Case Summary
This case involves Bank of Baroda seeking to recover money from M/s M K S Agency and its proprietor Sandhya Suresh due to non-repayment of loans availed under the Pradhan Mantri Mudra Yojana Loan scheme. The defendants defaulted on their loan repayments, leading the bank to file this suit.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants shall pay Rs.2,26,104/- with interest, Rs.4,17,727/- with interest, Rs.12,467/- with interest and Rs.48,883.62/- with interest from the date of suit till the date of decree.
Case Type
Civil Suit
Final Judgment
No
Why Plaintiff Won:
The plaintiff successfully proved the loan agreements and the defendants' default in payments.
The plaintiff successfully proved the loan agreements and the defendants' default in payments.
Judgment Evidence:
In the result, suit is decreed as follows: 1) Defendants shall pay Rs.2,26,104/- with interest @ 9.70% per annum...
Parties Involved
Plaintiffs
Bank of Baroda (Age not specified years)
Kakkanad Branch, represented by Chief Manager and duly authorized Power of Attorney Holder Manohar M, aged 54 years, S/o K P Motilal, S N S Samithi Building, Ground Floor, KINFRA Road, Kakkanad P O, Ernakulam- 682030
Defendants
M/s M K S Agency (Age not specified years)
M Tower, Near KSEB Office, Pattimattom, Ernakulam, Pin:- 683562
Sandhya Suresh (48 years)
Makayiram Nivas, Pallikkara, Moonelumukal, Pazhamthottam P O, Ernakulam, Pin- 683565
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Plaintiff is entitled to recover various amounts due from the defendants.
Evidence:
In the result, suit is decreed as follows:- Defendants shall pay Rs.2,26,104/- (Rupees Two lakhs twenty six thousand one hundred four only) with interest @ 9.70% per annum, Rs.4,17,727/- (Rupees Four lakhs seventeen thousand seven hundred and twenty seven only) with interest @9.70% per annum, Rs.12,467/- ( Rupees Twelve thousand four hundred and sixty seven only) with interest @8.60% per annum and Rs.48,883.62/- ( Rupees Forty eight thousand eight hundred and eighty three and sixty two paise only) with interest @ 8.90% per annum from the date of suit till the date of decree and 6% from the date of decree till the date of payment or realization, as the case may be, to the plaintiff.
Relief Type:
Other
Outcome:
Granted
Description:
Liability for the decree debt also extends to the personal assets of the defendants.
Evidence:
Defendants shall be personally and their assets shall also be liable to satisfy the decree debt.
Relief Type:
Other
Outcome:
Granted
Description:
Costs of the suit are also recoverable.
Evidence:
Plaintiff is also entitled to realize the costs of the suit.
Documents & Evidence
Document Type:
Application Form
Submitted By:
Plaintiff
Relevance:
The application form for Pradhan Mantri Mudra Yojana Loan.
Reference:
Ext.A1
Document Type:
Sanction letter
Submitted By:
Plaintiff
Relevance:
The sanction letter for the loan amount.
Reference:
Ext.A2
Document Type:
Composite Hypothecation Agreement
Submitted By:
Plaintiff
Relevance:
The agreement governing the hypothecation of the defendant's assets.
Reference:
Ext.A3
Document Type:
Declarations cum Undertaking cum Authority
Submitted By:
Plaintiff
Relevance:
A document outlining the terms and conditions for the loan.
Reference:
Ext.A4
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
The promissory note indicating the defendant's obligation to repay the loan.
Reference:
Ext.A5
Document Type:
Letter of Continuing Security
Submitted By:
Plaintiff
Relevance:
A letter that confirms the security arrangement for the loan.
Reference:
Ext.A6
Document Type:
Demand Promissory Note for Term Loan
Submitted By:
Plaintiff
Relevance:
The promissory note for the term loan of Rs.4,00,000/-.
Reference:
Ext.A7
Document Type:
Letter of installment with acceleration clause
Submitted By:
Plaintiff
Relevance:
A letter explaining the terms of loan repayment including acceleration.
Reference:
Ext.A8
Document Type:
Letter of Sole-Proprietorship
Submitted By:
Plaintiff
Relevance:
A document confirming the sole proprietorship of the defendant.
Reference:
Ext.A9
Document Type:
Application for Availing Relief under Resolution Framework
Submitted By:
Plaintiff
Relevance:
Application for loan restructuring due to Covid-19 stress.
Reference:
Ext.A10
Document Type:
Draft Sanction Letter
Submitted By:
Plaintiff
Relevance:
A draft letter regarding the sanction of relief under the resolution framework.
Reference:
Ext.A11
Document Type:
Agreement for Reschedulement cum Resolution Interest Recovery Account
Submitted By:
Plaintiff
Relevance:
An agreement related to the restructuring of the loan.
Reference:
Ext.A12
Document Type:
Composite Hypothecation Agreement
Submitted By:
Plaintiff
Relevance:
Another hypothecation agreement related to additional loans availed.
Reference:
Ext.A13
Document Type:
Declarations cum Undertaking cum Authority
Submitted By:
Plaintiff
Relevance:
Another declaration required for the later loan availed.
Reference:
Ext.A14
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
Promissory note for the loan availed on 11.08.2021.
Reference:
Ext.A15
Document Type:
Letter of installment with acceleration clause
Submitted By:
Plaintiff
Relevance:
Letter outlining installment terms for the loan taken on 11.08.2021.
Reference:
Ext.A16
Document Type:
Letter of Sole Proprietorship
Submitted By:
Plaintiff
Relevance:
Another sole proprietorship confirmation related to the later loan.
Reference:
Ext.A17
Document Type:
Letter of acknowledgment of debt
Submitted By:
Plaintiff
Relevance:
Acknowledgment of debt towards one of the loan accounts.
Reference:
Ext.A18
Document Type:
Letter of acknowledgment of debt
Submitted By:
Plaintiff
Relevance:
Acknowledgment of debt towards another loan account.
Reference:
Ext.A19
Document Type:
Letter of acknowledgment of debt
Submitted By:
Plaintiff
Relevance:
Acknowledgment of debt towards yet another loan account.
Reference:
Ext.A20
Document Type:
Copy of Lawyer Notice
Submitted By:
Plaintiff
Relevance:
Legal notice issued to the defendants regarding repayment.
Reference:
Ext.A21
Document Type:
Statement of Account of Loan Transactions
Submitted By:
Plaintiff
Relevance:
Statement detailing the account transactions for overdraft loan.
Reference:
Ext.A22
Document Type:
Statement of Account of Loan Transactions
Submitted By:
Plaintiff
Relevance:
Statement for the term loan account regarding payments.
Reference:
Ext.A23
Document Type:
Statement of Account of Loan Transactions
Submitted By:
Plaintiff
Relevance:
Statement detailing the transactions for a separate loan account.
Reference:
Ext.A24
Document Type:
Statement of Account of Loan Transactions
Submitted By:
Plaintiff
Relevance:
Statement for the latest term loan account.
Reference:
Ext.A25