Delhi District Court
Icici Bank Ltd vs Naveen Kumar on 30 October, 2021
IN THE COURT OF MS. NISHA SAXENA: DISTRICT JUDGE
(COMMERCIAL COURT)-04,CENTRAL, TIS HAZARI
COURTS, DELHI
CS (Comm.) No. 2012 of 2018
ICICI BANK LTD.
THROUGH ITS AUTHORIZED REPRESENTATIVE
MR. MOHIT GROVER
HAVING ITS REGISTERED OFFICE AT:-
LANDMARK, RACE COURSE CIRCLE,
VADODARA-390007,
INTER ALIA HAVING ITS BRANCH OFFICE AT :
E-BLOCK, VIDEOCON TOWER,
JHANDEWALAN EXTENTION
NEW DELHI-110055. ....PLAINTIFF
Versus
NAVEEN KUMAR
S/O SH. RAJ KUMAR SHARMA
R/O HOUSE NO.123, SECTOR-29,
NOIDA, GAUTAM BUDH NAGAR,
NOIDA, UTTAR PRADESH-201301. ....DEFENDANT
Date of filing of the suit : 08.06.2018
Date of reserving judgment : 28.10.2021
Date of judgment : 30.10.2021
Judgment
1.The present suit has been filed by the plaintiff against the defendant for recovery of Rs.4,74,263/- (Rupees Four Lacs Seventy Four Thousand Two Hundred and Sixty Three Only) along with interest.
CS (COMM.) NO. 2012 of 2018 ICICI BANK LTD. VS. NAVEEN KUMAR 1
2. Plaintiff bank is a body incorporated under the Companies act, 1956. (hereinafter referred to as "Plaintiff Bank"). The defendant approached the plaintiff bank for the grant of a loan under its Car Loan Scheme for purchase of vehicle. The plaintiff bank granted loan facility to the defendant for purchase of a vehicle namely "ENJOY" bearing registration no.UP16DT4818" under the loan cum hypothecation scheme of plaintiff bank. The plaintiff bank sanctioned a loan of Rs.6,57,508/- and disbursed an amount of Rs.6,48,000/- on 10.02.2016 to the dealer "SHIVA MOTORS SHIVA" after deducting the processing fees, stamp duty & other charges, under the loan account no.LANOD00034139110 as per request by the defendant.
3. The defendant agreed to repay the loan amount of Rs.6,57,508/- with interest @ 10.75% in 60 equated monthly installments of Rs.14,214/-. The loan documents were executed on 05.02.2016.
4. From the loan amount a vehicle namely "ENJOY"
bearing registration no.UP16DT4818" was purchased by the defendant which was hypothecated in favour of the plaintiff bank in terms of agreement as a security towards the loan advanced by the plaintiff.
CS (COMM.) NO. 2012 of 2018 ICICI BANK LTD. VS. NAVEEN KUMAR 2
5. It is alleged that after receipt of the loan the defendant failed to adhere to the financial discipline of the repayment of the loan. Despite repeated reminders of the plaintiff bank to the defendant, defendant failed to honor the commitments. Finally, the plaintiff bank issued a legal demand cum loan recall notice dated 17.02.2018 on the defendant. Despite the issuance of the notice, the defendant neither cared to repay the loan nor replied to the said notice.
6. According to the plaintiff on the date of the filing of the suit there was an amount of Rs.4,74,263/- due against the defendant.
7. After filing of the suit, summons for settlement of issues were issued to the defendant. The defendant was served by way of publication in the newspaper 'Rashtriya Sahara' on 18.03.2021. Despite service, the defendant neither appeared before the court nor filed written statement. The defendant was accordingly proceeded ex-parte vide order dated 10.09.2021.
8. Plaintiff led ex-parte evidence. On behalf of the plaintiff bank PW-1 Mr. Mohit Grover, AR of the plaintiff bank filed his affidavit Ex.PW-1/A and relied upon the documents Ex.PW-1/1 to PW-1/9 and Mark X. CS (COMM.) NO. 2012 of 2018 ICICI BANK LTD. VS. NAVEEN KUMAR 3
9. I have heard Ld. Counsel Ms. Gurpreet Kaur for the plaintiff and gone through the entire record.
10. PW-1 was duly authorized and empowered to pursue the legal proceedings on behalf of the plaintiff bank against the defendant. The power of attorney in this regard is Ex.PW-1/1. The defendant approached the plaintiff for grant of vehicle loan upon which the plaintiff bank sanctioned a loan of Rs.6,57,508/- and disbursed an amount of Rs.6,48,000/- for purchase of the vehicle namely "ENJOY" bearing registration no.UP16DT4818" and entered into a loan agreement under the loan cum hypothecation scheme of the plaintiff bank. He agreed to repay the said loans with interest @ 10.75% in 60 EMIs. The defendant as a security of the loan amount, hypothecated the vehicle in favour of the plaintiff.
11. The defendant executed the credit facility application form Ex.PW-1/2, Deed of Hypothecation Ex.PW1/3, irrevocable power of attorney Ex.PW-1/4. Disbursal memo is Ex.PW1/5. The loan was subject to the terms and conditions agreed by the defendant in accordance with the documents executed by him. The defendant paid only 23 EMIs and defaulted 04 EMIs towards the loan account as on 03.05.2018.
12. Ex.PW-1/6 is the office copy of loan recall notice dated CS (COMM.) NO. 2012 of 2018 ICICI BANK LTD. VS. NAVEEN KUMAR 4 17.02.2018 and Mark X is the postal receipt. Ex.PW-1/7 is the Foreclosure and statement of accounts dated 03.05.2018. Ex.PW-1/8 is the certificate u/s 65 B of Evidence Act and Ex.PW1/9 is the certificate under sec.2A of Bankers Book of Evidence Act.
13. The evidence led by the plaintiff has gone unrebutted, unchallenged and unrefuted. The testimony of PW-1 appears to be cogent, convincing and truthful. It is based upon the documentary evidence which were executed between the parties. There is no ground for me to disbelieve the same.
14. In view of the evidence adduced on record, I decree the suit in favour of the plaintiff and against the defendant, directing the defendant to pay total amount of Rs.4,74,263/- (Rupees Four Lacs Seventy Four Thousand Two Hundred and Sixty Three Only) along with interest @ 10% per annum from the date of filing of suit till realization. Suit accordingly stands decreed in favour of the plaintiff and against the defendant with cost. Decree sheet be prepared accordingly. File be consigned to Record Room.
(NISHA SAXENA) District Judge(Commercial Court)-04 Central/Delhi Announced through video conferencing on 30.10.2021/pk CS (COMM.) NO. 2012 of 2018 ICICI BANK LTD. VS. NAVEEN KUMAR 5