Case Summary
The plaintiff, Canara Bank, is seeking to recover an outstanding loan amount of Rs.7,65,667 from the defendants, who are the legal heirs of the deceased borrower, Ragesh M. The case revolves around a cash credit facility that was granted to Ragesh and the subsequent defaults in repayment.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants are directed to pay an amount of Rs.7,65,667 along with interest.
Case Type
Commercial Suit
Final Judgment
No
The court decreed the suit in favor of the plaintiff, ordering the defendants to pay the outstanding amount along with interest. It was clarified that the defendants are liable only to the extent of the property inherited from the deceased Ragesh.
Why Plaintiff Won:
The defendants inherited movable and immovable properties from the deceased borrower.
The defendants inherited movable and immovable properties from the deceased borrower.
Losing Side's Weaknesses:
The defendants inherited movable and immovable properties from the deceased borrower.
The defendants inherited movable and immovable properties from the deceased borrower.
Supporting Evidence
Ext.A2 sanction memorandum of credit facility shows that Mr. M Ragesh had availed a cash credit facility of Rs.10,00,000/- from plaintiff bank on 09.08.2015 and had further agreed to repay the principal amount with interest.
Judgment Evidence:
Accordingly all these issues are answered in favour of the plaintiff. The suit is decreed with costs as follows: Defendants are directed to pay an amount of Rs.7,65,667 to the plaintiff, with 6% interest per annum from the date of suit till the realization of the amount.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Canara Bank
- Party Role
- Defendant
- Party Name
- Smt. Kumudam Malayil
- Party Age
- 72
- Relation
- W/o
- Party Role
- Defendant
- Party Name
- Smt. Bini
- Relation
- W/o
Plaintiffs Documents
Letter of Proprietorship, Sanction Memorandum, Pronote, Request for overdraft facilities, Letter of undertaking re Loans/Advance, Overdraft Agreement, Copy of Lawyer's notice, Postal receipt, Statement of Account, Postal Acknowledgment Card, Acknowledgment of debt and security from the legal heirs of borrower/Co-obligant.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri. C.K. Madhusudhanan
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Viswambharan K.P
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Defendants are directed to pay the outstanding amount of Rs.7,65,667/- along with interest.
Evidence:
The suit is decreed with costs as follows: Defendants are directed to pay an amount of Rs.7,65,667/-...
Relief Type:
Costs
Outcome:
Granted
Description:
Defendants are liable to pay costs only if they have inherited any movable or immovable properties.
Evidence:
Defendants are liable to pay costs of the suit only if they have inherited any movable or immovable properties of deceased Mr. M Ragesh.
Documents & Evidence
Document Type:
Letter of Proprietorship
Submitted By:
Plaintiff
Relevance:
Demonstrates the assurances given by Mr. M Ragesh as sole proprietor to the plaintiff bank.
Reference:
Ext.A1
Document Type:
Sanction Memorandum
Submitted By:
Plaintiff
Relevance:
Confirms the credit facility of Rs.10,00,000/- sanctioned to Mr. Ragesh.
Reference:
Ext.A2
Document Type:
Promissory Note
Submitted By:
Plaintiff
Relevance:
A legal acknowledgment of the debt where Mr. Ragesh promised to pay Rs.10,00,000/-.
Reference:
Ext.A3
Document Type:
Request for overdraft facility
Submitted By:
Plaintiff
Relevance:
Document backing Mr. Ragesh's request for additional overdraft facilities.
Reference:
Ext.A4
Document Type:
Letter of Undertaking re Loans/Advance
Submitted By:
Plaintiff
Relevance:
Showing Mr. Ragesh's agreement to terms for repayment of the loan.
Reference:
Ext.A5
Document Type:
Overdraft Agreement
Submitted By:
Plaintiff
Relevance:
Legal binding agreement for overdraft availed by Mr. Ragesh.
Reference:
Ext.A6
Document Type:
Copy of Lawyer's notice
Submitted By:
Plaintiff
Relevance:
Demands repayment of the outstanding loan amount from the defendants.
Reference:
Ext.A7
Document Type:
Postal receipt
Submitted By:
Plaintiff
Relevance:
Proof of sending the lawyer's notice to the defendants.
Reference:
Ext.A8
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
Shows the outstanding amount due from Mr. Ragesh's account.
Reference:
Ext.A9
Document Type:
Postal Acknowledgment Card
Submitted By:
Plaintiff
Relevance:
Confirms receipt of the lawyer's notice by the defendant.
Reference:
Ext.A10
Document Type:
Acknowledgment of Debt and Security from Legal Heirs
Submitted By:
Plaintiff
Relevance:
Acknowledgment by the defendants regarding their liability towards the plaintiff bank.
Reference:
Ext.A11
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 Smt. Kumudam Malayil et al regarding realisation of loan amount.
Case Code Year
Case between Canara Bank vs Smt. Kumudam Malayil et al regarding realisation of loan amount.