Case Summary
The plaintiff, Union Bank of India, is seeking recovery of Rs.14,59,000 from the defendant, Munsil.P.T., for defaulting on gold loans. The case involves allegations of fraud related to spurious gold pledged as collateral for the loans.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendant is directed to pay Rs.14,59,000 to the plaintiff with applicable interest.
Case Type
Commercial Suit
Final Judgment
No
The suit is decreed in favor of Union Bank of India, ordering the defendant to repay Rs.14,59,000 with interest at a rate of 6% per annum until realization.
Why Plaintiff Won:
The plaintiff established the defendant's liability for the loan amount and proved the fraud related to the pledged gold.
The plaintiff established the defendant's liability for the loan amount and proved the fraud related to the pledged gold.
Losing Side's Weaknesses:
The plaintiff established the defendant's liability for the loan amount and proved the fraud related to the pledged gold.
The plaintiff established the defendant's liability for the loan amount and proved the fraud related to the pledged gold.
Supporting Evidence
The unchallenged oral testimony of PW1 very well goes to show that the defendant availed three gold loans worth Rs. 4,72,000/-, 4,90,000/-, 4,97,000/- respectively on 24.11.2020 from the plaintiff bank and defaulted repayment.
Judgment Evidence:
In the result, the suit is decreed as follows: 1. Defendant is directed to pay an amount of Rs.14,59,000/- (Rupees fourteen lakh fifty nine thousand only) to the plaintiff. 2. The plaintiff will be entitled for interest at the rate of 6% per annum from the date of the suit till realisation of the decree.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Union Bank of India
- Party Role
- Defendant
- Party Name
- Munsil.P.T.
- Party Age
- 26
- Relation
- S/o
Plaintiffs Documents
Letter from Regional Head, Union Bank, Kozhikode showing spurious gold found during internal audit, Complaint given by the Regional Head, copy of FIR submitted by the Sub Inspector, Seizure Mahazer, Statement of account.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri. M. Sanjeevan
- Appearance Type
- Main Counsel
- Party Role
- Plaintiff
- Advocate Name
- Sri. Mintoob Chand.K
- Appearance Type
- Assisting Counsel
- Party Role
- Defendant
- Advocate Name
- Sri. Sanal Kumar Padannapurath
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Defendant is directed to pay Rs.14,59,000/- to the plaintiff.
Evidence:
Accordingly, the suit is liable to be decreed directing the defendant to pay the outstanding amount.
Relief Type:
Interest
Outcome:
Granted
Description:
Plaintiff entitled to interest at the rate of 6% per annum from the date of the suit till realization.
Evidence:
The plaintiff will be entitled for interest at the rate of 6% per annum from the date of the suit till realisation of the decree.
Relief Type:
Costs
Outcome:
Granted
Description:
Plaintiff entitled for costs of the suit.
Evidence:
The plaintiff will be entitled for costs of the suit.
Documents & Evidence
Document Type:
Letter
Submitted By:
Plaintiff
Relevance:
Shows spurious gold found during internal audit.
Reference:
Ext.A1
Document Type:
Complaint
Submitted By:
Plaintiff
Relevance:
Complaint given to the police regarding the spurious gold.
Reference:
Ext.A2
Document Type:
FIR Copy
Submitted By:
Plaintiff
Relevance:
Copy of FIR submitted by the police.
Reference:
Ext.A3
Document Type:
Seizure Mahazer
Submitted By:
Plaintiff
Relevance:
Seizure mahazer submitted by the police regarding the spurious gold.
Reference:
Ext.A4
Document Type:
Seizure Mahazer
Submitted By:
Plaintiff
Relevance:
Seizure mahazer submitted by the police regarding further seizures.
Reference:
Ext.A4(a)
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
Statement of account for the loan of Rs.4,72,000/-.
Reference:
Ext.A5
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
Statement of account for the loan of Rs.4,90,000/-.
Reference:
Ext.A6
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
Statement of account for the loan of Rs.4,97,000/-.
Reference:
Ext.A7
Case Classification
Case Type
Commercial Suit
Category
Money and Loan Recovery
District
Kozhikode
State
Kerala
Court Establishment
Commercial Court Kozhikode
Common Reasons
Non-payment of rent
Case Code
Case between Union Bank of India vs Munsil.P.T. regarding gold loan default
Case Code Year
Case between Union Bank of India vs Munsil.P.T. regarding gold loan default
Case Flags
Arrest Involved