Case Summary
Canara Bank filed a suit against M/s. A B Marketing and its proprietor Byju.A for recovery of dues arising from multiple loans. The defendants defaulted on repayment, leading to the current suit for recovery.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
The defendants are directed to pay an amount of Rs.13,86,792.72 to the plaintiff.
Case Type
Commercial Suit
Final Judgment
No
The court decreed the suit, directing the defendants to pay the outstanding amount to the plaintiff with interest and to cover costs.
Why Plaintiff Won:
The defendants failed to repay the loan amount with interest as per the loan agreements.
The defendants failed to repay the loan amount with interest as per the loan agreements.
Losing Side's Weaknesses:
The defendants failed to repay the loan amount with interest as per the loan agreements.
The defendants failed to repay the loan amount with interest as per the loan agreements.
Supporting Evidence
The unchallenged oral testimony of PW1 coupled with Exts.A1 to A7 documents very well show that the defendants failed to repay the loan amount with interest to plaintiff and now an amount of Rs.13,86,792.72 is due from the defendants to the plaintiff.
Judgment Evidence:
In the result, the suit is decreed as follows: 1.The defendants are directed to pay an amount of Rs.13,86,792.72 (Rupees thirteen lakh eighty six thousand seven hundred and ninety two and seventy two paise only) to the plaintiff.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Canara Bank
- Relation
- Rep. By Manager
- Party Role
- Plaintiff
- Party Name
- Neethu Ramesh
- Party Age
- 33
- Relation
- W/o. Naveen A.P.
- Party Role
- Defendant
- Party Name
- M/s. A B Marketing
- Relation
- Rep. By its proprietor
- Party Role
- Defendant
- Party Name
- Byju.A
- Party Age
- 40
Plaintiffs Documents
Ext.A1: Letter of Sanction for Rs.10,00,000/- dated 06.10.2018, Ext.A2: Composite Hypothecation Agreement, Ext.A3: Guarantee Agreement, Ext.A4: The Sanction Memorandum for Rs.1,90,000/-, Ext.A5: Agreement Cum deed of hypothecation, Ext.A6: Pronote, Ext.A7: Attested Copy of the account statements.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri.Abdul Jaleel Onath
- Appearance Type
- Main Counsel
- Party Role
- Plaintiff
- Advocate Name
- Smt. Shiji.N
- Appearance Type
- Assisting Counsel
- Party Role
- Defendant
- Advocate Name
- Sri. P.N. Udayabhanu
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Smt. Dayana.K
- Appearance Type
- Assisting Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Directing the defendants to pay the outstanding amount of Rs.13,86,792.72/- to the plaintiff.
Evidence:
Accordingly, the suit is liable to be decreed directing the defendants to pay the outstanding amount.
Relief Type:
Injunction
Outcome:
Granted
Description:
Entitlement for an interest at the rate of 6% per annum from the date of the suit till realization of the decree.
Evidence:
The plaintiff will be entitled for an interest at the rate of 6% per annum from the date of the suit till realisation of the decree.
Relief Type:
Other
Outcome:
Granted
Description:
Entitlement for costs of the suit.
Evidence:
The plaintiff will be entitled for costs of the suit.
Documents & Evidence
Document Type:
Letter of Sanction
Submitted By:
Plaintiff
Relevance:
This document is the sanction for the loan of Rs.10,00,000/-.
Reference:
Ext.A1
Document Type:
Composite Hypothecation Agreement
Submitted By:
Plaintiff
Relevance:
This agreement outlines the hypothecation for the sanctioned loan.
Reference:
Ext.A2
Document Type:
Guarantee Agreement
Submitted By:
Plaintiff
Relevance:
This document serves as a guarantee for the repayment of the loan.
Reference:
Ext.A3
Document Type:
The Sanction Memorandum
Submitted By:
Plaintiff
Relevance:
This memorandum details the sanction of Rs.1,90,000/- to the defendants.
Reference:
Ext.A4
Document Type:
Agreement cum deed of Hypothecation
Submitted By:
Plaintiff
Relevance:
This document relates to the hypothecation for the Rs.1,90,000/- loan.
Reference:
Ext.A5
Document Type:
Pronote
Submitted By:
Plaintiff
Relevance:
This is the document issued by the 2nd defendant for the loan amount of Rs.1,90,000/-.
Reference:
Ext.A6
Document Type:
Attested Copy of the account statements
Submitted By:
Plaintiff
Relevance:
This document provides the account statements showing the transactions and outstanding amount.
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 Canara Bank vs M/s. A B Marketing et al regarding realisation of amount
Case Code Year
Case between Canara Bank vs M/s. A B Marketing et al regarding realisation of amount