Final Order 1

Order Details: Copy of Judgment
Pdf Text: 1 Comm. Suit No.1832019
MHCC010099582019 Presented on : 26/09/2019
Registered on : 17/10/2019
Decided on : 21/07/2022
Duration : 02Y/09M/04D
IN THE CITY CIVIL COURT AT MUMBAI.
COMMERCIAL SUIT No.183 OF 2019
Canara Bank
a bank constituted, established and
functioning under The banking
Companies (Acquisition and Transfer of
Undertakings) Act, 1970, having its Head
Office at 112, J. C. Road, Banglore
560002 Karnataka State and amongst
other, having branch office at Padam
Building No.1, 4/B, Pedder Road,
Mumbai400 026.
Through Its Manager Mrs. Arti
Anantnarayan Iyer
Age:58 years, Occ: Service
…PLAINTIFF
VERSUS
Vidyadhar L. Borkar
Age: 49 years, Occ: Service
The proprietor of M/s. Roshan Creation.
A proprietary concerned, residing at 304,
3rd floor, B wing, Raj Cooperative
Housing Society Ltd. Appasaheb Marg,
Mumbai400 025
...DEFENDANT
Shri M. H. Chandanshiv, learned advocate for plaintiff.
Defendants : 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 21/07/2022)
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2 Comm. Suit No.1832019
This is a suit for recovery of sum of Rs.5,85,323/
alongwith interest.
2. It is case of plaintiff that it is Nationalized Bank, a body
corporate under the Banking Companies(Acquisitions and Transfer of
Undertakings) Act. Defendant is carrying on business of Tours and
Travels through proprietary concern. Defendant approached to plaintiff
and requested for second credit facility/loan by way of working capital
to the extent of Rs.1,75,000/. On 07/10/2015 plaintiff has sanctioned
loan of Rs.1,75,000/ to defendant against hypothecation and charge
upon the vehicle. Defendant has executed composite hypothecation
agreement on 28/09/2015. He agreed to repay loan within contractual
period together with interest. The loan account of defendant was
bearing No.50281400000063. Initially defendant was regular in
repayment of loan. Thereafter, he avoided to repay the loan amount. As
a result, the account become NPA on 28/06/2017. On 31/08/2019
plaintiff has informed the defendant about his account become NPA and
asked him to pay loan amount of Rs.2,64,603/ .
3. On 07/10/2015 defendant also applied for first Credit
facility/loan to the extent of Rs.2,98,000/ for the purpose of Tours and
Travel Business. Plaintiff sanctioned the said loan against hypothecation
and charge. It was agreed that defendant shall repay the said loan
amount in 48 equal installments of Rs.6,472/ with interest @ 10.95 %
p.a. The last installment due and payable on or before 30/09/2020.
This loan was operating under loan account No.5028991000424.
Initially plaintiff has paid installment regularly. However, later on he
avoided to repay the same. Hence, the account became NPA on
29/06/2017. This fact communicated to the defendant and asked him
to repay the loan amount of Rs.3,20,720/ as on 31/08/2019 alongwith
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3 Comm. Suit No.1832019
interest and other expenses.
4. Defendant approached to the plaintiff and executed
acknowledgment of debt on 14/02/2018. Defendant failed to pay the
outstanding amount. Hence, plaintiff through his advocate issued legal
notice on 21/02/2019 to defendant and called upon him to repay the
loan amount. But he did not repay the loan amount. Therefore, plaintiff
filed this suit.
5. Defendant served with suit summons but he did not
appear. Hence, suit proceeded exparte against him.
6. On above facts following points arise for determination and
this court and recorded findings thereon for the reasons stated as under.
POINTS FINDINGS
1. Whether the plaintiff proved that on
07/10/2015 it has sanctioned and
disbursed first and second credit facility
/loan of Rs.1,75,000/ plus Rs.2,98,000/
to plaintiff with interest @ 10.20% p.a.?
…Yes.
2. Whether the plaintiff proved that
defendant is in outstanding of loan amount
of Rs.5,85,323/ ?
…Yes
If yes, at what rate of interest? ...@10.20% p.a.
3. What order and decree? ...As per final
order.
REASONS
AS TO POINT Nos.1 To 2:
7. Heard learned counsel of Plaintiff. Plaintiff has examined
its Sr. Branch Manager Kumar Kumud Ranjan. He reproduced all
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4 Comm. Suit No.1832019
content of plaint in his chiefexamination. His evidence is supported by
documentary evidence (Exh.12 to 25) : Power of Attorney dtd.
01/04/2016, Loan application dtd.09/01/2015, process note
dtd.07/10/2015, Composite Hypothecation agreement dtd.28/09/2015,
loan application, sanction letter dtd.09/10/2015, Composite
hypothecation agreement dtd.09/10/2015, Confirmation of money and
invoice dtd.09/09/2015, notice dtd.21/02/2019, statement of account
with certificate u/s. 2A(a) of Banker’s Book of Evidence Act and
certificate of Notional interest of NPA account.
8. In view of evidence of PW1 and documentary evidence, it
becomes clear that defendant availed credit facility mentioned in para
supra. He agreed to repay the same with interest @10.20% p.a. He has
executed documents at the time of availing loan facility i.e., Composite
Hypothetic Agreement. Evidence of PW1 remained unchallenged. His
evidence is supported by documentary evidence mentioned in para
supra. There is no reason to disbelieve his testimony. Therefore,
plaintiff is entitled for the relief claimed. Thus, I answered point Nos. 1
& 2 as above. Hence, I pass the following order.
ORDER
1. Suit is decreed with costs.
2. The defendant is directed to pay Rs.5,85,323/ with
interest @ 10.20% p.a. from the date of suit till
realisation amount to the plaintiff.
3. Decree be drawn up accordingly.
Date : 21/07/2022.
(N.P. Tribhuwan)
Judge, City Civil Court,
Mumbai. C.R.No.32
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Dictated on : 21/07/2022
Checked on : 21/07/2022
Signed on : 21/07/2022
CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
21/07/2022 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 21/07/2022
Order signed by P.O. on 21/07/2022
Order uploaded on 21/07/2022
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