Case Summary
Canara Bank is suing Western Trading Corporation and Dileep Venkatadri to recover a loan amount that was defaulted. The case involves a loan of Rs. 2,00,425/- and seeks to enforce repayment.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Rs. 2,00,425/- with interest at the rate of 7% till the date of decree and 6% thereafter.
Case Type
Civil Suit
Final Judgment
No
The court decreed that the defendants repay Rs. 2,00,425/- to the plaintiff along with interest. The plaintiff also retains the right to recover costs of the suit.
Why Plaintiff Won:
The plaintiff provided sufficient evidence of the loan agreement and the defendants' default.
The plaintiff provided sufficient evidence of the loan agreement and the defendants' default.
Losing Side's Weaknesses:
The plaintiff provided sufficient evidence of the loan agreement and the defendants' default.
The plaintiff provided sufficient evidence of the loan agreement and the defendants' default.
Supporting Evidence
The plaint claim of borrowal of the amount, the default of the payments is proved by the affidavit of PW1 and documents No.A1 to A5. The claim of the plaintiff that he is entitled to get an interest at the rate of 12% per annum cannot be entertained as it is exorbitant.
Judgment Evidence:
In the result, The suit is decreed as follows: 1. The defendants are directed to pay Rs.2,00,425/- (Rupees Two Lakh Four Hundred And Twenty Five Only) jointly and severally to the plaintiff with an interest at the rate of 7% till the date of decree and thereafter at the rate of 6% per annum till realization. 2. The defendants are also directed to pay jointly and severally the costs of the suit to the plaintiff.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Canara Bank, Kunnamangalam Branch
- Relation
- Represented by
- Party Role
- Defendant
- Party Name
- M/s. Western Trading Corporation
- Party Age
- 57
- Relation
- Represented by
- Party Role
- Defendant
- Party Name
- Dileep Venkatadri
- Party Age
- 43
Plaintiffs Documents
Loan Sanction letter, Loan Application, Composite Hypothecation agreement, Guarantee Agreement, Statement of account
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri. B. R. Rajeev
- Appearance Type
- Main Counsel
- Party Role
- Plaintiff
- Advocate Name
- Suby Varghees
- Appearance Type
- Assisting Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Plaintiff entitled to recover Rs.2,00,425/- from defendants.
Evidence:
The defendants are directed to pay Rs.2,00,425/- (Rupees Two Lakh Four Hundred And Twenty Five Only) jointly and severally to the plaintiff with an interest at the rate of 7% till the date of decree and thereafter at the rate of 6% per annum till realization.
Relief Type:
Costs
Outcome:
Granted
Description:
Plaintiff entitled to the costs of the suit.
Evidence:
The defendants are also directed to pay jointly and severally the costs of the suit to the plaintiff.
Documents & Evidence
Document Type:
Loan Sanction Letter
Submitted By:
Plaintiff
Relevance:
Document proving the sanction of the loan to the defendants.
Reference:
Ext.A1
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
Document showing the application for the loan submitted by the defendants.
Reference:
Ext.A2
Document Type:
Composite Hypothecation Agreement
Submitted By:
Plaintiff
Relevance:
Document detailing the terms of security for the loan.
Reference:
Ext.A3
Document Type:
Guarantee Agreement
Submitted By:
Plaintiff
Relevance:
Document providing a guarantee for the loan.
Reference:
Ext.A4
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
Document showing the outstanding balance and payment history.
Reference:
Ext.A5
Case Classification
Case Type
Civil Suit
Category
Money and Loan Recovery
District
Kozhikode
State
Kerala
Court Establishment
Munsiff Court 2 Kozhikode
Common Reasons
Recovery of money
Case Code
Case between Canara Bank et al vs M/s. Western Trading Corporation et al regarding realization of money
Case Code Year
Case between Canara Bank et al vs M/s. Western Trading Corporation et al regarding realization of money