Delhi District Court
Indian Bank vs Mr. Shikhar Agarwal on 5 July, 2016
IN THE COURT OF SH. PRITAM SINGH, ADJ-07, SOUTH
DISTRICT, SAKET COURTS, NEW DELHI.
Civil Case No. 277/16
Indian Bank,
A Banking Company established under the
Banking Companies (acquisition & transfer of
Undertaking Act, 1980, having its branch at
Safdarjung Enclave, New Delhi. .....Plaintiff
Versus
1.Mr. Shikhar Agarwal B-6, 2nd Floor, Pamposh Enclave, Greater Kailash, New Delhi-110048
2. Mr. Sunil Kumar Agarwal B-6, 2nd Floor, Pamposh Enclave, Greater Kailash, New Delhi-110048 ....Defendants Date of institution of the suit : 15.12.2012 Date reserved for judgment : 02.07.2016 Date of pronouncement of judgment : 05.07.2016 Suit for recovery of Rs. 3,98,990.60 alongwith pendente lite and future interest from 27.11.2012 @ 14.25% per annum.
EX-PARTE JUDGMENT
1. The case of the plaintiff bank is that the plaintiff is a banking company established under the Banking Companies (acquisition & transfer of Undertaking Act, 1980, having its Head office at 254-260, Avvai Shanmugam Salai, Royapettah, Chennai-600014 and branch Civil Suit No. 277/16 Indian Bank vs. Shikhar Aggarwal & Anr. 1/6 amongst others at Safdarjung Encalve, New Delhi and Sh. B. Umakanth S/o Sh. R. Balan its Chief Manager, is the officer of the Bank, holds the power of attorney and is duly authorized and empowered by the plaintiff bank to file the plaint and to verify the pleadings, documents, as may be just and in the interest of the plaintiff bank, in connection with the suit and to do all other co-related acts on behalf of the bank in connection with the suit as he may deem fit in the interest of the bank.
2. It is further stated that the defendants approached the plaintiff bank for education loan of Rs.3,80,000/- and after considering the representation of the defendants, the plaintiff bank sanctioned the education loan of Rs. 3,80,000/- to the defendants on 23.08.2004. The defendants had to repay the loan amount in 60 equated monthly installments with interest of BPLR + TP-0.50% (11% per annum) and usual bank charges with a holiday period of 54 months from the date of disbursal of the first loan amount. The defendant No.1 had executed an undertaking dated 04.02.2005 in favour of the plaintiff bank and also acknowledged the entire liability at the time of attaining majority. Defendants have also executed D-11 i.e an acknowledgment of debt-cum- security on 04.02.2005, 05.07.2007 and 19.12.2009 for the repayment of the outstanding dues and also payment of interest, cost etc. It is further Civil Suit No. 277/16 Indian Bank vs. Shikhar Aggarwal & Anr. 2/6 stated that the defendants started making defaults in repayment of the loan amount. The plaintiff made several demands but despite all that, defendants failed and neglected to clear the dues. A legal demand notice dated 01.12.2012 was issued to the defendants but despite its service, defendants failed to repay the loan amounts. Defendants are liable to pay Rs. 3,98,990.60 including interest and legal expenses.
3. Summons of the suit were issued to the defendants but they could not be served as they had left the given address. Finally, both the defendants were got served by publication in the newspaper 'The Statesman' dated 10.02.2014. Despite service, defendants failed to appear, therefore, defendants were proceeded ex-parte on 17.02.2014.
4. In ex-parte evidence, plaintiff bank has examined PW-1 Sh. B. Umakant, its Chief Manager. PW-1 has relied upon the documents i.e. affidavit Ex. PW1/A; Power of Attorney dated 26.08.2010 Ex. PW1/1; Application for Education Loan Ex. PW1/2; Sanction of Education Loan Ex. PW1/3; Single/Joint DPN Ex. PW1/4; Integral part of Agreement for Education Loan Ex. PW1/5; Letter of Undertaking Ex. PW1/6; Acknowledgement of Debt-Cum-Security Ex. PW1/7; Acknowledgement of Debt-Cum-Security Ex. PW1/8; Acknowledgement of Debt-Cum- Security Ex. PW1/9; Legal Demand Notice Ex. PW1/10; Postal Receipts Civil Suit No. 277/16 Indian Bank vs. Shikhar Aggarwal & Anr. 3/6 Ex. PW1/11; Statement of Account Ex. PW1/12; Certificate under Section 65B of Indian Evidence Act Ex. PW1/13 and Affidavit Ex. PW1/14.
5. PW-1 Sh. B. Umakant deposed that the defendants had approached the plaintiff bank for education loan of Rs.3,80,000/- and after considering the representation of the defendants, the plaintiff bank sanctioned the education loan of Rs. 3,80,000/- to the defendants on 23.08.2004. PW-1 further deposed that the defendants had to repay the loan amount in 60 equated monthly installments with interest of BPLR + TP-0.50% (11% per annum) and usual bank charges with a holiday period of 54 months from the date of disbursal of the first loan amount. PW-1 further deposed that the defendant No.1 had executed an undertaking dated 04.02.2005 in favour of the plaintiff bank and also acknowledged the entire liability at the time of attaining majority. Defendants had also executed D-11 i.e an acknowledgment of debt-cum-security on 04.02.2005, 05.07.2007 and 19.12.2009 for the repayment of the outstanding dues and also payment of interest, cost etc. PW-1 further deposed that the defendants started making defaults in repayment of the loan amount. The plaintiff bank made several demands but despite all that, defendants failed and neglected to clear the dues. A legal demand Civil Suit No. 277/16 Indian Bank vs. Shikhar Aggarwal & Anr. 4/6 notice dated 01.12.2012 was issued to the defendants but despite its service, defendants failed to repay the loan amounts. PW-1 further deposed that defendants were liable to pay Rs. 3,98,990.60 including interest and legal expenses.
6. Ex-parte arguments heard. Entire record perused and considered.
7. Considering the deposition of PW-1 and all the documents relied upon by the plaintiff bank, I am of the considered opinion that the plaintiff bank has succeeded to prove that defendants had obtained education loan of Rs. 3,80,000/- from the plaintiff bank. The defendants failed to repay the loan amount despite several demands and service of legal demand notice upon them. Application for Education Loan Ex. PW1/2; Sanction of Education Loan Ex. PW1/3; Single/Joint DPN Ex. PW1/4; Integral part of Agreement for Education Loan Ex. PW1/5 ; Letter of Undertaking Ex. PW1/6; Acknowledgement of Debt-Cum- Security Ex. PW1/7; Acknowledgement of Debt-Cum-Security Ex. PW1/8; Acknowledgement of Debt-Cum-Security Ex. PW1/9; Legal Demand Notice Ex. PW1/10; Postal Receipts Ex. PW1/11; Statement of Account Ex. PW1/12; Certificate under Section 65B of Indian Evidence Act Ex. PW1/13, have proved the case of the plaintiff bank. Defendants are liable to pay Rs. 3,98,990.60 to the plaintiff bank. The suit has been Civil Suit No. 277/16 Indian Bank vs. Shikhar Aggarwal & Anr. 5/6 filed within limitation. The loan was sanctioned at the rate of 11% per annum interest, therefore, the plaintiff bank is entitled for interest @ 11% per annum and not 14.25% per annum as claimed. Since the defendants failed to pay the amount of Rs. 3,98,990.60 to the plaintiff bank despite various demands, therefore, the plaintiff bank is entitled for the sum of Rs. 3,98,990.60 alongwith interest @ 11% per annum from the date of filing of the present suit till the realization of the decretal amount.
8. Accordingly, the suit of the plaintiff is decreed in favour of the plaintiff and against the defendants for a sum of Rs. 3,98,990.60 alongwith pendente-lite and future interest @ 11% per annum from the date of filing of the present suit till its realization.
9. The cost of the suit is also awarded in favour of the plaintiff bank.
10. Decree-sheet be prepared, accordingly.
11. The file be consigned to Record Room after completion of necessary formalities.
Announced in the open court. (PRITAM SINGH)
Dated: 05.07.2016 ADJ-07 (South)
Saket Courts/New Delhi
Civil Suit No. 277/16 Indian Bank vs. Shikhar Aggarwal & Anr. 6/6
Civil Suit No. 277/16 Indian Bank vs. Shikhar Aggarwal & Anr. 7/6