Case Summary
The case involves Bank of India, represented by its Chief Manager Sri. Pratap M.R., seeking to recover Rs. 10,28,436.08 from Saifu P., the sole proprietor of M/s. Morries, due to non-repayment of a loan. The defendant was set ex-parte as he failed to appear in court.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendant is directed to pay an amount of Rs. 10,28,436.08 with 9% interest 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 court decreed the suit in favor of the plaintiff, ordering the defendant to pay the plaintiff a total of Rs. 10,28,436.08 along with interest. The plaintiff is also entitled to recover the costs of the suit.
Why Plaintiff Won:
The evidence presented by the plaintiff, coupled with the unchallenged testimony of PW1 and supporting documents, established the defendant's default in loan repayment.
The evidence presented by the plaintiff, coupled with the unchallenged testimony of PW1 and supporting documents, established the defendant's default in loan repayment.
Losing Side's Weaknesses:
The evidence presented by the plaintiff, coupled with the unchallenged testimony of PW1 and supporting documents, established the defendant's default in loan repayment.
The evidence presented by the plaintiff, coupled with the unchallenged testimony of PW1 and supporting documents, established the defendant's default in loan repayment.
Supporting Evidence
Evidence of PW1 would go to show that the defendant had committed default in repaying the loan amount. By the unchallenged evidence of PW1 coupled with documentary evidence, I find that plaintiff is entitled for a decree as prayed for.
Judgment Evidence:
In the result, the suit is decreed as follows: (1) Defendant is directed to pay an amount of Rs. 10,28,436.08 (Rupees Ten lakhs twenty eight thousand four hundred and thirty six and eight paise only) with 9% interest 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
- Bank of India
- Party Role
- Defendant
- Party Name
- Saifu P.
- Party Age
- 38
- Relation
- S/o
Plaintiffs Documents
Ext.A1 to A7 including Sanction letter, Demand promissory note, Hypothecation cum loan agreement, copy of lawyer notice, statement of account, non starter report.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri.M.C.Rathnakaran
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Smt.Lissy K.K.
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Defendant is directed to pay an amount of Rs. 10,28,436.08 with interest.
Evidence:
In the result, the suit is decreed as follows: (1) Defendant is directed to pay an amount of Rs. 10,28,436.08 (Rupees Ten lakhs twenty eight thousand four hundred and thirty six and eight paise only) with 9% interest per annum from the date of suit till the date of decree and thereafter @ 6% per annum till realization.
Relief Type:
Other
Outcome:
Granted
Description:
The plaintiff is also entitled to realise the costs of the suit.
Evidence:
The plaintiff is also entitled to realise the costs of the suit.
Documents & Evidence
Document Type:
Sanction letter
Submitted By:
Plaintiff
Relevance:
This document indicates the approval of the cash credit facility to the defendant.
Reference:
Ext.A1
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
Executed by the defendant as a security for the repayment of the loan.
Reference:
Ext.A2
Document Type:
Hypothecation cum loan agreement
Submitted By:
Plaintiff
Relevance:
This agreement was executed to hypothecate the goods in the defendant's business as security for the loan.
Reference:
Ext.A3
Document Type:
Copy of Lawyer Notice
Submitted By:
Plaintiff
Relevance:
Issued to call upon the defendant to pay the outstanding balance amount.
Reference:
Ext.A4
Document Type:
Certified copy of Account statement
Submitted By:
Plaintiff
Relevance:
Shows that the defendant failed to repay the loan on time.
Reference:
Ext.A6
Document Type:
Non Starter Report
Submitted By:
Plaintiff
Relevance:
Issued by the District Legal Services Authority, Kozhikode, relevant for the proceedings.
Reference:
Ext.A7
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 Bank of India vs Saifu P. regarding realisation of money
Case Code Year
Case between Bank of India vs Saifu P. regarding realisation of money