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
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.
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
Plaintiffs
Union Bank of India (Age not specified years)
Vyttila Branch, 26/621, Jain Tower, N H Byepass, Vyttila, Ernakulam- 682019
Defendants
M/s Network Academy (Age not specified years)
55/3499, David S Colony, Behind Navy Quarters, Chilavannoor Road, Elamkulam, Kadavanthra P O, Ernakulam, Pin- 682020
Sidhik Ibrahim (44 years)
Bushra Manzil, Thevanpara Road, Thiruvananthapuram, Pin- 695541
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