Case Summary
The plaintiff, Canara Bank, has filed a suit against the defendants, Abubaker P K and Sajitha P A, for the realization of money due under a term loan. The defendants defaulted in repayment, leading to this legal action.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants shall pay Rs.7,95,419/- along with interest @10% per annum from the date of suit till the date of decree and 6% from the date of decree till payment or realization.
Case Type
Civil Suit
Final Judgment
No
Why Plaintiff Won:
The plaintiff established a case for recovery of the loan amount due to defaults by defendants.
The plaintiff established a case for recovery of the loan amount due to defaults by defendants.
Judgment Evidence:
In the result, suit is decreed as follows: 1) Defendants shall pay Rs.7,95,419/- (Rupees Seven lakhs ninety five thousand four hundred and nineteen only) along with interest @10% per annum from the date of suit till the date of decree...
Parties Involved
Plaintiffs
Canara Bank (Age not specified years)
Ayyappankavu Branch, Kochi, Ernakulam- 682018
Defendants
Abubaker P K (63 years)
Poothulli Parambil House, Market Road, Ernakulam North P O, Ernakulam- 682018
Sajitha P A (58 years)
Poothulli Parambil House, Market Road, Ernakulam North P O, Ernakulam- 682018
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Plaintiff is entitled to recover an amount of Rs.7,95,419/- along with interest from the defendants.
Evidence:
I am of the view that plaintiff has established a case and plaintiff is entitled to realize an amount of Rs.7,95,419/- with interest from the defendants.
Relief Type:
Interest
Outcome:
Granted
Description:
Plaintiff is entitled to interest at the rate of 10% per annum from the date of suit till the date of decree and 6% from the date of decree till payment.
Evidence:
Plaintiff is entitled interest at the rate of 10% per annum from the date of suit till the date of decree, and 6% from the date of decree till payment or realization, as the case may be.
Relief Type:
Costs
Outcome:
Granted
Description:
Plaintiff is entitled to realize the costs of the suit.
Evidence:
Plaintiff is also entitled to realize the costs of the suit.
Documents & Evidence
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
This document shows the application made by the 1st defendant for the loan.
Reference:
Ext.A1
Document Type:
Sanction Memorandum
Submitted By:
Plaintiff
Relevance:
This document shows the sanction of the loan to the 1st defendant.
Reference:
Ext.A2
Document Type:
Agreement cum deed of Hypothecation
Submitted By:
Plaintiff
Relevance:
This document outlines the terms of the hypothecation executed by the 1st defendant.
Reference:
Ext.A3
Document Type:
Letter of undertaking
Submitted By:
Plaintiff
Relevance:
This document is a letter of undertaking executed by the 1st defendant.
Reference:
Ext.A4
Document Type:
Letter of particulars of stock hypothecated
Submitted By:
Plaintiff
Relevance:
This document details the stock and equipment hypothecated by the 1st defendant.
Reference:
Ext.A5
Document Type:
Letter of acknowledgment of debt
Submitted By:
Plaintiff
Relevance:
This document serves as an acknowledgment of debt executed by the 1st defendant.
Reference:
Ext.A6
Document Type:
Letter of acknowledgment of debt
Submitted By:
Plaintiff
Relevance:
This document is another acknowledgment of debt executed by the 1st defendant.
Reference:
Ext.A7
Document Type:
Guarantee Agreement
Submitted By:
Plaintiff
Relevance:
This document outlines the guarantee provided by the 2nd defendant.
Reference:
Ext.A8
Document Type:
Guarantee covering letter
Submitted By:
Plaintiff
Relevance:
This document is a covering letter related to the guarantee provided by the 2nd defendant.
Reference:
Ext.A9
Document Type:
Lawyers notice
Submitted By:
Plaintiff
Relevance:
This document is the notice issued to the defendants demanding repayment.
Reference:
Ext.A10
Document Type:
Postal Receipts
Submitted By:
Plaintiff
Relevance:
These documents serve as proof of receipt of the legal notice sent to the defendants.
Reference:
Ext.A11 and A12
Document Type:
Certified Copy of the Statement of Account
Submitted By:
Plaintiff
Relevance:
This document provides a certified copy of the loan account statement related to the term loan.
Reference:
Ext.A13