Delhi District Court
Icici Bank Ltd vs Naveen Kumar on 16 October, 2021
IN THE COURT OF MS. NISHA SAXENA: DISTRICT
JUDGE (COMMERCIAL COURT)-04,CENTRAL, TIS
HAZARI COURTS, DELHI
CS (Comm.) No. 1075 of 2021
ICICI BANK LTD.
HAVING ITS REGISTERED OFFICE AT:-
ICICI BANK TOWER, NEAR CHAKLI CIRCLE,
OLD PADRA ROAD, VADODARA-390007.
GUJARAT, INDIA.
INTER ALIA HAVING ITS BRANCH OFFICE AT :
E-BLOCK, VIDEOCON TOWER,
JHANDEWALAN EXTENTION
NEW DELHI-110055.
THROUGH ITS AUTHORIZED REPRESENTATIVE
MR. ANUJ JAIN ....PLAINTIFF
Versus
NAVEEN KUMAR
S/O SH. RAMESH,
(BORROWER),
R/O 521, POLE NO.33, MUNDKA VILLAGE,
DELHI-110041.
M.NO.8744023592
Email ID. [email protected] ....DEFENDANT
Date of filing of the suit : 24.03.2021
Date of reserving judgment : 06.10.2021
Date of judgment : 16.10.2021
Judgment
1.The present suit has been filed by the plaintiff against the defendants for recovery of Rs.13,76,113.77/- (Rupees Thirteen Lacs Seventy Six Thousand One Hundred Thirteen and Paisa Seventy Seven Only) along with interest.
CS (COMM.) NO. 1075 of 2021 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"). In the month of February, 2019, 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 "MAHINDRA SCORPIO/S11 having registration no.DL-8CAX-4832" under the loan cum hypothecation scheme of plaintiff bank. The plaintiff bank sanctioned a loan of Rs.13,78,967/- and disbursed an amount of Rs.12,96,000/- on 27.02.2019 to the dealer "INDRAPRASTHA AUTOMOBILES." after deducting an amount of Rs.82,967/- towards the processing fees, stamp duty & other charges, under the loan account no.LADEL00038620229 as per request by the defendant. The loan documents were executed on 26.02.2019.
3. The defendant agreed to repay the loan amount of Rs.13,78,967/- with interest @ 9.35% in 60 equated monthly installments of Rs.28,957/-.
4. From the loan amount a vehicle namely "MAHINDRA SCORPIO/S11 having registration no.DL-8CAX-4832" 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.
5. It is alleged that after receipt of the loan the CS (COMM.) NO. 1075 of 2021 ICICI BANK LTD. VS. NAVEEN KUMAR 2 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 his commitments. Finally, the plaintiff bank issued a legal demand cum loan recall notice dated 24.02.2020 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.13,76,113.77/- due against the defendant.
7. After filing of the suit, summons for settlement of issues were issued to the defendant. Despite service, the defendant neither appeared before the court nor filed written statement. The defendant was accordingly proceeded ex-parte vide order dated 17.09.2021.
8. Plaintiff led ex-parte evidence. On behalf of the plaintiff bank PW-1 Mr. Anuj Jain, AR of the plaintiff bank filed his affidavit Ex.PW-1/A and relied upon the documents Ex.PW-1/1 to PW-1/7 and Mark X.
9. I have heard Ld. Counsel Ms. Barkha Sharma 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 CS (COMM.) NO. 1075 of 2021 ICICI BANK LTD. VS. NAVEEN KUMAR 3 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.13,78,967/- and disbursed an amount of Rs.12,96,000/- for purchase of the vehicle namely "MAHINDRA SCORPIO/S11 having registration no.DL-8CAX-4832" and entered into a loan agreement under the loan cum hypothecation scheme of the plaintiff bank. Defendant agreed to repay the said loan with interest @ 09.35% 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 and Deed of Hypothecation Ex.PW1/3. 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 11 EMIs and defaulted in 07 EMIs.
12. Ex.PW-1/4 is the office copy of loan recall notice dated 24.02.2020 and Mark X is the postal receipt. Ex.PW-1/5 is the certified copy of statement of accounts dated 29.01.2021. Ex.PW-1/6 is the certificate under sec.2A of Bankers Book of Evidence Act and Ex.PW1/7 is the certificate under section 65 B of Evidence Act
13. The evidence led by the plaintiff has gone unrebutted, unchallenged and unrefuted. The testimony of CS (COMM.) NO. 1075 of 2021 ICICI BANK LTD. VS. NAVEEN KUMAR 4 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. This court is not inclined to grant prepayment charges amounting to Rs.71,550.77/-.
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.13,04,563/- (Rupees Thirteen Lacs Four Thousand Five Hundred and Sixty Three Only) along with interest @ 9% 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 16.10.2021 pk CS (COMM.) NO. 1075 of 2021 ICICI BANK LTD. VS. NAVEEN KUMAR 5