Case Summary
The Karnataka Bank Ltd. filed a suit for recovery of money against Suma Raveendran and Raveendran due to unpaid vehicle loan installments. The defendants defaulted on their payments, leading the bank to classify the loan as a Non-Performing Asset.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Amount of ₹48,571.96 with 6% interest per annum
Case Type
Civil Suit
Final Judgment
No
Why Plaintiff Won:
The defendants failed to regularize their loan account despite multiple reminders from the plaintiff.
The defendants failed to regularize their loan account despite multiple reminders from the plaintiff.
Judgment Evidence:
The suit is decreed directing the defendant to pay an amount of 48,571.96/- (Rupees Fourty Eight Thousand Five Hundred and Seventy One and paisa Ninety Six only) with 6% interest per annum from the date of suit till the date of decree.
Parties Involved
Plaintiffs
The Karnataka Bank Ltd. (Age not specified years)
Mahaveera Circle, P.B.No.599, Kankanady, Mangalore – 575 002
Defendants
Suma Raveendran (Age not specified years)
Pottayil house, Cheranalloor, Bhagavathy Temple, kaloor S.O, Ernakulam, Pin – 682 034
Raveendran (Age not specified years)
Pottayil house, Cheranalloor, Bhagavathy Temple, kaloor S.O, Ernakulam, Pin – 682 034
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Plaintiff seeks to recover the amount due along with interest.
Evidence:
The suit is decreed directing the defendant to pay an amount of 48,571.96/- (Rupees Fourty Eight Thousand Five Hundred and Seventy One and paisa Ninety Six only) with 6% interest per annum from the date of suit till the date of decree.
Relief Type:
Costs
Outcome:
Granted
Description:
Plaintiff is entitled to recover costs related to the suit.
Evidence:
The plaintiff is also entitled to the costs.
Documents & Evidence
Document Type:
Credit Sanction
Submitted By:
Plaintiff
Relevance:
Proves the financial assistance sanctioned to the first defendant for the vehicle loan.
Reference:
Ext.A1
Document Type:
Hypothecation Agreement
Submitted By:
Plaintiff
Relevance:
Documents the agreement executed by the defendant to hypothecate the vehicle as security for the loan.
Reference:
Ext.A2
Document Type:
Undertaking to Hypothecate the vehicle
Submitted By:
Plaintiff
Relevance:
Details the undertaking by the defendants regarding the hypothecation of the vehicle.
Reference:
Ext.A3
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
Serves as a formal promise to pay back the loan amount.
Reference:
Ext.A4
Document Type:
Delivery notice
Submitted By:
Plaintiff
Relevance:
Notice issued to the Branch Manager regarding the delivery of the vehicle.
Reference:
Ext.A5
Document Type:
Letter of acknowledgment of debt
Submitted By:
Plaintiff
Relevance:
Acknowledgment by the defendants admitting their liability.
Reference:
Ext.A6
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
Shows the financial details and outstanding amount due from the defendants.
Reference:
Ext.A7