Case Summary
Canara Bank initiated this suit against Joshy George for recovery of a loan amount. The defendant failed to repay the loan which resulted in this legal action.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
The plaintiff is entitled to realize ₹2,97,454/- with interest @ 6% per annum from the date of suit till the date of realization of the amount.
Case Type
Civil Suit
Final Judgment
No
The court ruled in favor of the plaintiff, allowing them to recover the loan amount along with interest and costs.
Why Plaintiff Won:
The plaintiff bank provided sufficient evidence of the loan agreement and the defendant's failure to repay.
The plaintiff bank provided sufficient evidence of the loan agreement and the defendant's failure to repay.
Losing Side's Weaknesses:
The plaintiff bank provided sufficient evidence of the loan agreement and the defendant's failure to repay.
The plaintiff bank provided sufficient evidence of the loan agreement and the defendant's failure to repay.
Supporting Evidence
The plaintiff bank is represented by the present branch manager and he is examined as PW1. According to him, the plaintiff bank lent an amount of ₹1,68,000/- to the defendant on his agreement that he would repay the amount within 60 months with interest at the rate of 10.75% per annum.
Judgment Evidence:
In the result, the suit is decreed as follows; 1The plaintiff is entitled to realize ₹2,97,454/- (Rupees Two Lakhs Ninety Seven Thousand Four Hundred and Fifty Four Only) as on the date of suit, with interest @ 6% per annum from the date of suit till the date of realization of the amount.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Canara Bank
- Party Role
- Defendant
- Party Name
- Joshy George
- Party Age
- 47
- Relation
- S/o
Plaintiffs Documents
Deed of Hypothecation agreement, Acknowledgment of Debt and Security.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Samsan Joseph
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- K. Ajith
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Plaintiff is entitled to recover ₹2,97,454/- along with interest.
Evidence:
In the result, the suit is decreed as follows; 1The plaintiff is entitled to realize ₹2,97,454/- (Rupees Two Lakhs Ninety Seven Thousand Four Hundred and Fifty Four Only) as on the date of suit, with interest @ 6% per annum from the date of suit till the date of realization of the amount.
Relief Type:
Other
Outcome:
Granted
Description:
The plaintiff is entitled to realize the costs of the suit from the defendant.
Evidence:
The plaintiff is also entitled to realize the costs of the suit from the defendant or his assets.
Documents & Evidence
Document Type:
Hypothecation Agreement
Submitted By:
Plaintiff
Relevance:
Executed by defendant on 25.03.2014, detailing the terms of the loan transaction.
Reference:
Ext.A1
Document Type:
Acknowledgment of Debt and Security
Submitted By:
Plaintiff
Relevance:
Executed by the defendant on 15.03.2017, acknowledging the debt.
Reference:
Ext.A2
Document Type:
Acknowledgment of Debt and Security
Submitted By:
Plaintiff
Relevance:
Executed by the defendant on 04.02.2020, further acknowledging the debt.
Reference:
Ext.A3
Document Type:
Certified copy of statement of account
Submitted By:
Plaintiff
Relevance:
Shows the disbursement of the loan amount and the payment history.
Reference:
Ext.A4
Case Classification
Case Type
Civil Suit
Category
Money and Loan Recovery
District
Kottayam
State
Kerala
Court Establishment
Munsiff Court Kanjirappally
Common Reasons
Non-payment of rent
Case Code
O.S
Case Code Year
2022