Case Summary
The plaintiff, Union Bank of India, is seeking to recover Rs.4,10,249.77 from the defendants due to their default on a loan taken for purchasing a vehicle. The defendants failed to appear in court after being served and were set exparte.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants shall pay Rs.4,10,249.77 along with interest at specified rates.
Case Type
Civil Suit
Final Judgment
No
The court decreed that the defendants are to pay the plaintiff Rs.4,10,249.77 plus specified interest rates due to their failure to repay the loan. The defendants' assets are also liable to satisfy this decree.
Why Plaintiff Won:
Plaintiff established a case with unchallenged documents showing defendants' default.
Plaintiff established a case with unchallenged documents showing defendants' default.
Losing Side's Weaknesses:
Plaintiff established a case with unchallenged documents showing defendants' default.
Plaintiff established a case with unchallenged documents showing defendants' default.
Supporting Evidence
I am of the view that plaintiff has established a case and plaintiff is entitled to realize an amount of Rs.4,10,249.77/- with interest from defendants.
Judgment Evidence:
In the result, suit is decreed as follows: 1) Defendants shall pay Rs.4,10,249.77... 2) Defendants shall be personally and their assets shall also be liable to satisfy the decree debt.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Union Bank of India
- Party Role
- Defendant
- Party Name
- Prasanth Bhaskaran
- Party Age
- 39
- Relation
- S/o
- Party Role
- Defendant
- Party Name
- Ajayan
- Party Age
- 50
- Relation
- S/o
Plaintiffs Documents
Loan application form Pradhan Mantri Mudra Yojana, Sanction letter issued from the plaintiff bank, Hypothecation of vehicles agreement, General Term Loan Agreement, Demand Promissory Note, Letter of continuity, Letter of General Lien and set off, Interest Agreement, Letter of undertaking from the Borrower, Guarantee for line of credit and term loan, Debit Balance Confirmation, Lawyer notice, Statement of accounts.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Vino Jose
- Appearance Type
- Main Counsel
- Party Role
- Plaintiff
- Advocate Name
- Adarsh Dharmajan
- Appearance Type
- Assisting Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Defendants shall pay Rs.4,10,249.77/- along with interest.
Evidence:
In the result, suit is decreed as follows: 1) Defendants shall pay Rs.4,10,249.77/- (Rupees Four lakhs ten thousand two hundred and forty nine and seventy seven paise only) along with interest @10% per annum and 2% penal interest from 02.02.2024 till the date of decree and @6% from the date of decree till the date of payment or realization, as the case may be, to the plaintiff.
Relief Type:
Other
Outcome:
Granted
Description:
Defendants shall be personally and their assets shall also be liable to satisfy the decree debt.
Evidence:
2) Defendants shall be personally and their assets shall also be liable to satisfy the decree debt.
Relief Type:
Other
Outcome:
Granted
Description:
Plaintiff is also entitled to realize the costs of the suit.
Evidence:
3) Plaintiff is also entitled to realize the costs of the suit.
Documents & Evidence
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
Shows the 1st defendant applied for a loan of Rs.3,87,000/- from the plaintiff bank under Pradhan Mantri Mudra Yojana Scheme.
Reference:
Ext.A1
Document Type:
Sanction letter
Submitted By:
Plaintiff
Relevance:
The loan sanction letter issued by the plaintiff bank.
Reference:
Ext.A2
Document Type:
Hypothecation of vehicle agreement
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant in favour of the plaintiff bank.
Reference:
Ext.A3
Document Type:
General term loan agreement
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant.
Reference:
Ext.A4
Document Type:
Demand Promissory Note
Submitted By:
Plaintiff
Relevance:
For Rs.3,87,000/- dated 24.04.2018 executed by the 1st defendant.
Reference:
Ext.A5
Document Type:
Letter of Continuity
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant.
Reference:
Ext.A6
Document Type:
Letter of General Lien and Set Off
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant.
Reference:
Ext.A7
Document Type:
Interest Agreement
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant.
Reference:
Ext.A8
Document Type:
Letter of Undertaking from Borrower
Submitted By:
Plaintiff
Relevance:
Executed by the 1st defendant.
Reference:
Ext.A9
Document Type:
Guarantee for Line of Credit and Term Loan
Submitted By:
Plaintiff
Relevance:
Shows that the 2nd defendant stood as guarantor to this transaction.
Reference:
Ext.A10
Document Type:
Debit Balance confirmation
Submitted By:
Plaintiff
Relevance:
Acknowledges and accepts the correctness of the outstanding amount.
Reference:
Ext.A11
Document Type:
Lawyer Notice
Submitted By:
Plaintiff
Relevance:
Notice dated 16.01.2024 with acknowledgment card and returned postal envelope.
Reference:
Ext.A12
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
Shows that defendants have defaulted in repayment.
Reference:
Ext.A13
Document Type:
Authorization letter
Submitted By:
Plaintiff
Relevance:
Issued in favour of Mr. Ajith Thomas by the regional head of the plaintiff bank.
Reference:
Ext.A14
Case Classification
Case Type
Civil Suit
Category
Money and Loan Recovery
District
Ernakulam
State
Kerala
Court Establishment
Munsiff Court, Ernakulam
Common Reasons
Financial liability - dishonoured cheque
Case Code
Case between Union Bank of India vs Prasanth Bhaskaran et al regarding realization of money
Case Code Year
Case between Union Bank of India vs Prasanth Bhaskaran et al regarding realization of money