Case Summary
The plaintiff, UCO Bank, filed a suit against the defendants, M/s Nihas Collections and its proprietor Rinu Kunjumon, for non-repayment of a cash credit and term loan totaling Rs. 7,00,351.02. Defendants failed to appear in court and were set exparte.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants shall pay Rs.7,00,351.02/- along with 10.50% interest from the date of suit till the date of decree and 6% from the date of decree till payment or realization.
Case Type
Civil Suit
Final Judgment
No
The court ruled in favor of the plaintiff, ordering the defendants to pay Rs. 7,00,351.02 along with interest. The defendants' assets are also liable to satisfy the decree debt.
Why Plaintiff Won:
Plaintiff established a case for the recovery of the loan amount through presented evidence.
Plaintiff established a case for the recovery of the loan amount through presented evidence.
Losing Side's Weaknesses:
Plaintiff established a case for the recovery of the loan amount through presented evidence.
Plaintiff established a case for the recovery of the loan amount through presented evidence.
Supporting Evidence
On perusal of the plaint, proof affidavit and documents produced, I am of the view that plaintiff has established a case.
Judgment Evidence:
In the result, suit is decreed as follows: Defendants shall pay Rs.7,00,351.02/- along with 10.50% interest from the date of suit till the date of decree and 6% from the date of decree till payment or realization.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- UCO Bank
- Relation
- represented by its Branch Manager
- Party Role
- Defendant
- Party Name
- M/s Nihas Collections
- Relation
- represented by its sole proprietor
- Party Role
- Defendant
- Party Name
- Rinu Kunjumon
- Relation
- W/o Nidheesh KL
Plaintiffs Documents
Sanction letter, Composite deed of hypothecation, Term loan agreement, Demand promissory notes, Demand notices, Statement of accounts, Calculation statements.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- G G Manoj
- Appearance Type
- Main Counsel
- Party Role
- Plaintiff
- Advocate Name
- S Sarath Prasad
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Defendants shall pay Rs.7,00,351.02/- along with interest.
Evidence:
Defendants are directed to pay interest @10.50% per annum from the date of suit till the date of realization or payment and 6% from the date of decree till the date of payment or realization, as the case may be, to the plaintiff.
Relief Type:
Recovery
Outcome:
Granted
Description:
Defendants and their assets shall be liable to satisfy the decree debt.
Evidence:
Defendants shall be personally and their assets shall also be liable to satisfy the decree debt.
Relief Type:
Recovery
Outcome:
Granted
Description:
Plaintiff entitled to realize the costs of the suit.
Evidence:
Plaintiff is also entitled to realize the costs of the suit.
Documents & Evidence
Document Type:
Sanction letter
Submitted By:
Plaintiff
Relevance:
Shows the terms and conditions are duly signed and accepted by the defendants on 28.07.2022.
Reference:
Ext.A1
Document Type:
Composite Deed of Hypothecation
Submitted By:
Plaintiff
Relevance:
Executed by the defendants in favour of the plaintiff bank.
Reference:
Ext.A2
Document Type:
Agreement relating to Term Loan
Submitted By:
Plaintiff
Relevance:
Duly executed by the defendant.
Reference:
Ext.A3
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
Executed in favour of the plaintiff bank against the term loan facility sanctioned.
Reference:
Ext.A4
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
Shows the defendants executed a demand promissory note for Rs.1,00,000.
Reference:
Ext.A5
Document Type:
Demand Notice
Submitted By:
Plaintiff
Relevance:
Issued to the defendants regarding the loan defaults.
Reference:
Exts.A6 and A7
Document Type:
Statement of Account under Cash Credit Loan
Submitted By:
Plaintiff
Relevance:
Duly certified statement showing amounts due.
Reference:
Ext.A8
Document Type:
Calculation Statement of Interest
Submitted By:
Plaintiff
Relevance:
Shows the interest accrued but not applied in the account.
Reference:
Ext.A9
Document Type:
Statement of Account under Term Loan
Submitted By:
Plaintiff
Relevance:
Duly certified statement showing amounts due.
Reference:
Ext.A10
Document Type:
Calculation Statement of Interest
Submitted By:
Plaintiff
Relevance:
Shows the interest accrued but not applied in the account.
Reference:
Ext.A11
Case Classification
Case Type
Civil Suit
Category
Money and Loan Recovery
District
Ernakulam
State
Kerala
Court Establishment
Munsiff Court, Ernakulam
Common Reasons
Recovery of money
Case Code
Case between UCO Bank vs M/s Nihas Collections regarding money realization
Case Code Year
Case between UCO Bank vs M/s Nihas Collections regarding money realization