Case Summary
The case involves Union Bank of India seeking recovery of a loan amount from M/s Weather Makers and its partners, who defaulted on repayment. The bank had sanctioned a term loan for maintenance and repair of the defendant's business but did not receive payment as agreed.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants are directed to pay Rs.9,14,699.25/- with interest as specified in the judgment.
Case Type
Civil Suit
Final Judgment
No
Why Plaintiff Won:
The plaintiff established a case for recovery based on unchallenged evidence of loan defaults.
The plaintiff established a case for recovery based on unchallenged evidence of loan defaults.
Judgment Evidence:
In the result, suit is decreed as follows: 1) Defendants shall pay Rs.9,14,699.25/- (Rupees Nine lakhs fourteen thousand six hundred and ninety nine and twenty five paise only) with interest @11.30% along with 2% penal interest per annum from 23.12.2022 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)
having its Head Office at Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai; Regional Office at Union Bank Bhavan, II Floor, M.G Road, Ernakulam and one of its branch at Edachira
Defendants
M/s Weather Makers (Age not specified years)
2/124 C A, Kollamparambil Complex, Mooleppadam Road, Kakkanad West P.O, Vazhakkala, Ernakulam, Pin- 682030
Nipin Thomas (38 years)
Kollamparambil House, Moolepadam Road, Kakkanad West P.O, Vazhakkala, Ernakulam, Pin- 682030
Manu Joy (41 years)
Kuruppumbhagath House, Moolepadam Road, Kakkanad West P.O, Vazhakkala, Ernakulam, Pin -682030
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Plaintiff is entitled to recover the amount due from the defendants along with interest.
Evidence:
I am of the view that plaintiff has established a case and plaintiff is entitled to realize an amount of Rs.9,14,699.25/- with interest from defendants.
Relief Type:
Further Relief
Outcome:
Granted
Description:
Defendants are personally 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:
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
Submitted By:
Plaintiff
Relevance:
This document serves as evidence of the request for financial assistance made by the defendants to the plaintiff bank.
Reference:
Ext.A1
Document Type:
Term Loan agreement (Hypothecation of Movables)
Submitted By:
Plaintiff
Relevance:
This agreement outlines the terms under which the loan was granted, including the hypothecation of assets.
Reference:
Ext.A2
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
This note is a formal promise by the defendants to repay the loan amount.
Reference:
Ext.A3
Document Type:
Letter of Continuity
Submitted By:
Plaintiff
Relevance:
This letter reaffirms the obligations of the defendants regarding the loan.
Reference:
Ext.A4
Document Type:
Interest Agreement
Submitted By:
Plaintiff
Relevance:
This document specifies the terms regarding the interest charged on the loan.
Reference:
Ext.A5
Document Type:
Letter of Confirmation
Submitted By:
Plaintiff
Relevance:
This letter confirms the details and agreements related to the loan.
Reference:
Ext.A6
Document Type:
Letter of undertaking from borrowers
Submitted By:
Plaintiff
Relevance:
This document contains the undertakings provided by the borrowers to the plaintiff bank.
Reference:
Ext.A7
Document Type:
Letter of guarantee
Submitted By:
Plaintiff
Relevance:
This letter provides the bank with guarantees from the partners of the defendant.
Reference:
Ext.A8
Document Type:
Debt Balance Confirmation
Submitted By:
Plaintiff
Relevance:
This document confirms the outstanding balance owed by the defendants.
Reference:
Ext.A9
Document Type:
Composite debit balance confirmation
Submitted By:
Plaintiff
Relevance:
This document serves as a confirmation of the current outstanding debt.
Reference:
Ext.A10
Document Type:
Copy of Lawyer Notice
Submitted By:
Plaintiff
Relevance:
This notice serves as evidence that the plaintiff made attempts to communicate with the defendants regarding the debt.
Reference:
Ext.A11
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
This statement provides details of the transactions related to the defendants' account.
Reference:
Ext.A12