Bangalore District Court
M/S Synergy Realcon Pvt. Ltd vs M/S Acropetal Technologies on 6 March, 2021
Form
No.9
(Civil)
Title
Sheet
for
Judgmen
t in Suits PRESENT: SMT. PRASHANTHI G,
B.A.(Law) LL.B.,
XXVII Additional City Civil Judge.
Dated this the 6 th day of March 2021
PLAINTIFF: M/s SYNERGY REALCON PVT. LTD.
No.303, Delphi 3, Prestige
Acropolis, #20, Hosur Road,
Near Forum Mall, Bangalore-30.
Represented by its Authorised
Signatory/ Director : Mr. DHRUV
MODI.
[By Smt. K. Geetha, Advocate]
/v e r s u s/
DEFENDANTS: 1. M/s ACROPETAL TECHNOLOGIES
LTD., #2/10, Ajay Plaza, 1st Main,
N.S.Palya, Bannerghatta Road,
Banglaore-560 076.
Represented by its Director/
Authorised Signatory:
Mr. RAVIKUMAR.
Also at:
M/s ACROPETAL TECHNOLOGIES
LTD., # 74/75, 3rd Cross,
1st Main, N.S.Palya, Bannerghatta
Road, BTM Layout 2nd Stage,
Bangalore-560 076.
2. Mr. RAVIKUMAR
Director/ Authorised Signatory:
M/s ACROPETAL TECHNOLOGIES
LTD., No. F 303, Mantri Elegance
2
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Apartments, Bannerghatta Main
Road, 2nd Stage, BTM Layout,
Bangalore-76.
[Exparte]
Date of institution of the : 26/07/2018
suit
Nature of the suit : For recovery of money
Date of commencement of : 22/2/2021
recording of the evidence
Date on which the : 6/3/2021
Judgment was
pronounced.
: Year/s Month/s Day/s
Total duration
2 4 11
(Prashanthi. G)
XXVII ACCJ: B'LORE.
The plaintiff filed this suit against the defendants
for the relief of recovery of money directing the
defendants to pay Rs.9,33,750 with Court cost and
current interest thereon at Rs.0.90% per month from
the date of the suit till date of realisation, and to grant
such other reliefs.
2. The brief facts of the plaintiff's case are as
follows:
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The defendant no.2 as the Director/Authorised
signatory of defendant no.1 approached the plaintiff
and borrowed a sum of Rs.15,00,000/- for their
business purpose at Bangalore city. The defendants
have availed the said loan amount by way of Account
Payee Cheque bearing No. 292415 drawn on ICICI
Bank, Koramangala Branch, Bangalore from the
plaintiff. The defendant no.2 as Director/ Authorised
Signatory of defendant no.1 has executed an On
Demand Promissory Note and consideration receipt in
favour of the plaintiff for the consideration they
received. The defendants have agreed to repay the
same with interest thereon @ Rs.090% per month.
Plaintiff further submits that, towards borrowal
of the above said loan amount, the defendants have
repaid a sum of Rs.1,50,000/- each on 18/9/2012,
18/10/2012, 19/11/2012, 18/12/2012 and on
18/1/2013 in all a sum of Rs.7,50,000/- towards the
principal and a sum of Rs.1,35,000/- towards
interest in favour of the plaintiff, and failed to pay the
balance of principal and interest amount.
4
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The plaintiff further submits that the defendants
have issued Five Cheques dated 1/6/2015,
14/6/2015, 27/6/2015, 14/7/2015 and 29/7/2015
for a total sum of Rs.8,62,500/- towards the
repayment. The said cheques were dishonoured when
presented for encashment.
In response to the repeated requests and
demands made by the plaintiff and the legal notice
dated 14/7/2018, the defendants have failed to pay
the balance of the principal and interest. The loan
availed by the defendants was for their business
purpose. Hence the defendants are liable to pay the
agreed rate of interest at Rs.0.90% per month. The
defendant no.1 is a Private Limited Company and the
defendant no.2 is the Director/Authorised Signatory
of defendant no.1. Hence, both the defendants are
jointly and severally liable to repay the loan amount.
The defendants are liable to pay a sum of
Rs.9,33,750/0 as on 18/4/2016.
The cause of action for the suit arose on
14/8/2012 when the defendants have borrowed the
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loan, on 18/9/2012, 18/10/2012, 19/11/2012,
18/12/2012 and on 18/1/2013 when the defendants
have made part payments and on 1/6/2015,
14/6/2015, 27/6/2015, 14/7/2015 and 29/7/2015
the dates of cheques issued by the defendants
towards repayment and on various dates on when the
plaintiff made demands for repayment of the loan etc.,
Hence this suit.
3. The summons is duly served to the
defendant. But, defendant did not appear before the
court and placed exparte.
4. Plaintiff in order to prove its case, the
Director and authorised signatory of plaintiff is
examined as PW.1 and got marked Ex.P1 to Ex.P20
and closed its side of evidence.
5. Heard the arguments for plaintiff and
perused entire records of the case.
6. On perusal of the pleadings, documents
and also evidence of PW.1, following points arise for
my consideration:
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(1) Whether plaintiff is entitled to recover a
sum of Rs.9,33,750/- together with interest
thereon at the rate of 0.90% per annum
from the defendants jointly and severally
from date of suit till the date of the
realization of the entire amount?
(2) What order or decree?
7. My findings on the above points are as
under:
Point No. 1) ............ In the affirmative;
Point No. 2) ............ As per final order for
the following:
8. POINT NO.1: In this case, plaintiff
examined its Director / Authorised signatory as
PW.1. He filed affidavit evidence in lieu of his
examination-in-chief. In his examination-in-chief he
reiterated the plaint averments. He produced in all 20
documents which are marked as Ex.P1 to Ex.P20.
9. In this case, inspite of service of summons
defendant did not appear and contest the case of the
plaintiff. Hence defendants are placed exparte.
7
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10. In this case, evidence of PW.1 has remained
unchallenged. I do not find any reasons to disbelieve
the evidence of PW.1. Further, I do not find any
reasons to doubt the genuineness of documents
produced by the plaintiff.
11. Further, evidence on record clearly shows
that defendants have agreed to pay interest at the rate
of 0.90% per annum from the date of filing of the suit
till the date of payment. In this case, inspite of
issuance of suit summons, defendants did not appear
and contest the case of the plaintiff. Hence, I draw
adverse inference against the defendants.
12. In this case, evidence on record clearly
shows that inspite of repeated demand and notice,
defendants have failed to repay the suit claim amount.
The evidence on record clearly shows that now
defendants are due a sum of Rs.9,33,750/- including
the interest which has been claimed by the plaintiff.
Therefore, plaintiff is entitled to recover a sum of
Rs.9,33,750/- from the defendants jointly and
severally.
8
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13. In this case, plaintiff claimed current and
future interest at the rate of 0.90% per annum.
Defendants have borrowed a sum of Rs.15,00,000/-
from the plaintiff for their business purpose at
Bangalore city. Further it is clear from the pleadings
of the plaintiff that, out of total loan of
Rs.15,00,000/-, the defendants have repaid a part
payment of Rs.7,50,000/- on six different dates.
Hence, looking to the facts and circumstances of the
case and considering the nature of transaction it is
just and proper to award current and future interest
at the rate of 0.90% per annum on the suit claim
amount. Hence, plaintiff is entitled to recover
Rs.9,33,750/- together with interest thereon at the
rate of 0.90% per annum from the defendants jointly
and severally from the date of suit till the date of
realization of the entire amount. Plaintiff proved point
No.1. Accordingly, I answer point no.1 in the
affirmative.
9
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4. POINT NO.2: From my above discussions
and reasoning, the suit of the plaintiff deserves to be
decreed. In the result, I pass the following:
The suit of the plaintiff is hereby decreed.
The plaintiff is entitled to recover a sum of
Rs.9,33,750/-together with interest thereon
at the rate of 0.90% per annum from the
defendants jointly and severally from the
date of suit till realization of the entire
decreetal amount.
No order as to costs.
Draw a decree accordingly.
***
[Dictated to the Judgment Writer directly on computer, Script corrected, signed and then pronounced by me, in the Open Court on this the 6 th day of March 2021.] [PRASHANTHI.G] XXVII Additional City Civil Judge.
BANGALORE.
1. List of witnesses examined on behalf of the Plaintiff/s:
PW.1 Dhruv Modi 10
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2. List of witnesses examined on behalf of the Defendant/s:
NIL.
3. List of documents marked on behalf of the Plaintiff/s:
Ex.P1 Authorisation letter issued by the plaintiff Ex.P2 Statement of the accounts Ex.P3 On Demand Promissory note along with the consideration receipt dt. 14/8/2012 Ex.P4 The cheque dt. 1/6/2015 for Rs.1,72,500/- drawn in Indian Overseas Bank Ex.P5 Endorsement issued by the bank dated 6/8/2015 Ex.P6 The cheque dated 14/6/2015 for Rs.1,72,500/- drawn in Indian Overseas Bank.
Ex.P7 Endorsement issued by the bank dated 6/8/2015 Ex.P8 The cheque dated 27/6/2015 for Rs.1,72,500/- drawn in Indian Overseas Bank Ex.P9 Endorsement issued by the bank dated 6/8/2015 Ex.P10 The chque dated 14/7/2015 for Rs.1,72,500/- drawn in Indian Overseas Bank Ex.P11 Endorsement issued by the bank dated 6/8/2015 Ex.P12 The cheque for Rs.1,72,500/-
drawn in Indian Overseas Bank Ex.P13 Endorsement issued by the bank dated 6/8/2015 Ex.P14 Office copy of the legal notice dated 14/7/2018 11 CT0028_O.S._5419_2018_Judgment_.doc Ex.P15 to Unserved postal covers Ex.P17 Ex.P18 to Postal receipts.
Ex.P20
4. List of the documents marked for the defendants:
Nil.
[PRASHANTHI.G] XXVII Additional City Civil Judge.
BANGALORE.
...Judgment pronounced in the Open Court....
(Vide separate detailed judgment) The suit of the plaintiff is hereby decreed.
The plaintiff is entitled to recover a sum of Rs.9,33,750/-together with interest thereon at the rate of 0.90% per annum from the defendants jointly and severally from the date of suit till realization of the entire decreetal amount. No order as to costs. Draw a decree accordingly.
[PRASHANTHI.G] XXVII Additional City Civil Judge.
BANGALORE.
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