Case Summary
Canara Bank filed a suit against M/s Cut Man Gents Beauty Parlour and its partners for the recovery of a loan amount due. The defendants failed to repay the loan and did not appear in court.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants directed to pay 1,65,089/- with interest and costs.
Case Type
Civil Suit
Final Judgment
No
The suit was decreed in favor of the plaintiff, ordering the defendants to pay the owed sum along with interest. The court awarded costs to the plaintiff as well.
Why Plaintiff Won:
The plaintiff proved the claim with sufficient documentation and evidence.
The plaintiff proved the claim with sufficient documentation and evidence.
Losing Side's Weaknesses:
The plaintiff proved the claim with sufficient documentation and evidence.
The plaintiff proved the claim with sufficient documentation and evidence.
Supporting Evidence
The claim of the plaintiff that he is entitled to get an interest at the rate of 10.40 % per annum cannot be entertained as it is exorbitant. Therefore, I am of the view that an interest at the rate of 7% till the date of decree and thereafter 6% till realization can be granted.
Judgment Evidence:
In the result, the suit is decreed as follows: 1.The defendants are directed to pay 1,65,089/- (Rupees One Lakh Sixty Five Thousand And Eighty Nine Only) to the plaintiff jointly and severally with an interest at the rate of 7% till the date of decree and thereafter at the rate of 6% per annum till realization.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Canara Bank
- Party Role
- Defendant
- Party Name
- M/s Cut Man Gents Beauty Parlour
- Party Role
- Defendant
- Party Name
- Karthik. K.P
- Party Age
- 29
- Relation
- S/o
- Party Role
- Defendant
- Party Name
- Nikhil. P
- Party Age
- 30
- Relation
- S/o
- Party Role
- Defendant
- Party Name
- Ashith. N.K
- Party Age
- 29
- Relation
- S/o
Plaintiffs Documents
05.06.2020 Loan Application, 28.10.2019 Partnership Deed, 05.06.2020 Agreement cum Deed of Hypothecation, 05.06.2020 Take Delivery Letter and Pronote, 05.06.2020 Undertaking letter from Borrower, 05.06.2020 Undertaking letter from Non Corporate Borrowers, 05.06.2020 Undertaking letter, 05.06.2020 Sanction Memorandum, 12.09.2022 Statement of Account, 16.08.2022 Lawyer Notice with Postal receipt, Acknowledgment Card and unserved cover.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri. P.K. Narayanan
- Appearance Type
- Main Counsel
- Party Role
- Plaintiff
- Advocate Name
- Sri. Asokan Pazhur
- Appearance Type
- Assisting Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Recovery of the loan amount along with interest and costs.
Evidence:
The defendants are directed to pay 1,65,089/- (Rupees One Lakh Sixty Five Thousand And Eighty Nine Only) to the plaintiff jointly and severally with an interest at the rate of 7% till the date of decree and thereafter at the rate of 6% per annum till realization.
Relief Type:
Recovery
Outcome:
Granted
Description:
Cost of the suit to be paid by defendants.
Evidence:
The defendants are also directed to pay jointly and severally the costs of the suit to the plaintiff.
Documents & Evidence
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
Submitted by the defendants to apply for the loan.
Reference:
Ext.A1
Document Type:
Partnership Deed
Submitted By:
Plaintiff
Relevance:
Executed by the defendants in connection with the loan application.
Reference:
Ext.A2
Document Type:
Agreement cum deed of Hypothecation
Submitted By:
Plaintiff
Relevance:
Document outlining the terms of the loan agreement.
Reference:
Ext.A3
Document Type:
Take Delivery Letter and Pronote
Submitted By:
Plaintiff
Relevance:
Executed by the defendants as part of their loan commitment.
Reference:
Ext.A4
Document Type:
Undertaking letter from borrower
Submitted By:
Plaintiff
Relevance:
Document ensuring the borrower's commitment to repay the loan.
Reference:
Ext.A5
Document Type:
Undertaking letter from Non Corporate Borrowers
Submitted By:
Plaintiff
Relevance:
Further assurance from the defendants regarding the loan.
Reference:
Ext.A6
Document Type:
Undertaking Letter
Submitted By:
Plaintiff
Relevance:
Additional documentation related to the loan agreement.
Reference:
Ext.A7
Document Type:
Sanction Memorandum
Submitted By:
Plaintiff
Relevance:
Document from the bank sanctioning the loan.
Reference:
Ext.A8
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
Provides details of the outstanding amount owed by the defendants.
Reference:
Ext.A9
Document Type:
Lawyer Notice with Postal receipt, Acknowledgment Card and unserved cover
Submitted By:
Plaintiff
Relevance:
Notices issued to defendants regarding the loan default.
Reference:
Ext.A10
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 Canara Bank vs M/s Cut Man Gents Beauty Parlour et al regarding realization of money
Case Code Year
Case between Canara Bank vs M/s Cut Man Gents Beauty Parlour et al regarding realization of money