Case Summary
The plaintiff, Ace Finlease Pvt Ltd, is seeking the recovery of Rs.2,36,690 from the defendants for a loan that was defaulted on. The defendants had borrowed money from the plaintiff and failed to repay it as per the agreement.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Rs.2,36,690 with interest at 9 percent from the date of suit till date of decree and with future interest at the rate of 6 percent from the date of decree till date of realization.
Case Type
Civil Suit
Final Judgment
No
The court decreed the suit in favor of the plaintiff, allowing the recovery of the due amount along with reduced interest. The defendants are liable to pay costs as well.
Why Plaintiff Won:
The plaintiff successfully proved their case through the testimony of PW1 and the documents presented.
The plaintiff successfully proved their case through the testimony of PW1 and the documents presented.
Losing Side's Weaknesses:
The plaintiff successfully proved their case through the testimony of PW1 and the documents presented.
The plaintiff successfully proved their case through the testimony of PW1 and the documents presented.
Supporting Evidence
The case of the plaintiff is proved by the unchallenged testimony of the PW1 and exhibit A1 to A5 documents.
Judgment Evidence:
In the result, the suit is decreed as follows: 1.The plaintiff shall be entitled to realize Rs.2,36,690/- (Rupees two lakhs thirty six thousand six hundred and ninety only) from the defendants with interest at the rate of 9 percent from date of suit till date of decree and with future interest at the rate of 6 percent from the date of decree till date of realization.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Ace Finlease Pvt Ltd
- Relation
- Company represented by its power of attorney holder and Assistant Recovery Manager M. K. Rajesh
- Party Role
- Defendant
- Party Name
- Arundev. E
- Party Age
- 28
- Relation
- S/o
- Party Role
- Defendant
- Party Name
- Dhanalakshmi. K. V
- Party Age
- 58
- Relation
- W/o
Plaintiffs Documents
Certified copy of Power of Attorney, Loan agreement, Promissory note, Encumbrance certificate, Certified extract of the computerised ledger account
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Smt. Sheela. T
- Appearance Type
- Main Counsel
- Party Role
- Plaintiff
- Advocate Name
- C. K. Preman
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Sri. Anoop Chandran
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Midhili Mohan
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
The plaintiff is entitled to recover the amount due from the defendants.
Evidence:
In the result, the suit is decreed as follows: The plaintiff shall be entitled to realize Rs.2,36,690/-.
Relief Type:
Interest
Outcome:
Partly Granted
Description:
Interest is granted at the rate of 9 percent from the date of the suit until the date of the decree.
Evidence:
The plaintiff is seeking interest at the rate of 25% per cent, which according to the court is exorbitant and unconscionable. This court is of the view that interest can be fixed at 9 per cent.
Relief Type:
Costs
Outcome:
Granted
Description:
Defendants are ordered to pay the costs of the proceedings to the plaintiff.
Evidence:
The defendants shall pay costs of the proceedings to the plaintiff.
Documents & Evidence
Document Type:
Certified Copy of Power of Attorney
Submitted By:
Plaintiff
Relevance:
This document establishes the authority of the representative of the plaintiff.
Reference:
Ext.A1
Document Type:
Loan Agreement
Submitted By:
Plaintiff
Relevance:
This agreement outlines the terms under which the loan was provided to the first defendant.
Reference:
Ext.A2
Document Type:
Promissory Note
Submitted By:
Plaintiff
Relevance:
This note signifies the promise of the defendants to repay the borrowed sum.
Reference:
Ext.A3
Document Type:
Encumbrance certificate
Submitted By:
Plaintiff
Relevance:
This certificate provides details regarding the property to secure the loan.
Reference:
Ext.A4
Document Type:
Certified extract of the computerised ledger account
Submitted By:
Plaintiff
Relevance:
This extract provides a record of the transactions related to the loan.
Reference:
Ext.A5
Case Classification
Case Type
Civil Suit
Category
Money and Loan Recovery
District
Kozhikode
State
Kerala
Court Establishment
Munsiff Court 2 Kozhikode
Common Reasons
Non-payment of rent
Case Code
Case between Ace Finlease Pvt Ltd vs Arundev. E, Dhanalakshmi. K. V regarding realization of money.
Case Code Year
Case between Ace Finlease Pvt Ltd vs Arundev. E, Dhanalakshmi. K. V regarding realization of money.