Case Summary
The plaintiff, Canara Bank, has filed a suit against the defendants for the recovery of a loan amount of ₹12,77,700. The defendants have failed to repay the loan despite repeated requests.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants are directed to pay ₹12,77,700 to the plaintiff and interest at the rate of 6% per annum from the date of the suit till realization.
Case Type
Commercial Suit
Final Judgment
No
The suit is decreed in favor of the plaintiff, directing the defendants to pay the amount along with interest. The court found that the defendants were liable for the loan amount.
Why Plaintiff Won:
The defendants failed to establish their claims and did not repay the loan as per agreement.
The defendants failed to establish their claims and did not repay the loan as per agreement.
Losing Side's Weaknesses:
The defendants failed to establish their claims and did not repay the loan as per agreement.
The defendants failed to establish their claims and did not repay the loan as per agreement.
Supporting Evidence
On perusal of Ext. P10 account statement in the light of oral testimony given by PW1, it will prove that plaintiff bank calculated interest at the rate of 11%.
Judgment Evidence:
Accordingly, Issue nos. 1 to 5 are answered in favour of the plaintiff. The suit is decreed as follows: 1. Defendants are directed to pay an amount of ₹12,77,700 to the plaintiff.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- CANARA BANK
- Party Role
- Defendant
- Party Name
- M/S GRAND FURNITURE AND INTERIORS
- Relation
- REP. BY ITS PROPRIETOR
- Party Role
- Defendant
- Party Name
- Mr. PREM SAHIR P
- Relation
- S/o. SYED MUHAMMED PUTHUSSERI
Plaintiffs Documents
Letter of Proprietorship, Request for overdraft facilities, Demand Promissory note, Cash credit Agreement, Letter of undertaking re-loans/Advance, Letter of renewal, Acknowledgment of debt and security, Copy of legal notice, Postal receipt, Certified copy of Cash Credit account
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri. C.K. Madhu Sudan
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Sri. P.A. Sajeed
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Sri. Ameer Ali. V.K
- Appearance Type
- Assisting Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Defendants are directed to pay the outstanding amount to the plaintiff.
Evidence:
The suit is decreed as follows: Defendants are directed to pay an amount of .12,77,700/- (Rupees twelve lakh seventy seven thousand seven hundred only) to the plaintiff.
Relief Type:
Interest
Outcome:
Granted
Description:
Interest at the rate of 6% per annum is awarded from the date of the suit till realization.
Evidence:
The plaintiff will be entitled for interest at the rate of 6% per annum from the date of the suit till realization of the decree.
Relief Type:
Costs
Outcome:
Granted
Description:
The plaintiff is entitled to costs of the suit.
Evidence:
The plaintiff will be entitled for costs of the suit.
Documents & Evidence
Document Type:
Letter of Proprietorship
Submitted By:
Plaintiff
Relevance:
Proves that the second defendant is the sole proprietor of the first defendant firm.
Reference:
Ext.A1
Document Type:
Request for Overdraft Facilities
Submitted By:
Plaintiff
Relevance:
Shows that the second defendant applied for an overdraft facility.
Reference:
Ext.A2
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
Indicates the promise made by the defendants to pay back the loan amount.
Reference:
Ext.A3
Document Type:
Cash Credit Agreement
Submitted By:
Plaintiff
Relevance:
Confirms the cash credit facility granted to the defendants.
Reference:
Ext.A4
Document Type:
Letter of undertaking re-loans/Advance
Submitted By:
Plaintiff
Relevance:
Details the agreement by the defendants to repay the loan with interest.
Reference:
Ext.A5
Document Type:
Letter of renewal
Submitted By:
Plaintiff
Relevance:
Demonstrates the renewal of the cash credit facility.
Reference:
Ext.A6
Document Type:
Acknowledgment of Debt and Security
Submitted By:
Plaintiff
Relevance:
Acknowledges the debt owed by the defendants.
Reference:
Ext.A7
Document Type:
Copy of legal notice
Submitted By:
Plaintiff
Relevance:
Serves as evidence of the plaintiff's demand for repayment.
Reference:
Ext.A8
Document Type:
Postal receipt
Submitted By:
Plaintiff
Relevance:
Confirms the sending of the legal notice to the defendants.
Reference:
Ext.A9
Document Type:
Certified copy of Cash Credit account
Submitted By:
Plaintiff
Relevance:
Shows the outstanding balance and interest owed by the defendants.
Reference:
Ext.A10
Case Classification
Case Type
Commercial Suit
Category
Money and Loan Recovery
District
Kozhikode
State
Kerala
Court Establishment
Commercial Court Kozhikode
Common Reasons
Recovery of money
Case Code
Case between CANARA BANK vs M/S GRAND FURNITURE AND INTERIORS regarding recovery of loan amount
Case Code Year
Case between CANARA BANK vs M/S GRAND FURNITURE AND INTERIORS regarding recovery of loan amount