Final Order 1

Order Details: Ex-parte Judgement
Pdf Text: Comm. Suit No.10/2020 1 Exparte Ju dgment (Exh.16)
MHCC010099602019
Presented on : 26.09.2019
Registered on : 14.01.2020
Decided on : 24.02.2022
Duration : 02 years 4 months 29 days
Exh.16
IN THE BOMBAY CITY CIVIL COURT AT BOMBAY
COMMERCIAL SUIT NO.10 OF 2020
Syndicate Bank
Canara Bank
A Body Corporate constituted and functioning
under The Banking Companies (Acquisitions
and Transfer of Undertakings) Act, 1970,
having its Head office at 112, J. C. Road,
Bangalore, Karnataka State and having one
of their Branch office at : 167, Navyug Niwas,
Opp. Minerva Cinema, Lamington Road,
Mumbai – 400 007 ...Plaintiff
Versus
M/s. Ambar Tours and Travels
A Proprietary Concern through its
Proprietor Mr. Ambar Moreshwar Narvekar,
Aged: 32 years, Indian Inhabitant
Residing at: A3, Keni Wadi, Agar Bazar,
S.K. Bole Road, Dadar (West), Mumbai28 ..Defendant
SUIT FOR RECOVERY OF MONEY
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Comm. Suit No.10/2020 2 Exparte Ju dgment (Exh.16)
CORAM : HIS HONOUR JUDGE SHRI R. R. BHAGWAT.
(COURT ROOM NO.31)
DATE : 24th FEBRUARY, 2022
Ms. Sujata Dahigaonkar, Advocate for the plaintiff.
Defendant – (Exparte).
JUDGMENT (EXPARTE)
This is suit for recovery of money.
Case of the plaintiff, in brief, is as under :
2. The plaintiff is a Body Corporate constituted under the Banking
Companies (Acquisition & Transfer of Undertakings) Act, 1970, having
its branch office at Lamington Road, Mumbai. Mr. Nishant Panghal,
Assistant Manager and Constituted Attorney, filed the suit for the
plaintiff bank. Syndicate Bank amalgamated with Canara Bank as per
Notification dated 01.04.2020. Hence, Canara Bank came into picture
in the present suit by virtue of amendment carried out as per order
passed below Chamber Summons No.156 of 2021. The defendant is
proprietor of a proprietary concern namely M/s. Ambar Tours and
Travels. On an application of the defendant, the plaintiff had
sanctioned loan facility (Term Loan) of Rs.4,94,000/ to the defendant
for purchasing 4 wheeler Maruti Ritz No.MH 01 BT 8082. Accordingly,
sanction letter was issued on 09.12.2015. The defendant executed
other documents including Deed of Hypothecation of the vehicle.
Though the loan amount was to be repaid with monthly installments of
Rs.10,940.23 within period of 60 months with interest at the rate of
10.95% p.a., the defendant committed breach in repayment of the loan
amount. Account of the defendant turned NPA on 30.09.2017. Then,
demand notice was issued on 15.02.2019 calling upon the defendant to
pay outstanding amount, but the defendant failed to make payment.
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Comm. Suit No.10/2020 3 Exparte Ju dgment (Exh.16)
Therefore, hypothecated vehicle was sold under auction and sale
proceeds aggregating to Rs.85,000/ was duly credited to loan account.
Even then, as on 23.09.2019, amount of Rs.4,11,864.80 was
outstanding together with interest at the rate of 10.75 % p.a. Hence, the
plaintiff filed the suit for recovery of outstanding amount of
Rs.4,11,864.80 together with interest at the rate of 10.75% p.a.
compounded monthly from the date of filing till payment or realization.
3. The defendant is duly served with writ of summons as per
affidavit of service (Exh.2). Inspite of service, nobody appears on
behalf of defendant to participate in the proceeding of the suit. Hence,
my learned predecessor passed 'Exparte Order' against defendant on
07.03.2020.
4. PW01 A. M. Gaikwad, Manager 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 Exh.14.
The plaintiff closed evidence vide pursis (Exh.15). Heard learned
advocate, Ms. Sujata Dahigaonkar 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 :
SR.NO. POINTS FINDINGS
1. Does the plaintiff prove that he is
entitled to recover amount of
Rs.4,11,864.80 from the defendant ? If
yes, at what rate of interest ?
In the Affirmative.
@ 10.75% p.a. with
monthly rest.
2. What order as to costs ? As per final order.
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Comm. Suit No.10/2020 4 Exparte Ju dgment (Exh.16)
3. What order and decree ? Suit is decreed.
REASONS
AS TO POINTS NO.1 AND 2 :
6. PW01 A. M. Gaikwad, 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.09. The defendant failed to make payment. The defendant
neglected to make payment of outstanding loan amount as stated in
statement of account (Exh.13). Meanwhile, the said vehicle has been
seized, sold and sale proceeds of Rs.85,000/ are appropriated towards
recovery of loan amount. Therefore, the plaintiff filed the suit for
recovery of balance amount with accrued interest. 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 within the range of interest as per terms of the agreement with
the defendant. There is no hurdle in the way of granting interest as
demanded by the plaintiff. 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 affirmative. Hence, I pass the following order :
ORDER
1. Commercial Suit No.10 of 2020 is decreed.
2. The defendant is directed to pay amount of Rs.4,11,864.80
(Rupees Four Lakhs Eleven Thousand Eight Hundred and Sixty
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Comm. Suit No.10/2020 5 Exparte Ju dgment (Exh.16)
Four and Paise Eighty only) to the plaintiff with interest @
10.75% p.a. with monthly rest from the date of the suit till the
date of realization within period of 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 : 24.02.2022. Mumbai.
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Comm. Suit No.10/2020 6 Exparte Ju dgment (Exh.16)
“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
25.02.2022, 5.45 p.m. Mrs Shilpa P. Pawar
UPLOAD DATE AND TIME Stenographer (GradeI)
Name of the Judge (with Court Room no.) HHJ Shri R.R.Bhagwat.
(Court Room No.31).
Date of Pronouncement of Judgment/Order 24.02.2022
Judgment/Order signed by P.O. on 24.02.2022
Judgment/Order uploaded on 25.02.2022
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