Case Summary
The plaintiff, South Indian Bank Ltd., filed a suit against the defendants to recover dues from a car loan transaction. The defendants defaulted on repayments, leading to the bank classifying the loan as a Non-Performing Asset.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
The plaintiff is entitled to recover a sum of ₹17,96,613.44 from the defendants jointly and severally, together with future interest at the rate of 12.45% per annum from the date of suit till realisation, along with the costs of the suit.
Case Type
Commercial Suit
Final Judgment
No
The court decreed the suit ex parte in favor of the plaintiff, allowing recovery of the outstanding amount along with future interest.
Why Plaintiff Won:
The plaintiff successfully established the loan transaction and the liability of the defendants.
The plaintiff successfully established the loan transaction and the liability of the defendants.
Losing Side's Weaknesses:
The plaintiff successfully established the loan transaction and the liability of the defendants.
The plaintiff successfully established the loan transaction and the liability of the defendants.
Supporting Evidence
Exts.A1 to A14 conclusively establish the sanction of loan, execution of documents by the defendants, hypothecation of the vehicle, and the default committed.
Judgment Evidence:
In the result, the suit is decreed ex parte as follows: The plaintiff, South Indian Bank Ltd., Cheruvally Branch, is entitled to recover a sum of ₹17,96,613.44 from the defendants jointly and severally, together with future interest at the rate of 12.45% per annum from the date of suit till realisation.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- South Indian Bank Ltd.
- Relation
- Representative
- Party Role
- Defendant
- Party Name
- Joisy Joseph
- Party Age
- 36
- Relation
- W/o
- Party Role
- Defendant
- Party Name
- Jobin Joseph
- Party Age
- 32
- Relation
- S/o
Plaintiffs Documents
Loan Application, Power of attorney, Sanction letter, Mobil loan cum hypothecation agreement, Letter furnishing details of the vehicle, Acknowledgment of receipt of copy of documents executed by the defendant, Office copy of the notice issued to 1st and 2nd defendant, Original of the registered acknowledgment card, Recall notice, The office copy of the notice Under section 13(2) of the SARFASI Act 2002, The Acknowledgment card of notice issued to the 2nd defendant, The returned envelopes of the notice issued to the 1st defendant, Certifid copy of the computer statements of Account kept in computer and duly attested Under the Bankers Books Evidence Act.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Adv. Sreenath D.
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
The plaintiff is entitled to recover a sum of ₹17,96,613.44 from the defendants.
Evidence:
In the result, the suit is decreed ex parte as follows: The plaintiff, South Indian Bank Ltd., Cheruvally Branch, is entitled to recover a sum of ₹17,96,613.44 (Rupees Seventeen Lakh Ninety-Six Thousand Six Hundred and Thirteen and Paise Forty-Four only) from the defendants jointly and severally.
Relief Type:
Future Interest
Outcome:
Granted
Description:
The plaintiff is entitled to future interest at the rate of 12.45% per annum from the date of suit till realisation.
Evidence:
The plaintiff is also entitled to future interest at the rate of 12.45% per annum from the date of suit (05.07.2024) till realisation.
Relief Type:
Costs
Outcome:
Granted
Description:
The plaintiff is also entitled to the costs of the suit.
Evidence:
The plaintiff is also entitled to the costs of the suit.
Documents & Evidence
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
This document supports the establishment of the loan transaction.
Reference:
Ext.A1
Document Type:
Power of Attorney
Submitted By:
Plaintiff
Relevance:
This document indicates the representation of the first defendant by the second defendant.
Reference:
Ext.A2
Document Type:
Sanction letter
Submitted By:
Plaintiff
Relevance:
This document shows the approval of the car loan.
Reference:
Ext.A3
Document Type:
Mobil loan cum hypothecation agreement
Submitted By:
Plaintiff
Relevance:
This document secures the loan with the hypothecation of the vehicle.
Reference:
Ext.A4
Document Type:
Letter furnishing details of the vehicle
Submitted By:
Plaintiff
Relevance:
This document provides information about the vehicle purchased with the loan.
Reference:
Ext.A5
Document Type:
Acknowledgment of receipt of copy of documents executed by the defendant
Submitted By:
Plaintiff
Relevance:
This document confirms that the defendants received copies of the executed documents.
Reference:
Ext.A6
Document Type:
Office copy of the notice issued to 1st and 2nd defendant
Submitted By:
Plaintiff
Relevance:
This document reflects the legal notices served to the defendants.
Reference:
Ext.A7
Document Type:
Original of the registered acknowledgment card
Submitted By:
Plaintiff
Relevance:
This document serves as proof of delivery of legal notices to the defendants.
Reference:
Ext.A8
Document Type:
Recall Notice
Submitted By:
Plaintiff
Relevance:
This document informs the defendants of the recall of the loan due to default.
Reference:
Ext.A10
Document Type:
The office copy of the notice Under section 13(2) of the SARFASI Act 2002
Submitted By:
Plaintiff
Relevance:
This document illustrates the actions taken under the SARFAESI Act regarding the loan default.
Reference:
Ext.A11
Document Type:
Certified copy of the computer statements of Account kept in computer and duly attested Under the Bankers Books Evidence Act
Submitted By:
Plaintiff
Relevance:
This document shows the outstanding amount due from the defendants as per bank records.
Reference:
Ext.A14
Document Type:
Oral Evidence
Submitted By:
Plaintiff
Relevance:
The oral evidence from the Branch Manager supported the plaintiff's case.
Reference:
Case Classification
Case Type
Commercial Suit
Category
Other Civil Cases
District
Kottayam
State
Kerala
Court Establishment
Commercial Court, Pala
Common Reasons
Non-payment of rent
Case Code
Case between South Indian Bank Ltd. vs Joisy Joseph et al regarding realization of money due under a car loan transaction.
Case Code Year
Case between South Indian Bank Ltd. vs Joisy Joseph et al regarding realization of money due under a car loan transaction.