Case Summary
M/s UCO Bank filed a suit against Chandra Shekaran Nair and Madhu Kumar for the recovery of a loan amounting to Rs. 1,21,808/- due to default in repayment. The court dismissed the suit citing that it was barred by the law of limitation.
Judgment Outcome
Judgment Favored
Defendant
Relief Granted
Case Type
Civil Suit
Final Judgment
No
Key Reasoning:
The suit was barred by law of limitation as the acknowledgment of debt was not established.
The suit was barred by law of limitation as the acknowledgment of debt was not established.
Judgment Evidence:
In the result, suit is dismissed.
Parties Involved
Plaintiffs
M/s UCO Bank (Age not specified years)
10, BTM Sarani Kolkota, a Branch office amongst other places at Ravipuram, MG Road, Ernakulam Kochi-682016
Defendants
Chandra Shekaran Nair (Age not specified years)
H.No.30/834, Lakshmi Sadan, Elamakkara P.O., Kochi – 682026
Madhu Kumar (Age not specified years)
H.No.30/834, Lakshmi Sadan, Elamakkara P.O., Kochi - 682026
Reliefs
Relief Type:
Recovery
Outcome:
Refused
Description:
Plaintiff sought repayment of the outstanding loan amount.
Evidence:
Since issue No.1 is answered against the plaintiff, accordingly there arises no scope for recovery of plaint claim as sought for by the plaintiff with interest.
Documents & Evidence
Document Type:
Loan Agreement
Submitted By:
Plaintiff
Relevance:
Original loan agreement dated 20.10.2004 evidencing the sanctioned loan.
Reference:
Ext.A1
Document Type:
Hypothecation Agreement
Submitted By:
Plaintiff
Relevance:
Original hypothecation agreement dated 20.10.2004 securing the loan with stocks.
Reference:
Ext.A2
Document Type:
Guarantee Agreement
Submitted By:
Plaintiff
Relevance:
Original guarantee agreement dated 20.10.2004 executed by the second defendant.
Reference:
Ext.A3
Document Type:
Sanction letter
Submitted By:
Plaintiff
Relevance:
Original sanction letter dated 20.10.2004 detailing the loan terms.
Reference:
Ext.A4
Document Type:
Statement of Accounts
Submitted By:
Plaintiff
Relevance:
Statement of account of the loan along with certification evidencing outstanding dues.
Reference:
Ext.A5
Document Type:
Demand Lawyer's Notice
Submitted By:
Plaintiff
Relevance:
Office copy of demand lawyer's notice dated 18.02.2019 requiring repayment.
Reference:
Ext.A6