Case Summary
The Bank of Baroda has filed a suit against M/s.Otto Motiv and its managing partners for failing to repay a loan of ₹10,00,000 sanctioned under the MSME scheme. Despite several reminders and a mediation attempt, the defendants did not repay the loan.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants to pay ₹10,62,186 with interest @ 9% per annum from the date of suit till the date of decree and thereafter @ 6% per annum till realization.
Case Type
Commercial Suit
Final Judgment
No
The suit is decreed in favor of the plaintiff, directing the defendants to collectively pay ₹10,62,186 with interest. Additionally, the plaintiff is entitled to recover the costs of the suit.
Why Plaintiff Won:
The plaintiff proved their case with sufficient evidence, including loan documents and the defendants' default.
The plaintiff proved their case with sufficient evidence, including loan documents and the defendants' default.
Losing Side's Weaknesses:
The plaintiff proved their case with sufficient evidence, including loan documents and the defendants' default.
The plaintiff proved their case with sufficient evidence, including loan documents and the defendants' default.
Supporting Evidence
From the evidence of PW1 coupled with documentary evidence, I find that the plaintiff has succeeded in proving his case.
Judgment Evidence:
In the result, the suit is decreed as follows: (1)Defendants are jointly and severally directed to pay an amount of 10,62,186/- with interest @ 9% per annum from the date of suit till the date of decree and thereafter @ 6% per annum till realization.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- The Bank of Baroda
- Party Role
- Defendant
- Party Name
- M/s.Otto Motiv
- Party Role
- Defendant
- Party Name
- Mr.Aslam P
- Party Age
- 34
- Relation
- S/o
- Party Role
- Defendant
- Party Name
- Mr.Athul Prasad
- Party Age
- 29
- Relation
- S/o
Plaintiffs Documents
Loan application submitted by the defendants, Draft letter of sanction to the borrower, D.P note for partnership firm executed by defendants in favour of plaintiff, Composite hypothecation agreement executed by defendants in favour of plaintiff, Letter of partnership executed by D2 and D3 in favour of plaintiff, Stamp as on agreement plus power of attorney, Letter of continuing security, Declarations cum undertakings cum authority executed by the defendants in favour of plaintiff, Statement of account issued by the Bank of Baroda Karaparamba, Statement of unapplied interest issued by the Bank of Baroda Karaparamba, Copy of lawyer notice issued to defendants by Adv.K.S.Rajagopalan, Non starter report of District Legal Services Authority, Kozhikode
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Smt.Husna C.P.M
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Sri.Noushad Kallada
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Recovery of the loan amount with interest.
Evidence:
Defendants are jointly and severally directed to pay an amount of 10,62,186/- with interest @ 9% per annum from the date of suit till the date of decree.
Documents & Evidence
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
The defendants approached the plaintiff bank for a cash credit facility.
Reference:
Ext.A1
Document Type:
Sanction letter
Submitted By:
Plaintiff
Relevance:
The loan was sanctioned to the defendants.
Reference:
Ext.A2
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
Executed by the defendants for the loan.
Reference:
Ext.A3
Document Type:
Composite Hypothecation Agreement
Submitted By:
Plaintiff
Relevance:
Document executed for hypothecation of the stock and trade.
Reference:
Ext.A4
Document Type:
Letter of Partnership
Submitted By:
Plaintiff
Relevance:
Executed by defendants to formalize partnership.
Reference:
Ext.A5
Document Type:
Letter of guarantee
Submitted By:
Plaintiff
Relevance:
Guarantee for the liabilities of the firm.
Reference:
Ext.A6
Document Type:
Letter of Continuing Security
Submitted By:
Plaintiff
Relevance:
Treats the promissory note as continuing security.
Reference:
Ext.A7
Document Type:
Declarations cum undertakings cum authority
Submitted By:
Plaintiff
Relevance:
Executed by defendants to affirm their obligations.
Reference:
Ext.A8
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
Shows the outstanding liabilities of the defendants.
Reference:
Ext.A9
Document Type:
Statement of Unapplied Interest
Submitted By:
Plaintiff
Relevance:
Details the unapplied interest on the loan.
Reference:
Ext.A10
Document Type:
Copy of Lawyer Notice
Submitted By:
Plaintiff
Relevance:
Notice issued to defendants demanding repayment.
Reference:
Ext.A11
Document Type:
Non-starter report
Submitted By:
Plaintiff
Relevance:
Issued by the District Legal Service Authority as part of the mediation process.
Reference:
Ext.A12
Case Classification
Case Type
Commercial Suit
Category
Money and Loan Recovery
District
Kozhikode
State
Kerala
Court Establishment
Commercial Court Kozhikode
Common Reasons
Non-payment of rent
Case Code
Case between The Bank of Baroda vs M/s.Otto Motiv et al regarding realisation of money
Case Code Year
Case between The Bank of Baroda vs M/s.Otto Motiv et al regarding realisation of money