Case Summary
The plaintiff, Union Bank of India, is seeking to recover an amount of Rs.6,18,376.76 from the defendants, who defaulted on a loan for educational equipment. The defendants included a sole proprietor and his proprietorship concern.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Amount of Rs.6,18,376.76 with interest @10.30% per annum from the date of suit till the date of decree and @6% from the date of decree till payment.
Case Type
Civil Suit
Final Judgment
No
The court decreed that the defendants are liable to pay the plaintiff the sum of Rs.6,18,376.76 along with interest due to their failure to repay the loan. Additionally, it was stated that costs of the suit will also be recoverable.
Why Plaintiff Won:
Plaintiff has established a case based on evidentiary documents demonstrating the defendants' defaults on loan repayments.
Plaintiff has established a case based on evidentiary documents demonstrating the defendants' defaults on loan repayments.
Losing Side's Weaknesses:
Plaintiff has established a case based on evidentiary documents demonstrating the defendants' defaults on loan repayments.
Plaintiff has established a case based on evidentiary documents demonstrating the defendants' defaults on loan repayments.
Supporting Evidence
Plaintiff has established a case and is entitled to realize an amount of Rs.6,18,376.76/- with interest from the defendants.
Judgment Evidence:
In the result, suit is decreed as follows: 1) Defendants shall pay Rs.6,18,376.76/- (Rupees Six lakhs eighteen thousand three hundred and seventy six and seventy six paise only) with interest @10.30% per annum from the date of suit till the date of decree and @6% from the date of decree till the date of payment or realization, as the case may be, to plaintiff.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Union Bank of India
- Relation
- represented by its present branch Manager and principal officer, Vanisree S
- Party Role
- Defendant
- Party Name
- M/s Network Academy
- Relation
- represented by its Sole Proprietor Sidhik Ibrahim
- Party Role
- Defendant
- Party Name
- Sidhik Ibrahim
- Party Age
- 44
- Relation
- S/o Ibrahim Kunju
Plaintiffs Documents
Loan application form Pradhan Mantri Mudra Yojana dated 23.05.2017, letter of sanction dated 01.06.2017, Term loan agreement, demand promissory note, letter of continuity, interest agreement, debit balance confirmations, copy of lawyer notice dated 20.01.2024, statement of accounts.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Vino Jose
- Appearance Type
- Main Counsel
- Party Role
- Plaintiff
- Advocate Name
- Adarsh Dharmajan
- Appearance Type
- Assisting Counsel
- Party Role
- Defendant
- Advocate Name
- Jinu Joseph
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Raghunath Naduveettil
- Appearance Type
- Assisting Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Plaintiff is entitled to recover the amount due from the defendants.
Evidence:
I am of the view that plaintiff has established a case and plaintiff is entitled to realize an amount of Rs.6,18,376.76/- with interest from defendants.
Relief Type:
Interest
Outcome:
Granted
Description:
Defendants are directed to pay interest at the specified rates until realization.
Evidence:
Defendants shall pay interest at the rate of 10.30% per annum from the date of suit till the date of decree, and 6% from the date of decree till the date of payment or realization, as the case may be, to the plaintiff.
Relief Type:
Costs
Outcome:
Granted
Description:
Plaintiff is entitled to recover the costs of the suit.
Evidence:
Plaintiff is also entitled to realize the costs of the suit.
Documents & Evidence
Document Type:
Loan Application Form Pradhan Mantri Mudra Yojana
Submitted By:
Plaintiff
Relevance:
This document initiated the loan application process by the first defendant to the plaintiff bank.
Reference:
Ext.A1
Document Type:
Sanction letter
Submitted By:
Plaintiff
Relevance:
This document confirms the approval of the loan amount to the first defendant by the plaintiff bank.
Reference:
Ext.A2
Document Type:
Term Loan agreement (Hypothecation of Movables)
Submitted By:
Plaintiff
Relevance:
This document outlines the terms of the loan including the hypothecation of stock as collateral.
Reference:
Ext.A3
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
This document signifies the formal promise to repay the loan amount along with interest.
Reference:
Ext.A4
Document Type:
Letter of Continuity
Submitted By:
Plaintiff
Relevance:
This document establishes the continuity of the loan agreement amidst defaults.
Reference:
Ext.A5
Document Type:
Interest Agreement
Submitted By:
Plaintiff
Relevance:
This document details the interest terms applicable to the loan.
Reference:
Ext.A6
Document Type:
Debit Balance confirmation
Submitted By:
Plaintiff
Relevance:
This document shows the acknowledgment of the remaining balance owed by the defendants.
Reference:
Ext.A7
Document Type:
Debit Balance confirmation
Submitted By:
Plaintiff
Relevance:
This document further supports the ongoing acknowledgment of the debt by the defendants.
Reference:
Ext.A8
Document Type:
Copy of Lawyer Notice
Submitted By:
Plaintiff
Relevance:
This document evidences the formal communication sent to the defendants regarding the outstanding loan.
Reference:
Ext.A9
Document Type:
Statement of Accounts
Submitted By:
Plaintiff
Relevance:
This document outlines the detailed account statement of the loan transaction.
Reference:
Ext.A10
Document Type:
Authorisation Letter
Submitted By:
Plaintiff
Relevance:
This document authorizes the branch manager of the bank to act on behalf of the bank in this matter.
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 Union Bank of India vs M/s Network Academy et al regarding realization of money.
Case Code Year
Case between Union Bank of India vs M/s Network Academy et al regarding realization of money.