with interest @ 11.25% p.a., but the defendant failed to repay the loan.
On the date of filing of the suit, the amount outstanding, due and
payable by the defendant was Rs.4,51,022.76/-. In these circumstances,
the plaintiff is entitled to recover the amount of Rs.4,51,022.56/-. It
appears that the loan was granted to the defendant for purchasing
vehicle to carrying tours and travels business. Considering these
circumstances, it is just and proper to grant the interest at simple rate of
10% p.a. from the date of suit till realization of amount. Hence, point
No.1 is answered in the affirmative and point No.2 is answered as that
the plaintiff is entitled to the interest @ 10% p.a. from the date of suit
till realization of the amount. In view of Para-499 of Civil Manual court
fees has to be refunded to the plaintiff. In answer to point No.3 order as
follows is passed.
ORDER
1. The suit is decreed with costs as under:-
2. The Defendant shall pay to the plaintiff amount of
Rs.4,51,022.76/-(Rupees Four Lakhs Fifty One Thousand Twenty Two
and Seventy Six Paise Only) with simple interest @ 10% p.a. from the
date of suit till realization of the amount.
3. Court fees be refunded to the plaintiff as per rules.
4. Decree be drawn up accordingly.
(Deepak L. Bhagwat)
Ad-Hoc Judge,
Date:18/02/2020 City Civil Court,Gr. Mumbai
Dictated on : 18/02/2020
Signed on : 21/02/2020
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COMMERCIAL SUIT NO.145/2019 5
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL SIGNED
JUDGMENT/ORDER.”
21/02/2020 at 5.25p.m. Mrs.J.V.Pawar
UPLOAD DATE AND TIME NAME OF STENOGRAPHER
Name of the Judge (With Court Room No.) HHJ Shri.D.L.Bhagwat
(C.R.NO.28)
Date of pronouncement of Judgment/Order 18/02/2020
Judgment/Order signed by P.O. on 21/02/2020
Judgment/Order uploaded on 21/02/2020
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