Case Summary
IDBI Bank Limited filed a suit against Sarath Menon @ Sarad Menon and others for the recovery of an outstanding loan amount of Rs.8,54,955/- due to defaults in repayment. The defendants failed to appear in court, leading to a judgment in favor of the plaintiff.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Rs.8,54,955/- along with interest @10.15% per annum from the date of suit till the date of decree and 6% from the date of decree till payment or realization.
Case Type
Civil Suit
Final Judgment
No
Why Plaintiff Won:
The plaintiff established a case of default on the loan agreement, having presented valid documentation and testimony that remained unchallenged.
The plaintiff established a case of default on the loan agreement, having presented valid documentation and testimony that remained unchallenged.
Judgment Evidence:
In the result, suit is decreed as follows: Defendants shall pay Rs.8,54,955/- along with interest @10.15% per annum from the date of suit till the date of decree and 6% from the date of decree till payment or realization, as the case may be, to the plaintiff.
Parties Involved
Plaintiffs
IDBI Bank Limited (Age not specified years)
IDBI Tower, WTC Complex, Cuffe Parade, Mumbai, 400 005, Branch at Panampilly Nagar, IDBI Building, near to Passport office, Panampilly Nagar, Kochi, Pin : 682 036.
Defendants
Sarath Menon @ Sarad Menon (Age not specified years)
Saravana House, Ettumanoor P O, Athirampuzha, Kottayam, Pin - 686 631.
T N Kanakakumari (Age not specified years)
Saravana House, Ettumanoor P O, Athirampuzha, Kottayam, Pin - 686 631.
Santhi Menon (Age not specified years)
Saravana House, Ettumanoor P O, Athirampuzha, Kottayam, Pin - 686 631.
Shyam Kumar (Age not specified years)
Saravana House, Ettumanoor P O, Athirampuzha, Kottayam, Pin - 686 631.
Reliefs
Relief Type:
Damages
Outcome:
Granted
Description:
Defendants shall pay Rs.8,54,955/- along with interest to the plaintiff.
Evidence:
In the result, suit is decreed as follows: Defendants shall pay Rs.8,54,955/- (Rupees Eight lakhs fifty four thousand nine hundred and fifty five only) along with interest @10.15% per annum from the date of suit till the date of decree and 6% from the date of decree till payment or realization, as the case may be, to the plaintiff.
Relief Type:
Other
Outcome:
Granted
Description:
Defendants are personally liable to satisfy the decree debt.
Evidence:
Defendants shall be personally and their assets shall also be liable to satisfy the decree debt.
Relief Type:
Other
Outcome:
Granted
Description:
Plaintiff is entitled to realize the costs of the suit.
Evidence:
Plaintiff is also entitled to realize the costs of the suit.
Documents & Evidence
Document Type:
Home Loan Agreement, Power of Attorney, Deed of Guarantee
Submitted By:
Plaintiff
Relevance:
Document outlining the loan agreement terms accepted by the defendants.
Reference:
Ext.A1
Document Type:
Sale deed
Submitted By:
Plaintiff
Relevance:
Document providing evidence of collateral for the loan.
Reference:
Ext.A2
Document Type:
Letter evidencing deposit of title deed
Submitted By:
Plaintiff
Relevance:
Document confirming the deposit of title deeds as collateral security.
Reference:
Ext.A3
Document Type:
Recall Notice
Submitted By:
Plaintiff
Relevance:
Notice issued for demanding the repayment of outstanding loan.
Reference:
Ext.A4
Document Type:
Demand Notice under SARFAESI Act
Submitted By:
Plaintiff
Relevance:
Notice issued under section 13(2) for recovery of dues.
Reference:
Ext.A5
Document Type:
Statement of Accounts
Submitted By:
Plaintiff
Relevance:
Document providing the financial status of the loan account.
Reference:
Ext.A6