Case Summary
Canara Bank has filed a suit against Rishni Rasheed and Ramla Beevi for recovery of an outstanding educational loan amounting to ₹11,31,714.42. The loan was taken for Rishni's B.Tech course but has not been repaid as agreed, leading the bank to seek legal action.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
The plaintiff is entitled to recover a sum of ₹11,31,714.42 from the defendants jointly and severally, with interest at 13.45% per annum and penal interest at 2% per annum.
Case Type
Commercial Suit
Final Judgment
No
The court decreed in favor of Canara Bank, allowing the plaintiff to recover the amount claimed from the defendants. The defendants are jointly and severally liable for the debt.
Why Plaintiff Won:
The court found that the plaintiff had adequately proved the loan transaction and the defendants' acknowledgment of debt.
The court found that the plaintiff had adequately proved the loan transaction and the defendants' acknowledgment of debt.
Losing Side's Weaknesses:
The court found that the plaintiff had adequately proved the loan transaction and the defendants' acknowledgment of debt.
The court found that the plaintiff had adequately proved the loan transaction and the defendants' acknowledgment of debt.
Supporting Evidence
The plaintiff has proved its claim in entirety. There is no legal impediment in granting the decree as prayed for.
Judgment Evidence:
In the result, the suit is decreed as follows:- 1.The plaintiff is entitled to recover a sum of 11,31,714.42/- from the defendants jointly and severally.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Canara Bank
- Party Role
- Defendant
- Party Name
- Rishni Rasheed
- Party Age
- 35
- Relation
- D/o
- Party Role
- Defendant
- Party Name
- Ramla Beevi
- Party Age
- 62
- Relation
- W/o
Plaintiffs Documents
Loan application, Sanction memorandum, Educational loan agreement, Acknowledgments of Debt and Security.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Joy K George
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Gopalakrishnan Nair
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- A.S Salim
- Appearance Type
- Assisting Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Recovery of the outstanding loan amount from the defendants.
Evidence:
The plaintiff has proved its claim in entirety. There is no legal impediment in granting the decree as prayed for.
Relief Type:
Damages
Outcome:
Granted
Description:
Entitlement to costs of the suit.
Evidence:
The plaintiff is entitled to costs of the suit.
Documents & Evidence
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
Establishes the application for the educational loan.
Reference:
Ext.A1
Document Type:
Sanction Memorandum
Submitted By:
Plaintiff
Relevance:
Confirms the sanctioning of the educational loan.
Reference:
Ext.A2
Document Type:
Educational Loan Agreement
Submitted By:
Plaintiff
Relevance:
Details the terms and conditions of the loan.
Reference:
Ext.A3
Document Type:
Letter of undertaking
Submitted By:
Plaintiff
Relevance:
Records the undertaking provided by the borrowers.
Reference:
Ext.A4
Document Type:
Acknowledgment of Debt and Security
Submitted By:
Plaintiff
Relevance:
These documents confirm the acknowledgment of debt by the borrowers.
Reference:
Ext.A5 to A10
Document Type:
Nil Application
Submitted By:
Plaintiff
Relevance:
Request submitted to the bank manager regarding loan extension.
Reference:
Ext.A11
Document Type:
Copy of Death Certificate
Submitted By:
Plaintiff
Relevance:
Establishes the death of the co-borrower.
Reference:
Ext.A12
Document Type:
Statement of A/c for General and Agri Advances
Submitted By:
Plaintiff
Relevance:
Provides an account statement evidencing the outstanding loan amount.
Reference:
Ext.A13
Case Classification
Case Type
Commercial Suit
Category
Money and Loan Recovery
District
Kottayam
State
Kerala
Court Establishment
Commercial Court, Pala
Common Reasons
Recovery of money
Case Code
Case between Canara Bank vs Rishni Rasheed et al regarding recovery of money arising out of an educational loan transaction.
Case Code Year
Case between Canara Bank vs Rishni Rasheed et al regarding recovery of money arising out of an educational loan transaction.