Case Summary
The case involves the State Bank of India as the plaintiff seeking to recover a loan amount from M/s. Mannequin Code. The defendants defaulted on the repayment of a cash credit facility and the suit seeks to recover the outstanding amount with interest.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
The plaintiff bank is allowed to recover Rs.8,51,083.57 together with interest at the rate of 9% per annum.
Case Type
Civil Suit
Final Judgment
No
Why Plaintiff Won:
The plaintiff's claims were supported by unrebutted evidence and documents.
The plaintiff's claims were supported by unrebutted evidence and documents.
Judgment Evidence:
In the result, suit is decreed as follows: A) The plaintiff bank is allowed to recover Rs.8,51,083.57 together with interest at the rate of 9% per annum from the date of suit till the date of decree, and thereafter @ 6% per annum from the date of decree till entire realization in full from the defendants and their assets.
Parties Involved
Plaintiffs
State Bank of India (Age not specified years)
Metor Station Complex, Aluva, Ernakulam District, Pin 683 101
Defendants
M/s. Mannequin Code (Age not specified years)
Near Comptree, Opp.Obron Mall, Edappally, Ernakulam 682024, Edappally South Village
Suhail Noushad (29 years)
Near Comptree, Opp.Obron Mall, Edappally, Ernakulam 682024, Aluva East Village
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Plaintiff bank is allowed to recover Rs.8,51,083.57 with interest.
Evidence:
the plaintiff bank is entitled to realise the said amount with interest at the rate of 9.60% per annum with monthly rests from the date of suit till realisation.
Relief Type:
Other
Outcome:
Granted
Description:
Plaintiff bank is entitled to recover the costs of the suit.
Evidence:
The plaintiff bank is also entitled to get the costs of the suit from the defendants.
Documents & Evidence
Document Type:
Letter of arrangement
Submitted By:
Plaintiff
Relevance:
This document outlines the arrangement for the loan facility provided to the defendants.
Reference:
Ext.A1
Document Type:
Agreement of loan cum hypothecation
Submitted By:
Plaintiff
Relevance:
This document is the agreement that details the loan terms and hypothecation of assets.
Reference:
Ext.A2
Document Type:
Revival Letter
Submitted By:
Plaintiff
Relevance:
Acknowledges the liability on part of the defendants for the loan.
Reference:
Ext.A3
Document Type:
Account Statement with correct interest application
Submitted By:
Plaintiff
Relevance:
This document shows the account transactions and interest calculations relevant to the loan.
Reference:
Ext.A4
Document Type:
Computer printout of statement of account for the period from 01.06.2016 to 31.03.2018
Submitted By:
Plaintiff
Relevance:
Provides detailed transaction history relevant to the loan.
Reference:
Ext.A5
Document Type:
Office copy of lawyer notice
Submitted By:
Plaintiff
Relevance:
This document is the lawyer's notice sent to the defendants regarding the settlement of the loan.
Reference:
Ext.A6
Document Type:
Postal Acknowledgment Card
Submitted By:
Plaintiff
Relevance:
Confirms receipt of the lawyer's notice by the defendants.
Reference:
Ext.A7
Document Type:
Deposit/Pay in Slip
Submitted By:
Plaintiff
Relevance:
This document relates to the payment transactions made by the defendants.
Reference:
Ext.A8