Case Summary
Canara Bank filed a suit against M/s Vertex Service and Mr Sree Sylasan for realization of a loan amount of Rs. 9,45,283. The defendants failed to repay the loan despite reminders.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Plaintiff is entitled to realize a sum of Rs. 9,45,283 from the defendants and from their assets.
Case Type
Civil Suit
Final Judgment
No
The court decreed the suit in favor of the plaintiff, allowing them to recover the loan amount along with interest and costs.
Why Plaintiff Won:
The unrebutted oral testimony of the plaintiff's manager and the supporting exhibits established the plaintiff's claim.
The unrebutted oral testimony of the plaintiff's manager and the supporting exhibits established the plaintiff's claim.
Losing Side's Weaknesses:
The unrebutted oral testimony of the plaintiff's manager and the supporting exhibits established the plaintiff's claim.
The unrebutted oral testimony of the plaintiff's manager and the supporting exhibits established the plaintiff's claim.
Supporting Evidence
The unrebutted oral testimony of PW1 and Exts. A1 to A9 established the case as pleaded by plaintiff. It was found that the defendants owe the plaint claim to the plaintiff.
Judgment Evidence:
In the result, suit is decreed as follows; the plaintiff is entitled to realize a sum of Rs.9,45,283/- from the defendants and from their assets.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Canara Bank
- Relation
- Represented by
- Party Role
- Defendant
- Party Name
- M/s Vertex Service
- Party Role
- Defendant
- Party Name
- Mr Sree Sylasan
- Relation
- Proprietor
Plaintiffs Documents
Authorization letter, Loan application, Loan sanction memorandum, Agreement cum deed of hypothecation, Letter of undertaking, Acknowledgment of debt and security, Lawyer's notice, Unserved notice, Statement of accounts.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- S. Ramesh
- Appearance Type
- Main Counsel
- Party Role
- Plaintiff
- Advocate Name
- Kavya P. Prasad
- Appearance Type
- Assisting Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Plaintiff's entitlement to recover Rs.9,45,283/- from the defendants.
Evidence:
The plaintiff is entitled to realize a sum of Rs.9,45,283/- (Rupees Nine Lakhs Forty Five Thousand and Two Hundred and Eighty Three only) from the defendants and from their assets.
Relief Type:
Damages
Outcome:
Granted
Description:
Plaintiff's entitlement to interest from the date of suit till date of decree.
Evidence:
The plaintiff is entitled to realize interest @ 12 % per annum for Rs.9,45,283/- (Rupees Nine Lakhs Forty Five Thousand and Two Hundred and Eighty Three only) from the date of suit till date decree from the defendants and from their assets.
Relief Type:
Damages
Outcome:
Granted
Description:
Plaintiff's entitlement to interest from date of decree till date of realization.
Evidence:
The plaintiff is entitled to realize interest @ 6% per annum for Rs.9,45,283/- (Rupees Nine Lakhs Forty Five Thousand and Two Hundred and Eighty Three only) from date of decree till date of realization from the defendants and from their assets.
Relief Type:
Other
Outcome:
Granted
Description:
Plaintiff's entitlement to costs of the suit.
Evidence:
The plaintiff is entitled to realize costs of the suit from defendants and from their assets.
Documents & Evidence
Document Type:
Authorization letter
Submitted By:
Plaintiff
Relevance:
Issued by the bank in favor of the plaintiff bank manager.
Reference:
Ext.A1
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
Original loan application submitted by defendants to plaintiff.
Reference:
Ext.A2
Document Type:
Loan Sanction Memorandum
Submitted By:
Plaintiff
Relevance:
Sanction memorandum for the loan granted to the defendants.
Reference:
Ext.A3
Document Type:
Agreement cum deed of Hypothecation
Submitted By:
Plaintiff
Relevance:
Executed by the defendants as part of the loan agreement.
Reference:
Ext.A4
Document Type:
Letter of undertaking
Submitted By:
Plaintiff
Relevance:
Letter executed by the defendants as part of the loan process.
Reference:
Ext.A5
Document Type:
Acknowledgment of Debt and Security
Submitted By:
Plaintiff
Relevance:
Fresh acknowledgment of debt executed by the defendants.
Reference:
Ext.A6
Document Type:
Lawyer's Notice
Submitted By:
Plaintiff
Relevance:
Notice issued to the defendants demanding repayment.
Reference:
Ext.A7
Document Type:
Unserved notice
Submitted By:
Plaintiff
Relevance:
Notice issued to the defendants but returned unserved.
Reference:
Ext.A8
Document Type:
Statement of Accounts
Submitted By:
Plaintiff
Relevance:
Printout of statement detailing the accounts from 01.03.2015 to 29.01.2020.
Reference:
Ext.A9
Case Classification
Case Type
Civil Suit
Category
Money and Loan Recovery
District
Ernakulam
State
Kerala
Court Establishment
Munsiff Court, Ernakulam
Common Reasons
Non-payment of rent
Case Code
Case between Canara Bank vs M/s Vertex Service, Mr Sree Sylasan regarding realization of money
Case Code Year
Case between Canara Bank vs M/s Vertex Service, Mr Sree Sylasan regarding realization of money