Final Order 1

Order Details: Ex-parte Judgement
Pdf Text: 1
MHCC010123082019
Presented on : 21062019
Registered on : 28112019
Decided on : 31082021
Duration : Y2, M2,D10
IN THE CITY CIVIL COURT AT GREATER BOMBAY
COMMERCIAL SUIT NO.228 OF 2019
Canara Bank, ]
A body corporate,Constituted under the Banking ]
Companies (Acquisition & Transfer of Undertakings) ]
Act,1970 having its Head Office at 112, J.C. Road, ]
Bangalore560 002, and one of its Branch office ]
amongst others known as Naigaum Dadar Branch ]
having address Gr.Floor, Dr.D.B. Kulkarni Vidyalay ]
Lok Seva Sangh,Mahatma Jyotiba Phule Road, ]
Naigaum, Dadar (East),Mumbai400014, ]
in the State of Maharashtra represented by ]
Maneesh Kumar, ]
Age:29 years, Manager ]...Plaintiff
V/s
Mahendraprasad Ramnarayan Patel, ]
AgeNot known, Adult, OccupationTaxi Driver ]
Plot No.45, Room No.46, Near Dynasampada ]
School, Shivaji Nagar, Govandi, Mumbai400043 ]..Defendant
APPEARANCE:
Ld. Adv. Shraddha Agarwal i/b. Rajkumar K.Shukla for plaintiff.
None for defendant.
CORAM : HIS HONOUR ADHOCADDL.SESSIONS
JUDGE SHRI. RAJESH A. SASNE
(C.R.No.32)
DATED : 31st August, 2021.
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EXPARTE JUDGMENT
(Dictated in Open Court)
This is suit under the Commercial Courts Act, 2015 for
recovery of amount advanced to the defendant by term loan.
In brief, the facts of the plaintiff's case are as under :
2. The plaintiff is a body corporate constituted under the
Banking Companies Act, 1970. On or about 18.04.2016, the defendant
approached to the plaintiff with request for grant of term loan of
Rs.4,50,000/ (Rupees Four Lakh Fifty Thousand Only). The defendant
executed certain documents for the term loan. As per the terms of
sanction of loan, it was agreed to repay the term loan in sixty months.
The plaintiff granted and disbursed the said term loan of Rs.4,50,000/
to the defendant. The defendant failed and neglected to conduct the
facility satisfactorily and to comply and observer the terms and
conditions of the sanctioned term loan. The plaintiff called upon the
defendant to pay the overdue amount outstanding in the said account.
On 16.07.2018, the plaintiff issued legal notice to the defendant and
called upon him to make payment of outstanding amount. The
defendant is liable to pay sum of Rs.5,87,837/ (Rupees Five Lakhs
Eighty Seven Thousand Eight Hundred and Thirty Seven Only)
alongwith the interest at the rate of 11.80% p.a. and penal interest at
the rate of 2% p.a. Accordingly the plaintiff has prayed for decree of
recovery of said amount against the defendant.
3. In spite of service of suit summons, the defendant remained
absent hence, the suit proceeded exparte against him.
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4. Heard the learned Advocate for the plaintiff. No argument
of the defendant. Points for determination along with my findings
thereon with reasons are as under:
POINTS FINDINGS
1. Whether the plaintiff proves that it has
advanced term loan of Rs.4,50,000/ to the
defendant ?
Yes
2. Whether the defendant failed to repay the
amount due against the loan to the
plaintiff ?
Yes
3. Whether the plaintiff proves that the
amount of Rs.5,87,837/ (Rupees Five Lakh
Eighty Seven Thousand Eight Hundred
Thirty Seven Only) is due and payable from
the defendant ?
Yes
4. If yes, at what rate of interest ? 10% p.a.
5. What order and decree? Suit is decreed
REASONS
AS TO POINTS NO.1 to 4:
5. The plaintiff has examined Mrs. Chetna(PW.1) at Exh.04,
in support of claim and has adduced the following documentary
evidence.
Sr.
No.
Particulars
1 Copy of Power of Attorney at Exh.06
2 Original Loan Application at Exh.07
3 Original Sanction Memorandum at Exh.08
4 Original Certificate of Loan Papers obtained at Exh.9
5 Original letter evidencing execution of document at Exh.10
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6 Original letter of undertaking re loans/advances at Exh.11
7 Original particulars of
vehicles/machinery/equipment/livestock at Exh.12
8 Original deed of hypothecation at Exh.13
9 Office copy of Legal Notice at Exh.14
10 Original Statement of Account at Exh.16
11 Particulars of plaintiff's claim against defendant at Exh.17
6. The documentary evidence alongwith oral evidence of the
plaintiff shows that the defendant by loan application (Exh.07)
approached the plaintiff bank for obtaining term loan of Rs.4,50,000/.
The said loan was for purchase of vehicle. The original sanctioned
memorandum (Exh.08) shows that the plaintiff bank has sanctioned the
loan of Rs.4,50,000/ to the defendant. The period for repayment of
loan was 60 months. The letter of undertaking (Exh.11) has been
executed by the defendant. Similarly, deed of hypothecation (Exh.13) is
also executed by the defendant. The said deed of hypothecation bears
condition that borrower shall pay interest at the rate of 3.15% above
MCLR [base rate at present being 9.45%]. These documents clearly
shows that the defendant has obtained loan of Rs.4,50,000/ from the
plaintiff.
7. Mrs.Chetna (PW1) deposes that the defendant failed and
neglected to observe the conditions of loan agreement as account was
irregular and subsequently became NPA. The defendant was called
upon to pay the outstanding loan amount by legal notice dated
16.07.2018 (Exh.14). She further deposes that in spite of receipt of said
notice, the defendant failed to pay the outstanding amount. The
statement of account (Exh.16) shows that the last amount deposited by
the defendant is Rs.6,000/ on 19.04.2017. On 18.04.2019,
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Rs.5,87,837/ was due and payable from the defendant.
8. The rate of interest as stated in the deed of hypothecation
is 3.15% above MCLR which was 9.45% at that time. The plaintiffs
have also prayed for 2% penal interest. In the plaint, the plaintiff has
prayed for interest at the rate of 11.18% p.a. plus 2% penal interest.
Considering the transaction and considering the fact that the defendant
had obtained loan for purchase of vehicle, in my view, the plaintiff is
entitled for the rate of interest at the rate of 10% p.a.
9. As aforesaid the plaintiff proves that the defendant has
obtained loan of Rs.4,50,000/ from the plaintiff. The plaintiff also
proves that the defendant has failed to repay the loan amount of
Rs.5,87,837/ which is due and payable from him to the plaintiff.
Hence, the plaintiff is entitled for the decree against the defendant for
recovery of said amount along with interest at the rate of 10% p.a. from
the date of filing of this suit till realisation of amount. Accordingly, I
answer points No.1 to 4.
AS TO POINT NO.5:
10. In view of my findings to point Nos.1 to 4, the suit is liable
to be decreed with costs. In the result, in answer to point No.5, I pass
the following order.
ORDER
1. Suit is decreed with costs.
2. The defendant do pay to the plaintiff an amount of
Rs.5,87,837/ (Rupees Five Lacs Eighty Seven
Thousand Eight Hundred and Thirty Seven Only)
alongwith interest at the rate of 10% per annum from
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the date of filing of suit till realisation of amount.
3. Decree be drawn up accordingly.
(Rajesh A.Sasne)
Judge,
City Civil & Sessions Court,
Date : 31.08.2021 Mumbai.
Dictated on : 31.08.2021
Transcribed on : 01.09.2021
Signed by HHJ on : 02.09.2021
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“CERTIFIED TO BE TRUE AND CORRECT COPY OF THE ORIGINAL
SIGNED JUDGMENT/ORDER”
03.09.2021 at 12.25 p.m.
UPLOAD DATE AND TIME
(Mrs. K.S.Bhosale)
NAME OF STENOGRAPHER
Name of the Judge HHJ SHRI RAJESH A.SASNE
(COURT ROOM NO.32)
Date of pronouncement of
judgment/order
31.08.2021
Judgment/order signed by P.O. on 02.09.2021
Judgment/order uploaded on 03.09.2021
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