Delhi District Court
M/S Icici Bank Ltd vs Smt. Vishakha Jain on 23 March, 2015
IN THE COURT OF DR. ARCHANA SINHA
ADDL. DISTRICT & SESSIONS JUDGE (CENTRAL03)
THC / DELHI
Date of institution of the suit : 05.02.2014
Date on which order was reserved : 23.03.2015
Date of decision : 23.03.2015
Suit No. 313/2015 Unique Case ID No. 02401C0063782014
M/s ICICI BANK LTD.
Having its registered office at :
Landmark, Race Course Circle, Vadodara390007.
Having its Branch Office at :
E1, Videocon Tower, Jhandewalan
Extention, New Delhi - 110055. ... Plaintiff
Versus
Smt. Vishakha Jain
1509, Kuchaseth Dariba Kalan,
New Delhi110006 ... Defendant
J U D G M E N T
1. This is a suit for recovery of Rs. 6,31,768/ (Rs. Six Lacs Thirty One Thousand Seven Hundred & Sixty Eight only). Suit No. 313/2015 ICICI Bank Ltd. V/s Smt. Vishakha Jain Page No. 1
2. The brief resume of the facts of the case, as set out in the plaint, is that the plaintiff is a company incorporated within the provisions of the Companies Act, 1956 and is in the banking business and was subject to the guidelines and regulations passed by the Reserve Bank of India having its Branch office at E1, Videocon Tower, Jhandewalan Extention, New Delhi - 110055.
3. The defendant approached the plaintiff bank for grant of personal loan from the plaintiff bank under the personal loan scheme and the plaintiff bank sanctioned a loan of Rs. 6,22,000/ vide loan agreement dt. 12.12.2007 vide loan account number maintained by the plaintiff bank as LPDEL00012499514 and disbursed an amount of Rs. 6,08,017/ to the defendant and the borrower/defendant agreed to repay the said loan amount along with interest @ 17 % per annum monthly reducing, besides the other charges to be repaid in 36 equal monthly installments of Rs. 22,181/ each and the defendant had executed several documents in favour of the plaintiff bank and thus, the defendant was bound with the terms and conditions of the loan agreement executed between the parties. Suit No. 313/2015 ICICI Bank Ltd. V/s Smt. Vishakha Jain Page No. 2
4. It is stated that the defendant failed to adhere to the financial discipline of the repayment of the loan amount in monthly instalments that compelled the plaintiff bank to foreclose the entire loan amount vide loan recall notice dt. 21.09.2013 disclosing a sum of Rs. 3,37,291/ as an arrears and that total outstanding sum of Rs. 6,24,139/ was due on 02092013. Also that as per the statement of account drawn on 05.10.2013 it was Rs. 6,31,768/ and despite receipt of demand notice, the defendant did not pay any heed and remained defaulter to pay the outstanding amount.
Thus, the present suit for recovery of a sum of Rs. 6,31,768/was filed by plaintiff praying for passing a money decree for a sum of Rs. 6,31,768/ along with an interest @ 36% per annum from filing of the suit till realization of the decreetal amount.
5. Though the suit was filed under Order 37 CPC but vide order dated 10112014, it was treated as an ordinary suit. The defendant was duly served with the summons of the suit on 13102014 but the defendant did not cause her appearance in the Court, thus the defendant was proceeded exparte, vide order dated 10.11.2014 of the predecessor's court. Suit No. 313/2015 ICICI Bank Ltd. V/s Smt. Vishakha Jain Page No. 3
6. Thereafter, the plaintiff examined its AR Sh. Noor Ahmad in support of his claim, who has proved the various documents on record, which are ExPW1/1 to ExPW1/5 Colly.
Copy of Power of attorney is Ex.PW1/1, Original Personal Loan Application along with Personal Identity Proof is Ex. PW1/2 Colly, Original loan agreement along with other loan related documents is Ex.PW1/3 Colly.
Office copy of legal demand Notice dated 21092013 is Ex.PW1/4Colly, Statement of Account along with certificate under section 65B of Indian Evidence Act, 1860 is Ex.PW1/5 Colly.
7. The allegations made by him on his affidavit regarding the loan taken by the defendant and non payment of the same are substantiated by the said documents and the averments made in this regard have gone unrebutted and unchallenged. Thus, the plaintiff has established on record that it is entitled for the recovery of the outstanding amount remained due & payable by the defendant.
8. So far as interest is concerned, an interest @ 36% per annum is claimed, but in view of provisions of section 34 of CPC for the Suit No. 313/2015 ICICI Bank Ltd. V/s Smt. Vishakha Jain Page No. 4 commercial transaction as one in hand, the interest @ 6% per annum is the appropriate rate of interest on the principal sum due.
9. Accordingly, the suit of the plaintiff is decreed against the defendant for:
(i) a sum of Rs. 6,31,768/ along with
(ii) simple interest @ 6 % per annum pendentlite and
future interest from 05.10.2013 till its realization. No order as to costs.
Decree sheet be prepared accordingly.
File be consigned to Record Room.
(Dr. Archana Sinha)
Delivered and Announced Addl. District Judge (Centl.03)
in the open Court Tis Hazari Courts / Delhi
On 23.03.2015 23.03.2015
Suit No. 313/2015 ICICI Bank Ltd. V/s Smt. Vishakha Jain Page No. 5
CS No.313/2015
M/s ICICI Bank Ltd. Vs Smt. Vishakha Jain
23.03.2015
Present: Sh. Piyush Tripathi, Ld. Counsel for the plaintiff
Defendant is Exparte vide order dated 10112014 Arguments address and concluded.
Vide separate detailed judgment of even date announced in the open court today, the suit of the plaintiff stands decreed.
No order as to costs.
Decree sheet be drawn accordingly.
File be consigned to Record Room.
(Dr. Archana Sinha) ADJ03/Central/Delhi 23.03.2015 Suit No. 313/2015 ICICI Bank Ltd. V/s Smt. Vishakha Jain Page No. 6