Case Summary
State Bank of India, represented by its chief manager, filed a suit against Thouseef P.P for the recovery of a cash credit loan defaulted by the defendant. The loan was initially granted under the Mudra scheme and later converted to a working capital term loan.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
The defendant is directed to pay plaintiff an amount of Rs.11,73,328.52 with interest at the rate of 8% per annum from the date of suit till the date of decree.
Case Type
Commercial Suit
Final Judgment
No
The suit is decreed in favor of the plaintiff, directing the defendant to pay the outstanding loan amount with interest and costs.
Why Plaintiff Won:
The plaintiff proved the default in repayment and the validity of the loan agreement.
The plaintiff proved the default in repayment and the validity of the loan agreement.
Losing Side's Weaknesses:
The plaintiff proved the default in repayment and the validity of the loan agreement.
The plaintiff proved the default in repayment and the validity of the loan agreement.
Supporting Evidence
The definite case of defendant is that the Covid pandemic adversely impacted the business and which prevented him from making the repayment. Though it is submitted that Ext.A3 to A7 and A11 to A16 were forged by plaintiff to prove their case, none of the evidence was adduced to prove that it was forged by plaintiff. Hence it is proved in evidence by plaintiff that the claim is not barred by limitation and the documents established the case of plaintiff that an amount of Rs.11,73,328.52/- is due from defendant and plaintiff is entitled for a decree as prayed for with costs of the suit.
Judgment Evidence:
In the result, the suit is decreed with costs as follows: The defendant is directed to pay plaintiff an amount of Rs.11,73,328.52 with interest at the rate of 8% per annum from the date of suit (14-02-2023) till the date of decree and at 6% per annum from the date of decree till realisation.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- State Bank of India
- Relation
- Represented by
- Party Role
- Defendant
- Party Name
- Thouseef P.P
- Party Age
- 47
- Relation
- S/o
Plaintiffs Documents
Application form for Mudra Loan Scheme, Sanction letter of Mudra Loan to the defendant, Link letter, Letter of Agreement issued by the plaintiff to the defendant, Hypothecation Agreement of loan.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri. Vinod Singh Cheriyan
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Sri. K.P Viswambharan
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Defendant is directed to pay the plaintiff an amount of Rs.11,73,328.52 with interest.
Evidence:
The defendant is directed to pay plaintiff an amount of Rs.11,73,328.52 with interest at the rate of 8% per annum from the date of suit (14-02-2023) till the date of decree and at 6% per annum from the date of decree till realisation.
Relief Type:
Recovery
Outcome:
Granted
Description:
Plaintiff entitled to realise costs from defendant.
Evidence:
The plaintiff is also entitled to realise the costs from defendant.
Documents & Evidence
Document Type:
Application form for Mudra Loan Scheme
Submitted By:
Plaintiff
Relevance:
Submitted as part of the loan agreement.
Reference:
Ext.A1
Document Type:
Sanction letter of Mudra Loan
Submitted By:
Plaintiff
Relevance:
Proves the sanction of the loan to the defendant.
Reference:
Ext.A2
Document Type:
Link letter
Submitted By:
Plaintiff
Relevance:
Details regarding the link between loan agreements.
Reference:
Ext.A3
Document Type:
Letter of Agreement
Submitted By:
Plaintiff
Relevance:
Agreement confirming the loan terms.
Reference:
Ext.A4
Document Type:
Hypothecation Agreement of loan
Submitted By:
Plaintiff
Relevance:
Details collateral for the loan.
Reference:
Ext.A5
Document Type:
Supplemental Agreement of Loan-cum-hypothecation
Submitted By:
Plaintiff
Relevance:
Further details on loan agreements.
Reference:
Ext.A6
Document Type:
Letter of Agreement
Submitted By:
Plaintiff
Relevance:
Confirms restructuring of the loan.
Reference:
Ext.A7
Document Type:
Copy of Lawyer Notice
Submitted By:
Plaintiff
Relevance:
Notification issued to the defendant regarding default.
Reference:
Ext.A8
Document Type:
Postal Receipt of Lawyer notice
Submitted By:
Plaintiff
Relevance:
Proof of notice sent.
Reference:
Ext.A8(a)
Document Type:
Returned postal cover with endorsement
Submitted By:
Plaintiff
Relevance:
Evidence that notice was received.
Reference:
Ext.A9
Document Type:
Acknowledgement card of defendant
Submitted By:
Plaintiff
Relevance:
Acknowledgement of receipt of loan documents.
Reference:
Ext.A10
Document Type:
True extract of the statement of account
Submitted By:
Plaintiff
Relevance:
Shows loan account status.
Reference:
Ext.A11
Document Type:
True extract of the statement of Account FITL
Submitted By:
Plaintiff
Relevance:
Document showing details of FITL account.
Reference:
Ext.A12
Document Type:
True extract of the statement of Account MSME-FITL
Submitted By:
Plaintiff
Relevance:
Document showing details of MSME-FITL account.
Reference:
Ext.A13
Document Type:
Statement of unapplied interest FITL
Submitted By:
Plaintiff
Relevance:
Details on interest accrued.
Reference:
Ext.A14
Document Type:
Statement of unapplied interest FITL
Submitted By:
Plaintiff
Relevance:
Further details on interest.
Reference:
Ext.A15
Document Type:
Statement of Unapplied Interest
Submitted By:
Plaintiff
Relevance:
Additional interest statement.
Reference:
Ext.A16
Document Type:
True copy of the RBI Circular
Submitted By:
Plaintiff
Relevance:
Relevant RBI guidelines.
Reference:
Ext.A17
Document Type:
True copy of the RBI Circular
Submitted By:
Plaintiff
Relevance:
Additional RBI guidelines.
Reference:
Ext.A18
Document Type:
Statement of interest WCTL
Submitted By:
Plaintiff
Relevance:
Interest details for WCTL account.
Reference:
Ext.A19
Document Type:
Statement of interest FITL
Submitted By:
Plaintiff
Relevance:
Interest details for FITL account.
Reference:
Ext.A20
Document Type:
Statement of interest MSME-FITL
Submitted By:
Plaintiff
Relevance:
Interest details for MSME-FITL account.
Reference:
Ext.A21
Document Type:
Non-starter report
Submitted By:
Plaintiff
Relevance:
Report indicating the status of the loan.
Reference:
Ext.A22
Document Type:
True extract of the Account statement
Submitted By:
Plaintiff
Relevance:
Summary of account transactions.
Reference:
Ext.A23
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 Thouseef P.P regarding money recovery
Case Code Year
Case between State Bank of India vs Thouseef P.P regarding money recovery