Bangalore District Court
Bank Of India vs Sri.Urmi Subramanya on 12 July, 2022
KABC010073042021
[C.R.P. 67] Govt. of Karnataka
Form No.9 (Civil)
Title Sheet for
Judgment in Suits
(R.P.91)
IN THE COURT OF THE XIV ADDL. CITY CIVIL JUDGE
AT BANGALORE [CCH.No.28]
Present: Sri. JERALD RUDOLPH MENDONCA.,
B.A.L. LL.B.,
Dated this the 12th day of July, 2022
Original Suit No.2058/2021
Plaintiff:- Bank of India,
A body corporate constituted
Under Banking Companies
(Acquisition & Transfer of
Undertakings) Act 1970,
Having Head Office, at Star
House, Plot No.C.5.G-Block,
Bandra Kurla Complex,
Bandra (East),
Mumbai-400 051
& having a branch office
amongst other places at RPC
layout Branch, No.51, 5th Main
Road, Hosahalli Extension,
Vijayanagar, B
Bangalore-560040,
R/by its constituted attorney,
Mr.Shivarudrayya C.
Kolurmath,
S/o Channabasayya,
A/a 58 yrs,
(Pleader By Sri/Smt.Gowri Pradeep)
2 O.S.No.2058/2021
V/s.
Defendant:- Sri.Urmi Subramanya,
S/o U.V.Nallooraya
Prop: M/s Urmi Constructions,
#116, Kempegowda main Road,
Near L.G.Godown,
BHEL Layout Extension,
Rajarajeshwarinagar,
Bangalore South
Bangalore-560098
Also at
Padmashree, # 932,
2nd Main, 4th Block,
Rajajinagar, Bangalore-560010
( Exparte.)
Date of Institution of the suit 23.03.2021
Nature of the (Suit or pro-note, suit for
declaration and possession, suit for Money suit.
injunction, etc.)
Date of the commencement of 29.06.2022
recording of the Evidence
Date on which the Judgment was 12.07.2022
pronounced
Year/s Month/s Days
Total duration 01 03 19
JUDGMENT
This is a suit filed by the plaintiff for recovery of Rs.17,78,917.17 with interest at 10.40% p.a., from the 3 O.S.No.2058/2021 date of the suit till recovery, for sale of movable properties described in the schedule to the plaint for recovery of said amount and for costs.
2. The case of the plaintiff in brief are as under :-
(i) The plaintiff is a banking company. The defendant has approached the plaintiff bank and sought for financial assistance for the purpose of purchase of Toyota Fortuner Car under the scheme Star Auto Fin.
After considering the loan application, the plaintiff bank sanctioned the Loan of Rs.25,00,000/- on 15.07.2015 repayable in equal 84 monthly installments of Rs.42,022/-, with interest at 0.45% above the base rate and the rate at the time of sanctioning of the loan was 10.40% with monthly rests. The Defendant was fully aware of the rate of interest tenure of the loans, equated monthly installments of the loan along with other details. The Defendant has agreed to make regular repayments of loan installments.
(ii) After availing the said loan the Defendant has failed to repay the amount due. The defendant has acknowledged his liability on 8.5.2017 and 17.4.2020 by executing an acknowledgement of debt. Inspite of 4 O.S.No.2058/2021 several demands, the defendant has failed to repay the said loan amount dues from time to time.
(iii) The defendant is due a sum of Rs.15,52,630- 65/- as on 30.12.2019 in respect of the said loan. The uncharged interest from 1.2.2019 to 5.2.2021 is Rs.2,24,286.52. The plaintiff has also claimed the legal notice charges of Rs.2000/-. Thus the plaintiff has claimed the total amount of Rs.17,28,917.17. Therefore, the plaintiff has prayed to decree the suit.
3. Inspite of service of suit summons the defendant has not appeared before this Court and therefore he was placed as ex-parte.
4. The Manager and Power of Attorney holder of the Plaintiff Bank got examined himself as P.W.1 and got marked documents as per Ex.P-1 to P-15 and closed its side.
5. Heard the Learned Counsel for the plaintiff.
6. The points that arise for my consideration are :-
1. Whether the plaintiff proves that the defendant has availed loan of Rs.25,00,000/-
from the Plaintiff and have executed the necessary loan documents?
5 O.S.No.2058/2021
2. Whether the plaintiff proves that the defendant is due in a sum of Rs.15,52,630.65/- as on 30.12.2019?
3. Whether the plaintiff proves that the defendant is liable to pay a sum of Rs.2,24,286.52 towards the interest from 01.02.2019 to 5.2.2021?
4. Whether the plaintiff further proves that the defendant is liable to pay Rs.2,000/- towards legal notice charges?
5. Whether the plaintiff is entitled for pendente- lite and future interest? If yes, at what rate?
6. Whether the plaintiff is entitled for the reliefs prayed?
7. What order or decree?
7. The answers of this Court to the above points are as follows :-
Point No.1 : In the affirmative. Point No.2 : In the affirmative. Point No.3 : In the affirmative Point No.4 : Granting Rs.1,000/-
towards the legal notice charges is reasonable.
Point No.5 : The plaintiff is entitled for pendente-lite and future interest at the rate of 10% p.a., on half yearly Point No.6 : In the Affirmative, Point No.7 : As per the final order for the following :-6 O.S.No.2058/2021
REASONS
8. Point Nos.1 to 3:- As all these points are inter-connected with each other, all the points are taken up together for consideration.
9. The Official of the plaintiff bank who got examined himself as P.W.1 has reiterated the plaint averments. Ex.P-1 the Loan application given by the defendant, Ex.P-2 is the borrowers profile, Ex.P-3 is sanction letter, Ex.P-4 is Demand promissory Note, Ex.P-5 Bearer letter, Ex.P-6 Instalment letter executed by the defendant, Ex.P-7 is the Agreement of hypothication entered into with the defendant, Ex.P-8 is the Composite Agreement entered into with the defendant. These documents show that the defendant has sanctioned Loan of Rs.25,00,000/- on 15.07.2015 for the purchase of Toyota Fortuner Car repayable in 84 equal monthly installment of Rs.42,022/- with interest of Rs.10.40% per annum at the time of availing the loan and he has hypothicated the Toyota Fortuner car as security for the loan.
10. The Ex.P-9 is the Acknowledgment of debt, dt:
8.5.2017 and Ex.P-10 is the Acknowledgment of debt, dt: 7 O.S.No.2058/2021
17.4.2020 save the period of limitation and the suit of the plaintiff is within time.
11. The Ex.P-11 is the office copy of the legal notice, Ex.P-12 is the returned postal envelope, Ex.P- 12(a) is the copy of the legal notice, Ex.P-13 is the returned postal envelope, Ex.P-13(a) is copy of the legal notice, Ex.P-14 is the two postal receipts. These documents shows that the plaintiff has got issued the legal notice to the defendant demanding repayment of the amount due.
12. Ex.P-15 is Certified Copy of the loan account which shows that plaintiff is due a sum of Rs.15,52,880.65 as on 1.6.2019 and that the uncharged interest from 1.2.2019 to 5.2.2021 is Rs.2,93,733.94.
13. The case of the plaintiff is supported by the documents. The evidence of P.W.1 is not challenged. The defendant has not appeared inspite of service of summons. There is no ground to disbelieve the case of the plaintiff. Therefore, this Court holds that the plaintiff has proved that the defendant has availed loan of Rs.25,00,000/- on 15.07.2015 agreeing to repay the 8 O.S.No.2058/2021 same with interest at the rate of 10.40% per annum and that the defendant is due for a sum of Rs.15,52,630.65/ - as on 30.12.2019 and that the defendant is liable to pay a sum of Rs.2,24,286.52 towards the interest from 01.02.2019 to 5.2.2021. Hence Point Nos.1 to 3 are answered in the Affirmative.
14. Point No.4:- The plaintiff has claimed legal notice charges at Rs.2,000/-. This Court is of the opinion that granting Rs.1,000/- towards the legal notice charges is reasonable. Hence this point is answered accordingly.
15. Point No.5:- The loan availed is for purchasing vehicle. The Plaintiff has claimed interest at 10.40%. Considering the amount of loan availed, the purpose of the loan and the present rate of interest granting interest at 10% p.a., with half yearly rests is reasonable. Therefore, this Court holds that the plaintiff is entitled for pendente-lite and future interest at the rate of 10% p.a., with half yearly rests. Hence Point No.5 is answered as above.
16. Point No.6: The defendant has hypothicated the vehicle described in the schedule to the plaint. 9 O.S.No.2058/2021 Therefore the plaintiff is also entitled to recover the loan amount by sale of the said vehicle. In view of the answers of this Court to Point Nos.1 to 5 as above, this Court holds that the plaintiff is entitled for the reliefs claimed in the plaint. Hence the Point No.6 is answered in the Affirmative.
17. Point No.7:- In the result, this Court proceeds to pass the following :-
ORDER The suit of the Plaintiff is decreed with costs as follows.
The plaintiff is entitled to recover from the defendant a sum of Rs.17,77,917-17 with interest at 10% per annum with half yearly rests on Rs.17,76,917-17 from the date of the suit till the date of realization.
The plaintiff is also entitled to recover the said amount by sale of the hypothicated Toyota Fortuner car described in the schedule to the plaint.10 O.S.No.2058/2021
Draw up decree accordingly. [Dictated to the judgment writer directly, typed by him, then corrected, signed and then pronounced by me in the open Court on this the 12th day of July, 2022.] [ J.R.MENDONCA ], XIV Addl. City Civil Judge Bangalore.
ANNEXURE
1. List of witnesses examined for the plaintiff:-
P.W.1 : Sri.Purnanand Kulkarni
2. List of documents marked :-
Ex.P 1 Loan application
Ex.P 2 Borrowers profile
Ex.P 3 sanction letter,
Ex.P 4 Demand promissory Note
Ex.P 5 Bearer letter,
Ex.P 6 Instalment letter executed by the
defendant,
Ex.P 7 Agreement of hypothication entered
into with the defendant
Ex.P 8 Composite Agreement entered into
with the defendant
Ex.P 9 Acknowledgment of debt, dt:
8.5.2017,
Ex.P 10 Acknowledgment of debt, dt:
17.4.2020,
Ex.P 11 Office copy of legal notice
Ex.P 12 Returned Postal Envelope
Ex.P 12 (a) Notice inside the cover
Ex.P 13 Returned postal envelope,
Ex.P 13(a) Notice inside the cover
Ex.P 14 Two postal receipts
Ex.P 15 Certified copy of the loan account.
3. List of witnesses examined for the defendant :-
None.11 O.S.No.2058/2021
4. List of documents marked for the defendant :-
Nil.
[ J.R.Mendonca ], XIV Addl. City Civil Judge Bangalore.