Case Summary
The case involves STATE BANK OF INDIA as the plaintiff seeking to recover a loan amount from SWATZ (POC) Private Limited and its director Swati Raj. The defendants failed to repay the sanctioned loans leading the plaintiff to file this suit.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
An amount of Rs.12,35,735/- to the plaintiff and interest at the rate of 6% per annum.
Case Type
Commercial Suit
Final Judgment
No
The suit is decreed directing the defendants to pay an outstanding amount of Rs.12,35,735/- to the plaintiff with interest at the rate of 6% per annum from the date of the suit until realization.
Why Plaintiff Won:
The defendants failed to repay the loan amounts despite repeated demands.
The defendants failed to repay the loan amounts despite repeated demands.
Losing Side's Weaknesses:
The defendants failed to repay the loan amounts despite repeated demands.
The defendants failed to repay the loan amounts despite repeated demands.
Supporting Evidence
The unchallenged oral testimony of PW1 very well goes to show that 2nd defendant availed cash credit facility of Rs.8,00,000/-, term loan for Rs.1,82,000/- and GECL for Rs.2,40,000/-. In spite of repeated demands, the 2nd defendant failed to repay the loan amounts.
Judgment Evidence:
In the result, the suit is decreed as follows: 1. The defendants are directed to pay an amount of Rs.12,35,735/- (rupees twelve lakh thirty five thousand seven hundred and thirty five only) to the plaintiff.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- STATE BANK OF INDIA
- Party Role
- Defendant
- Party Name
- SWATZ (POC) Private Limited
- Relation
- represented by
- Party Role
- Defendant
- Party Name
- SWATI RAJ
- Party Age
- 27
- Relation
- D/O. Padmaraj.T.P
Plaintiffs Documents
Loan Application dated 04.11.2020, Arrangement letter dated 05.11.2020, Agreement of loan cum hypothecation dated 06.11.2020.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri. Sanjeevan.M.V
- Appearance Type
- Main Counsel
- Party Role
- Plaintiff
- Advocate Name
- E.Balakrishnan
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Directing the defendants to pay the outstanding amount of Rs.12,35,735/- to the plaintiff.
Evidence:
Accordingly, the suit is liable to be decreed directing the defendants to pay the outstanding amount.
Relief Type:
Interest
Outcome:
Granted
Description:
Entitlement to interest at the rate of 6% per annum from the date of the suit till realization of the decree.
Evidence:
The plaintiff will be entitled for an interest at the rate of 6% per annum from the date of the suit till realisation of the decree.
Relief Type:
Costs
Outcome:
Granted
Description:
Entitlement for costs associated with the suit.
Evidence:
The plaintiff will be entitled for costs of the suit.
Documents & Evidence
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
Used to establish the loan applied for by the defendants under the Pradhan Mantri Mudra Yojana.
Reference:
Ext.A1
Document Type:
Arrangement Letter
Submitted By:
Plaintiff
Relevance:
Demonstrated the terms under which the cash credit facility was sanctioned.
Reference:
Ext.A2
Document Type:
Agreement of loan cum hypothecation
Submitted By:
Plaintiff
Relevance:
Outlined the agreement between the plaintiff and the defendants regarding the loan terms.
Reference:
Ext.A3
Document Type:
Letter of arrangement
Submitted By:
Plaintiff
Relevance:
Provided the terms and conditions for the additional loan sanctioned.
Reference:
Ext.A4
Document Type:
Supplemental Agreement of Loan Cum Hypothecation
Submitted By:
Plaintiff
Relevance:
Served to add conditions to the initial loan terms agreed by the defendants.
Reference:
Ext.A5
Document Type:
Notice
Submitted By:
Plaintiff
Relevance:
Indicated that the defendants were notified about their default in loan repayment.
Reference:
Ext.A6
Document Type:
Notice with Acknowledgment
Submitted By:
Plaintiff
Relevance:
Confirmed delivery of notice regarding loan default to the defendants.
Reference:
Ext.A7
Document Type:
Non-starter report
Submitted By:
Plaintiff
Relevance:
Stated that mediation attempts at the District Legal Service Authority did not proceed.
Reference:
Ext.A8
Document Type:
Certified Copy of the Loan Account
Submitted By:
Plaintiff
Relevance:
Provided account details showing outstanding dues on the defendant's loan.
Reference:
Ext.A9
Document Type:
Certified Copy of the Loan Account
Submitted By:
Plaintiff
Relevance:
Showed additional outstanding amounts owed by the defendants.
Reference:
Ext.A10
Document Type:
Certified Copy of the Loan Account
Submitted By:
Plaintiff
Relevance:
Detailed another account related to the defendants' loan obligations.
Reference:
Ext.A11
Case Classification
Case Type
Commercial Suit
Category
Money and Loan Recovery
District
Kozhikode
State
Kerala
Court Establishment
Commercial Court Kozhikode
Common Reasons
Non-payment of rent
Case Code
Case between STATE BANK OF INDIA vs SWATZ (POC) Private Limited et al regarding realisation of loan amount
Case Code Year
Case between STATE BANK OF INDIA vs SWATZ (POC) Private Limited et al regarding realisation of loan amount