Bangalore District Court
Canara Bank vs Mr. M.Sandeep on 2 April, 2018
Form No.9
(Civil) Title
Sheet for
Judgment
in Suits
R.P. 91
PRESENT: Sri S.A. HIDAYATHULLA SHARIFF,
B.A., LL.M.,
LVIII Additional City Civil and
Sessions Judge
Dated this the 2nd day of April 2018
PLAINTIFF: Canara Bank, Gokula Branch,
Mathikere
Reptd by its Sr. Manager
& GPA Holder Sri S.Badarinath
S/o Late K.V.Srinivasan.
[By Smt. K.Usha, Advocate]
/v e r s u s/
DEFENDANT: Mr. M.Sandeep
S/o Mr. M.H.Manjunath,
Aged about 37 years,
# No.14, R.R.School Road,
4th Block, Ramaiah Layout,
Doddabommasandra,
Vidyaranyapura,
Bangalore-560 097.
Also # Mr. M.Sandeep
Proprietor, Sri Sai Finance and
Enterprises, Money Lending,
# 415, 1st floor, 3rd Main,
Mathikere, Bangalore-560 054.
[Exparte]
2 CT0028_O.S._2796_2016_Judgment_
.
Date of institution of the : 5/4/2016 suit Nature of the suit : For recovery of money Date of commencement of : 17/3/2018 recording of the evidence Date on which the : 2/4/2018 Judgment was pronounced.
: Year/s Month/s Day/s Total duration 1 11 27 (S.A. Hidayathulla Shariff) LVIII ACC & SJ: Bengaluru Plaintiff/bank has filed this suit for recovery of money.
2. The case of the plaintiff/bank in brief is that, on the loan application dated 10/6/2013 submitted by the defendant to the plaintiff/bank seeking financial assistance, plaintiff/bank has sanctioned a loan of Rs.7,00,000/- to the defendant on 12/6/2013 for purchase of a car. The defendant has executed a memorandum of agreement dated 11/6/2013 in favour of the plaintiff/bank agreeing to repay the loan amount with 11% per annum interest 3 CT0028_O.S._2796_2016_Judgment_ .
compounded monthly for the value received. The defendant has hypothecated the car bearing Regn.No.KA-02-MH-5677 purchased with the loan amount in favour of the plaintiff/bank as security for repayment of the said loan amount. The defendant has also executed Can mobile agreement dated 12/6/2013 in favour of the plaintiff/bank agreeing to repay the loan amount in 60 equated monthly installments of Rs.15,220/- each commencing from one month after the disbursement.
It is further case of the plaintiff/bank that on the loan application dated 22/4/2014 submitted by the defendant to the plaintiff/bank seeking financial assistance, plaintiff/bank has granted further loan of Rs.1,65,000/- to the defendant on 4/6/2014 for purchase of a car. The defendant has executed sanction memorandum dated 29/4/2014 and also executed hypothecation agreement by hypothecating the car bearing Reg.No. KA-04-D-8566 purchased of the loan amount in favour of the plaintiff/bank as a 4 CT0028_O.S._2796_2016_Judgment_ .
security for repayment of the loan amount. The defendant has agreed to repay the loan in 35 equated monthly installments with 11.45% per annum interest compounded monthly for the value received.
It is further case of the plaintiff/bank that the defendant failed to follow the repayment schedule under both the loan accounts and he has not repaid the loan amount as per the agreed terms thereby the loan accounts become overdue. It has approached the defendant several times and demanded to repay the overdue. The defendant has failed to clear the outstanding liability with the plaintiff/bank. On 26/3/2016, plaintiff/bank has issued legal notice to the defendant demanding to repay the entire amount under both the loan accounts due along with interest. Inspite of receipt of demand notice, the defendant has failed to repay the loan amount. With regard to the first loan account under loan account No. 0690 0603 005378, the defendant is due a sum of Rs.4,39,076/- to the plaintiff/bank which includes upto date interest 5 CT0028_O.S._2796_2016_Judgment_ .
on the date of filing of the suit. With regard to the second loan account No. 0690 0740 005354 is concerned, defendant is due a sum of Rs.79,808/- to the plaintiff/bank which include upto date interest on the date of filing of the suit. On these grounds, plaintiff/bank has sought for a Judgement and decree against the defendant for a sum of Rs.5,20,884/- with future interest at the rate of 10.15% per annum + 2 % per annum compounded monthly from the date of suit till the date of realization of the amount along with costs.
3. Suit summons issued to the defendant through sub service. Inspite of issuance of suit summons by sub service through newspaper publication, defendant failed to appear before the Court and he was placed exparte.
4. The points that arise for consideration of this Court are:
(1) Whether plaintiff/bank is entitle for the suit claim sought for? (2) What order or decree?
6 CT0028_O.S._2796_2016_Judgment_ .
5. In proof of its case, the plaintiff/bank has got examined its Chief Branch Manager as PW.1 and Ex.P1 to Ex.P18 documents were tendered in his evidence.
6. Heard the learned counsel for plaintiff. Perused the records.
7. My findings on the above points are as under:
Issue No. 1) ............ In the affirmative;
Issue No. 2) ............ As per final order for the following:
8. POINT NO.1: In proof of the case of the plaintiff/bank, the Chief Branch Manager of the plaintiff/bank got himself examined as PW.1. PW.1 in his evidence has deposed that on the loan application dated 10/6/2013 submitted by the defendant to the plaintiff/bank seeking financial assistance, plaintiff/bank has sanctioned a loan of Rs.7,00,000/- to the defendant on 12/6/2013 for purchase of a car. 7 CT0028_O.S._2796_2016_Judgment_ .
The defendant has executed a memorandum of agreement dated 11/6/2013 in favour of the plaintiff/bank agreeing to repay the loan amount with 11% per annum interest compounded monthly for the value received. The defendant has hypothecated the car bearing Regn.No.KA-02-MH-5677 purchased with the loan amount in favour of the plaintiff/bank as security for repayment of the said loan amount. The defendant has also executed Can mobile agreement dated 12/6/2013 in favour of the plaintiff/bank agreeing to repay the loan amount in 60 equated monthly installments of Rs.15,220/- each commencing from one month after the disbursement.
9. PW.1 further deposed that on the loan application dated 22/4/2014 submitted by the defendant to the plaintiff/bank seeking financial assistance, plaintiff/bank has granted further loan of Rs.1,65,000/- to the defendant on 4/6/2014 for purchase of a car. The defendant has executed sanction memorandum dated 29/4/2014 and also 8 CT0028_O.S._2796_2016_Judgment_ .
executed hypothecation agreement by hypothecating the car bearing Reg.No. KA-04-D-8566 purchased a loan amount in favour of the plaintiff/bank as a security for repayment of the loan amount. The defendant has agreed to repay the loan in 35 equated monthly installments with 11.45% per annum interest compounded monthly for the value received.
10. PW.1 further deposed that defendant failed to follow the repayment schedule under both the loan accounts and he has not repaid the loan amount as per the agreed terms thereby the loan accounts become overdue. Plaintiff/bank has approached the defendant several times and demanded to repay the overdue. The defendant has failed to clear the outstanding liability with the plaintiff/bank. On 26/3/2016, plaintiff/bank has issued legal notice to the defendant demanding to repay the entire amount under both the loan accounts due along with interest. Inspite of receipt of demand notice, the defendant has failed to repay the loan amount. With regard to the first loan account under loan account No. 0690 0603 005378, the defendant is due a sum of 9 CT0028_O.S._2796_2016_Judgment_ .
Rs.4,39,076/- to the plaintiff/bank which includes upto date interest on the date of filing of the suit. With regard to the second loan account No. 0690 0740 005354 is concerned, defendant is due a sum of Rs.79,808/- to the plaintiff/bank which include upto date interest on the date of filing of the suit.
11. A perusal of the evidence on record discloses that PW.1 in his evidence has produced Ex.P1 to Ex.P18 documents. A perusal of documentary evidence produced by the plaintiff/bank discloses that Ex.P1 is the loan application dated 10/6/2013 filed by the defendant before the plaintiff/bank seeking financial assistance of Rs.7,00,000/- for purchase of a car. Ex.P2 is the sanction memorandum dated 11/6/2013 executed by the defendant in favour of the plaintiff/bank by accepting the condition of repayment of the loan amount granted to him by the plaintiff/bank. Ex.P3 is the specimen card dated 12/6/2013 containing the specimen signature of defendant - borrower of the 10 CT0028_O.S._2796_2016_Judgment_ .
loan. Ex.P4 is the Can mobile agreement dated 12/6/2013 executed by the defendant in favour of the plaintiff/bank by agreeing for the terms and conditions of the repayment of the loan amount of Rs.7,00,000/- borrowed by him from the plaintiff/bank. Ex.P5 is the letter dated 12/6/2013 executed by the defendant in favour of the plaintiff/bank by furnishing particulars of the hypothecated car. Ex.P6 is the 'B' Register extract of car bearing Reg.No. KA02-MH-5677 standing in the name of the defendant and there is an entry with regard to the hypothecation agreement executed by the defendant pertaining to the said car in favour of the plaintiff/bank. Ex.P7 is the loan application dated 22/4/2014 filed by the defendant before the plaintiff/bank seeking financial assistance of Rs.1,65,000/- for purchase of a car. Ex.P8 is the sanction memorandum dated 29/4/2014 executed by defendant in favour fo the plaintiff/bank by agreeing the terms and conditions of repayment of the loan 11 CT0028_O.S._2796_2016_Judgment_ .
amount of Rs.1,65,000/- borrowed by him from the plaintiff/bank. Ex.P9 is the specimen signature card dated 4/6/2014 containing the specimen signatures of the defendant-borrower of the loan amount. Ex.P10 is the deed of hypothecation dated 4/6/2014 executed by the defendant in favour of the plaintiff/bank by hypothecating the car purchased from the financial assistance provided by the plaintiff/bank. Ex.P11 is the letter of undertaking dated 4/6/2014 executed by defendant in favour of the plaintiff/bank with regard to the second loan transaction. Ex.P12 is the letter dated 8/7/2014 executed by the defendant in favour of the plaintiff/bank by providing particulars of the car hypothecated with the plaintiff/bank. Ex.P13 is the 'B' register extract pertaining to car bearing Reg.No. KA 04 D 8566 standing in the name of defendant wherein there is an entry with regard to hypothecation of the said car by the defendant in favour of the plaintiff/bank. Ex.P14 is the office copy of the legal notice dated 24/3/2016 issued by the 12 CT0028_O.S._2796_2016_Judgment_ .
plaintiff/bank to the defendant calling upon him to repay the loan amount due by him with regard to two loan transactions. Ex.P15 and Ex.P16 are the postal receipts pertaining to Ex.P14 legal notice. Ex.P17 is the statement of account of the defendant with respect to first loan transaction for the period between 1/1/2013 to 15/3/2016, a perusal of which discloses that as on 15/3/2016, defendant was due a sum of Rs.4,35,925/- to the plaintiff/bank with regard to first loan transaction. Ex.P18 is the statement of account of the defendant with regard to second loan transaction for the period between 1/1/2014 to 15/3/2016, a perusal of which discloses that as on 15/3/2016, defendant is due a sum of Rs.79,193/- to the plaintiff/bank with regard to second loan transaction.
12. In the present case, a perusal of the oral and documentary evidence produced on record by the plaintiff/bank discloses that same is fully supports the case of the plaintiff/bank with regard to suit 13 CT0028_O.S._2796_2016_Judgment_ .
transaction. In the present case, defendant has not contested the present suit and he was placed exparte. The oral and documentary evidence produced on record by the plaintiff/bank with regard to suit transaction remained unchallenged. By perusing the oral and documentary evidence produced on record by the plaintiff/bank, I hold that the plaintiff/bank has proved the suit transaction and hence plaintiff/bank is entitle for a decree against the defendant as sought for in the present suit. With these observations, I answer point no.1 in the affirmative.
13. POINT NO.2: In view of my finding on point no.1 and the reasons assigned thereon, I proceed to pass the following:
Suit of the plaintiff/bank is decreed against the defendant with costs for a sum of Rs.5,20,884/-
together with future interest at the rate of 10.15% per annum + 2% per annum compounded monthly 14 CT0028_O.S._2796_2016_Judgment_ .
from the date of filing of the suit till the date of realization of the amount.
Draw decree accordingly.
*** [Dictated to the Judgment Writer, transcribed by her, Script corrected, signed and then pronounced by me, in the Open Court on this the 2nd day of April 2018.] [S.A.Hidayathulla Shariff] LVIII Additional City Civil Judge.
BENGALURU.
1. List of witnesses examined on behalf of the Plaintiff/s:
PW.1 Ashok
2. List of witnesses examined on behalf of the
Defendant/s:
NIL.
3. List of documents marked on behalf of the
Plaintiff/s:
Ex.P 1 Loan application dated
10/6/2013 filed by the defendant before the plaintiff/bank Ex.P 2 Sanction memorandum dated 11/6/2013 executed by the defendant Ex.P 3 Specimen card dated 12/6/2013 Ex.P 4 Can mobile agreement dated 12/6/2013 15 CT0028_O.S._2796_2016_Judgment_ .
Ex.P 5 Letter dated 12/6/2013 executed
by the defendant
Ex.P 6 'B' Register extract of car bearing
Reg.No.KA 02 MH 5677
Ex.P 7 Loan application dated
22/4/2014 filed by the defendant; before the plaintiff/bank.
Ex.P 8 Sanction memorandum dated 29/4/2014 executed by defendant in favour of plaintiff/bank.
Ex.P 9 Specimen signature card dated 4/6/2014 Ex.P 10 Deed of hypothecation dated 4/6/2014 executed by the defendant in favour of the plaintiff/bank.
Ex.P 11 Letter of undertaking dated
4/6/2014 executed by the
defendant in favour of the
plaintiff/bank.
Ex.P 12 Letter dated 8/7/2014 executed by the defendant; in favour of the plaintiff/bank.
Ex.P 13 'B' Register extract pertaining to car bearing Reg.No.KA 04 D 8566 standing in the name of defendant.
Ex.P 14 Office copy of the legal notice dated 24/3/2016 issued by the plaintiff/bank.
16 CT0028_O.S._2796_2016_Judgment_ .
Ex.P 15
And Postal receipts.
Ex.P 16
Ex.P 17 Statement of account of the
defendant with respect to first loan transaction for the period between 1/1/2013 to 15/3/2016.
Ex.P 18 Statement of account of the defendant with regard to second loan transaction for the period between 1/1/2014 to 15/3/2016.
4. List of the documents marked for the defendant:
Nil.
[S.A.Hidayathulla Shariff] LVIII Additional City Civil Judge.
BENGALURU.
2/4/2018.
Plaintiff-KV D-Exparte For Judgment. ...........
...Judgment pronounced in the Open Court....
(Vide separate detailed judgment) Suit of the plaintiff/bank is decreed against the defendant with costs for a sum of Rs.5,20,884/- together with future interest at the rate of 10.15% per annum + 2% per annum compounded monthly from the date of filing of the suit till the date of realization of the amount.
Draw decree accordingly.
[S.A.Hidayathulla Shariff] LVIII Additional City Civil Judge.
BENGALURU.
2 CT0028_O.S._2796_2016_Judgment_ .
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