Case Summary
Canara Bank is seeking to recover money from M/s Sreehas, who defaulted on an MSME loan. The bank claims the defendants are liable for the outstanding loan amount and associated interest.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants are directed to pay Rs.4,75,867.91/- with interest at the rate of 6% per annum and costs of the suit.
Case Type
Civil Suit
Final Judgment
No
The court decreed the suit in favor of the plaintiff, ordering the defendants to pay the outstanding loan amount with modified interest rates. Costs of the suit were also awarded to the plaintiff.
Why Plaintiff Won:
Plaintiff's claim of borrowal and default was proved by the evidence presented.
Plaintiff's claim of borrowal and default was proved by the evidence presented.
Losing Side's Weaknesses:
Plaintiff's claim of borrowal and default was proved by the evidence presented.
Plaintiff's claim of borrowal and default was proved by the evidence presented.
Supporting Evidence
Plaint claim of borrowal and default of payment stands proved by the affidavit of PW1 and Exhibits A1 to A6 documents which remains unchallenged.
Judgment Evidence:
In the result, suit is decreed as follows: The defendants are directed to pay jointly and severally Rs.4,75,867.91/- to the plaintiff with interest at the rate of 6% per annum from the date of the suit till the date of realization.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- Canara Bank, Malaparamba Branch, 336687
- Party Role
- Defendant
- Party Name
- M/s Sreehas
- Party Age
- 38
- Relation
- D/o Soman
- Party Role
- Defendant
- Party Name
- Ambili. P
- Party Age
- 38
- Relation
- D/o Soman
Plaintiffs Documents
Letter of Sanction, Composite Hypothication Agreement, Sanction Memorandum, Agreement cum Deed of Hyphothication, Pronote, Copy of account statement
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri. Abdul Jaleel Onath
- Appearance Type
- Main Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
The defendants are directed to pay the plaintiff a specified sum with interest.
Evidence:
In the result, suit is decreed as follows: The defendants are directed to pay jointly and severally Rs.4,75,867.91/-... to the plaintiff with interest at the rate of 6% per annum from the date of the suit till the date of realization.
Relief Type:
Other
Outcome:
Granted
Description:
The defendants are also directed to pay costs of the suit to the plaintiff.
Evidence:
The defendants are also directed to pay jointly and severally costs of the suit to the plaintiff.
Documents & Evidence
Document Type:
Letter of Sanction
Submitted By:
Plaintiff
Relevance:
This document evidences the loan sanctioned by the plaintiff bank to the defendants.
Reference:
Ext.A1
Document Type:
Composite Hypothication Agreement
Submitted By:
Plaintiff
Relevance:
This document outlines the terms and conditions under which the hypothecation was agreed upon.
Reference:
Ext.A2
Document Type:
Sanction Memorandum
Submitted By:
Plaintiff
Relevance:
This document provides details regarding the additional credit facility sanctioned to the defendants.
Reference:
Ext.A3
Document Type:
Agreement cum Deed of Hypothication
Submitted By:
Plaintiff
Relevance:
This document further establishes the hypothecation of assets as collateral for the loan.
Reference:
Ext.A4
Document Type:
Pronote
Submitted By:
Plaintiff
Relevance:
This document acts as a promissory note acknowledging the debt incurred by the defendants.
Reference:
Ext.A5
Document Type:
Copy of account statement for the period from 01.08.2019 to 24.10.2022
Submitted By:
Plaintiff
Relevance:
This document provides a detailed account of the transactions and outstanding balance relevant to the loan.
Reference:
Ext.A6
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 Sreehas regarding realization of money
Case Code Year
Case between Canara Bank vs M/s Sreehas regarding realization of money