Case Summary
The plaintiff, Union Bank of India, is seeking to recover Rs.4,10,249.77 from the defendants due to their default on a loan taken for purchasing a vehicle. The defendants failed to appear in court after being served and were set exparte.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants shall pay Rs.4,10,249.77 along with interest at specified rates.
Case Type
Civil Suit
Final Judgment
No
Why Plaintiff Won:
Plaintiff established a case with unchallenged documents showing defendants' default.
Plaintiff established a case with unchallenged documents showing defendants' default.
Judgment Evidence:
In the result, suit is decreed as follows: 1) Defendants shall pay Rs.4,10,249.77... 2) Defendants shall be personally and their assets shall also be liable to satisfy the decree debt.
Parties Involved
Plaintiffs
Vinu Paul (34 years)
Poonithura Branch, Door No. 29, 2826A, Aditya Gandhi Square, Poonithura P O, Ernakulam, Pin- 682038
Defendants
Prasanth Bhaskaran (39 years)
Marasserry House, EMS Road, Maradu P O, Ernakulam, Pin- 682304
Ajayan (50 years)
Kannanthara Thundiyil, Thuruthi Temple Road, Maradu P O, Ernakulam, Pin- 682304
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Defendants shall pay Rs.4,10,249.77/- along with interest.
Evidence:
In the result, suit is decreed as follows: 1) Defendants shall pay Rs.4,10,249.77/- (Rupees Four lakhs ten thousand two hundred and forty nine and seventy seven paise only) along with interest @10% per annum and 2% penal interest from 02.02.2024 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:
Other
Outcome:
Granted
Description:
Defendants shall be personally and their assets shall also be liable to satisfy the decree debt.
Evidence:
2) Defendants shall be personally and their assets shall also be liable to satisfy the decree debt.
Relief Type:
Other
Outcome:
Granted
Description:
Plaintiff is also entitled to realize the costs of the suit.
Evidence:
3) Plaintiff is also entitled to realize the costs of the suit.
Documents & Evidence
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
Shows the 1st defendant applied for a loan of Rs.3,87,000/- from the plaintiff bank under Pradhan Mantri Mudra Yojana Scheme.
Reference:
Ext.A1
Document Type:
Sanction letter
Submitted By:
Plaintiff
Relevance:
The loan sanction letter issued by the plaintiff bank.
Reference:
Ext.A2
Document Type:
Hypothecation of vehicle agreement
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant in favour of the plaintiff bank.
Reference:
Ext.A3
Document Type:
General term loan agreement
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant.
Reference:
Ext.A4
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
For Rs.3,87,000/- dated 24.04.2018 executed by the 1st defendant.
Reference:
Ext.A5
Document Type:
Letter of Continuity
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant.
Reference:
Ext.A6
Document Type:
Letter of General Lien and Set Off
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant.
Reference:
Ext.A7
Document Type:
Interest Agreement
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant.
Reference:
Ext.A8
Document Type:
Letter of Undertaking from Borrower
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant.
Reference:
Ext.A9
Document Type:
Guarantee for Line of Credit and Term Loan
Submitted By:
Plaintiff
Relevance:
Shows that the 2nd defendant stood as guarantor to this transaction.
Reference:
Ext.A10
Document Type:
Debit Balance confirmation
Submitted By:
Plaintiff
Relevance:
Acknowledges and accepts the correctness of the outstanding amount.
Reference:
Ext.A11
Document Type:
Lawyer Notice
Submitted By:
Plaintiff
Relevance:
Notice dated 16.01.2024 with acknowledgment card and returned postal envelope.
Reference:
Ext.A12
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
Shows that defendants have defaulted in repayment.
Reference:
Ext.A13
Document Type:
Authorization letter
Submitted By:
Plaintiff
Relevance:
Issued in favour of Mr. Ajith Thomas by the regional head of the plaintiff bank.
Reference:
Ext.A14