Case Summary
Syndicate Bank filed a suit against V. K. Ashokan and Bindhu M. T for the recovery of an unpaid business loan. The defendants admitted to the default due to the Covid-19 pandemic and expressed readiness to pay the decree amount.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Recovery of ₹ 2,77,166/- with future interest @ 10.65% per annum and penal interest of 2% from the date of suit till realization.
Case Type
Civil Suit
Final Judgment
No
The court decreed the suit in favor of the plaintiff bank, allowing recovery of ₹ 2,77,166/- along with interest. Costs of the suit were also granted to the plaintiff.
Why Plaintiff Won:
The defendant admitted to the plaint averments in their written statement.
The defendant admitted to the plaint averments in their written statement.
Losing Side's Weaknesses:
The defendant admitted to the plaint averments in their written statement.
The defendant admitted to the plaint averments in their written statement.
Supporting Evidence
Since, the defendant filed a conceding written statement admitting the plaint averments the suit is only to be decreed as follows:-
Judgment Evidence:
In the result, the suit is decreed with costs.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- SYNDICATE BANK
- Party Role
- Defendant
- Party Name
- V. K. ASHOKAN
- Party Age
- 52
- Relation
- S/o
- Party Role
- Defendant
- Party Name
- BINDHU. M. T
- Party Age
- 44
- Relation
- W/o
Plaintiffs Documents
Pradhan Manthri Mudra Yojana Loan application, Letter of sanction, Composite Hypothecation Agreement, Guarantee Agreement, Acknowledgment of debt and security, Copy of Lawyer Notice, Statement of Loan Account.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri. A. Santhosh
- Appearance Type
- Main Counsel
- Party Role
- Plaintiff
- Advocate Name
- Smt. Pooja. A. P
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Sri. Hareesh E Karayil
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
The plaintiff is entitled to realize an amount of ₹ 2,77,166/- from the defendant.
Evidence:
The plaintiff is entitled to realize an amount of ₹ 2,77,166/- (Rupees Two Lakhs Seventy Seven Thousand One Hundred and Sixty Six only) from the defendant with future interest @ 10.65% per annum, with penal interest of 2% from the date of suit till the date of realization.
Relief Type:
Costs
Outcome:
Granted
Description:
The plaintiff is entitled to get the costs of the suit.
Evidence:
The plaintiff is entitled to get the costs of the suit.
Documents & Evidence
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
Pradhan Manthri Mudra Yojana Loan application from Defendants to the Plaintiff’s Bank.
Reference:
Ext.A1
Document Type:
Letter of Sanction
Submitted By:
Plaintiff
Relevance:
Letter of sanction from plaintiff Bank to the Defendant.
Reference:
Ext.A2
Document Type:
Hypothecation Agreement
Submitted By:
Plaintiff
Relevance:
Composite Hypothecation Agreement entered in between Ashokan and Plaintiff Bank.
Reference:
Ext.A3
Document Type:
Guarantee Agreement
Submitted By:
Plaintiff
Relevance:
Guarantee Agreement entered between Ashokan and Plaintiff Bank.
Reference:
Ext.A4
Document Type:
Government Notification
Submitted By:
Plaintiff
Relevance:
Notification issued by the Govt. of India.
Reference:
Ext.A5
Document Type:
Acknowledgment of Debt and Security
Submitted By:
Plaintiff
Relevance:
Acknowledgment of debt and security from Ashokan to the Plaintiff Bank.
Reference:
Ext.A6
Document Type:
Lawyer Notice
Submitted By:
Plaintiff
Relevance:
Copy of Lawyer Notice sent by Adv. A. Santhosh to the Defendant.
Reference:
Ext.A7
Document Type:
Postal receipt
Submitted By:
Plaintiff
Relevance:
Postal Receipt related to the Lawyer Notice.
Reference:
Ext.A7(a)
Document Type:
Acknowledgment card
Submitted By:
Plaintiff
Relevance:
Acknowledgment Card signed by D1 Ashokan.
Reference:
Ext.A7(b)
Document Type:
Acknowledgment card
Submitted By:
Plaintiff
Relevance:
Acknowledgment Card signed by D2 Bindhu.
Reference:
Ext.A7(b1)
Document Type:
Statement of Loan Account
Submitted By:
Plaintiff
Relevance:
Statement of Loan Account with Certificate of the Defendant Ashokan.
Reference:
Ext.A8
Case Classification
Case Type
Civil Suit
Category
Money and Loan Recovery
District
Kozhikode
State
Kerala
Court Establishment
Munsiff Court, Nadapuram
Common Reasons
Recovery of money
Case Code
Case between SYNDICATE BANK vs V. K. ASHOKAN et al regarding recovery of loan amount
Case Code Year
Case between SYNDICATE BANK vs V. K. ASHOKAN et al regarding recovery of loan amount