Case Summary
The case involves M/s. Venad Chit Funds (India), Pvt.Ltd as the plaintiff seeking to recover money from the defendants, who are alleged to be guarantors for defaults in payment related to a chitty scheme. The defendants have failed to repay the amount despite prior notifications and legal demands.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
The plaintiff is entitled to realise an amount of Rs. 5,90,214/- with interest at the rate of 12% per annum.
Case Type
Civil Suit
Final Judgment
No
The suit is decreed in favor of the plaintiff, allowing the recovery of Rs. 5,90,214/- from the defendants with interest. The defendants are found liable due to their failure to repay the amounts owed.
Why Plaintiff Won:
The plaintiff proved the case through documentary evidence clearly establishing the defendants' indebtedness.
The plaintiff proved the case through documentary evidence clearly establishing the defendants' indebtedness.
Losing Side's Weaknesses:
The plaintiff proved the case through documentary evidence clearly establishing the defendants' indebtedness.
The plaintiff proved the case through documentary evidence clearly establishing the defendants' indebtedness.
Supporting Evidence
The oral as well as documentary evidence adduced from the side of plaintiff clearly established that the defendants are indebted to the plaintiff bank.
Judgment Evidence:
In the result, the suit is decreed with costs as follows: The plaintiff is entitled to realise an amount of Rs.5,90,214/- with interest at the rate of 12% per annum for the principal amount of Rs.4,49,400/- from the date of the suit till the date of decree and at the rate of 6% per annum from the date of decree till realisation with costs, from the defendants.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- M/s. Venad Chit Funds (India), Pvt.Ltd
- Party Role
- Defendant
- Party Name
- Reena.C
- Party Age
- 45
- Relation
- W/o
- Party Role
- Defendant
- Party Name
- Mohanlal.G.
- Party Age
- 43
- Relation
- S/o
- Party Role
- Defendant
- Party Name
- Shyni Thankachan
- Party Age
- 39
- Relation
- W/o
Plaintiffs Documents
Extract of the Minutes of the meeting of the Board of Directors, Certificate of Commencement of Chit, Report of the Secretary, DELSA, Chitty Variola, Receipts, Chitty bond, Demand Promissory note, Guarantor Agreement, Application for Loan, Cash Receipt, Loan Agreement.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- K.Reghu Varma
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
The plaintiff sought recovery of Rs. 5,90,214 from the defendants.
Evidence:
The plaintiff is entitled to realise an amount of Rs. 5,90,214/- (Rupees Five Lakhs Ninety Thousand Two Hundred and Fourteen only) from the defendants and their assets with interest thereon at the rate of 12% per annum for the principal amount of Rs.4,49,400/- from the date of the suit till the date of decree with the cost of this suit with interest thereon at the rate of 6% per annum from the date of decree to the date of realization.
Documents & Evidence
Document Type:
True extract of the minutes of the meeting of the board of directors
Submitted By:
Plaintiff
Relevance:
Established the authority and decisions made regarding the chitty.
Reference:
Ext.A1
Document Type:
Certificate of commencement of chit
Submitted By:
Plaintiff
Relevance:
Provided proof of the chitty's legitimate commencement.
Reference:
Ext.A2
Document Type:
Report of the Secretary, DELSA
Submitted By:
Plaintiff
Relevance:
Supported the plaintiff's claims regarding the chitty operations.
Reference:
Ext.A3
Document Type:
Chitty variola
Submitted By:
Plaintiff
Relevance:
Documented the conditions and terms of the chitty.
Reference:
Ext.A4
Document Type:
Cash Receipt
Submitted By:
Plaintiff
Relevance:
Evidence of transactions related to the chitty.
Reference:
Ext.A5
Document Type:
Chitty bond
Submitted By:
Plaintiff
Relevance:
Contractual obligation binding the defendants to repayment.
Reference:
Ext.A6
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
Formal document confirming the loan agreement.
Reference:
Ext.A7
Document Type:
Guarantor Agreement
Submitted By:
Plaintiff
Relevance:
Established the guarantors' liability for the loans.
Reference:
Ext.A8 and A9
Document Type:
Cash Receipt
Submitted By:
Plaintiff
Relevance:
Proof of payment related to the loan by the defendants.
Reference:
Ext.A10
Document Type:
Chitty bond
Submitted By:
Plaintiff
Relevance:
Reaffirmed the defendants' obligations under the chitty.
Reference:
Ext.A11
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
Reiterated the terms of the loan agreement.
Reference:
Ext.A12
Document Type:
Guarantor Agreement
Submitted By:
Plaintiff
Relevance:
Further evidence of the guarantors' commitments.
Reference:
Ext.A13 and A14
Document Type:
Application for Loan
Submitted By:
Plaintiff
Relevance:
Document delineating the terms under which the loan was sought.
Reference:
Ext.A15
Document Type:
Cash Receipt
Submitted By:
Plaintiff
Relevance:
Indicated funds disbursed to the defendants' account.
Reference:
Ext.A16
Document Type:
Loan Agreement
Submitted By:
Plaintiff
Relevance:
Formal contract outlining the obligations of the parties.
Reference:
Ext.A17
Document Type:
Salary Certificate
Submitted By:
Plaintiff
Relevance:
Provided proof of income for the first defendant.
Reference:
Ext.A18
Document Type:
Salary Certificate
Submitted By:
Plaintiff
Relevance:
Provided proof of income for the second defendant.
Reference:
Ext.A19
Document Type:
Copy of ledger
Submitted By:
Plaintiff
Relevance:
Detailed the financial transactions related to the chitty.
Reference:
Ext.A20
Document Type:
Office copy of legal notice
Submitted By:
Plaintiff
Relevance:
Indicated that the defendants were formally notified of their default.
Reference:
Ext.A21
Document Type:
Postal Receipts
Submitted By:
Plaintiff
Relevance:
Documented the sending of legal communications to the defendants.
Reference:
Ext.A22
Document Type:
Acknowledgment card
Submitted By:
Plaintiff
Relevance:
Proof of receipt of legal documents by the defendants.
Reference:
Ext.A23
Document Type:
Acknowledgment card
Submitted By:
Plaintiff
Relevance:
Proof of receipt of legal documents by the defendants.
Reference:
Ext.A24
Document Type:
Returned Envelope
Submitted By:
Plaintiff
Relevance:
Indicated failed delivery of legal communications.
Reference:
Ext.A25
Case Classification
Case Type
Civil Suit
Category
Money and Loan Recovery
District
Kollam
State
Kerala
Court Establishment
Munsiff Court Kollam
Common Reasons
Non-payment of rent
Case Code
Case between M/s. Venad Chit Funds (India), Pvt.Ltd vs Reena.C et al regarding Realisation of Money.
Case Code Year
Case between M/s. Venad Chit Funds (India), Pvt.Ltd vs Reena.C et al regarding Realisation of Money.