Delhi High Court
Delhi State Industrial Dev. ... vs Shri Lajpat Ahuja And Others on 8 May, 2001
Author: A Sikri
Bench: A Sikri
ORDER
A.K. Sikri, J.
1.
The suit is filed by the Delhi State Industrial Development Corporation Ltd. for recovery of Rs. 5,21,814.72P. As per the averments made in the plaint, the plaintiff is a limited company incorporated under the Indian Companies Act and having its registered office at A-3/4 State Emporia Building, Baba Kharak Singh Marg, New Delhi and having its Head Office at Bombay Life Building, N-36, Connaught Circus, New Delhi. Shri Shiv Kumar Gupta is the Secretary and Principal Officer of the plaintiff to sign and verify the plaint and institute the suit. The plaintiff is engaged in the development of small scale industries for the Territory of Delhi State and inter alia assists the small scale industrial units in the business by giving loans on marginal interest rates for procurement of machinery, stock and other required equipments and for other such purposes. The defendants who are the Directors of M/s. Paramount Cable Ltd. approached the plaintiff for loan as a financial assistance for installation of the machinery, tools and accessories and for purchases of raw materials for the manufacture of the goods. The defendants as such requested the plaintiff for grant of margin money of Rs. 2,00,000/- for running their industry/business. The plaintiff on the aforesaid request of the defendants gave to the defendants a loan of Rs. 2,00,000/- subject to the defendant's executing the Mortgage Deed in favor of the plaintiff. The defendants in consideration of the aforesaid loan executed a simple mortgage bond in favor of the plaintiff Corporation on 31st day of January, 1975 and thereby mortgaged the properties machineries detailed in the schedule of the said Mortgage Deed. The aforesaid margin-money of Rs. 2,00,000/- was re-payable by the defendants to the plaintiff as per the terms of the Mortgage Deed executed by the defendants in favor of the plaintiff corporation and as per the terms of the Mortgage Deed, the said margin-money/financial assistance was repayable in Installments and the first Installment was payable by the defendants to the plaintiff by 5th day of January, 1985 and the second Installment of the said amount with interest thereon was payable by the defendants to the plaintiff by 5th day of January, 1986 and as per the terms of the Mortgage Deed, the defendants were required to pay interest @ 2- 1/2% per annum. This concessional rate was agreed to be charged subject to defendant's fulfillling the terms of the Mortgage Deed. Defendants failed to repay the loans/margin money back to the plaintiff in spite of repeated demands made by the plaintiff in spite of repeated demands made by the plaintiff and notice dated 31-1-1987/4-2-1987. The plaintiff claims that since the amount in question is not paid, defendants are liable to pay interest at the rate 21% per annum. The claim in the plaint is computed in the following manner:
Principal Amount Rs. 2,00,000.00
Interest @ 2-1/2% from
31.1.76 to 4.1.84 Rs. 42,323.50
Interest @ 21% from
5.1.84 to 31.12.87 Rs. 2,79,491.22
Total: Rs. 5,21,814.72
2.
In spite of service defendants did not put in appearance and were proceeded ex-parte. The plaintiff was permitted to lead the evidence by way of affidavit. In response affidavit of Shri B.K. Srivastava, Dy. Manager (Legal) of the plaintiff corporation has been tendered. He has affirmed the various averments made in the plaint and mentioned above. He has also proved on record the Board Resolution dated 16.3.1985 (Ex.P-1) of the plaintiff giving authority to Sh. Shiv Kumar Gupta to sign and verify the plaint and institute the present suit. The Board Resolution dated 15.9.1995 (Ex. P-2) authorising Shri B.K. Srivastava to act for and on behalf of plaintiff corporation is also filed. Shri Srivastava has also proved on record the original copy of Mortgage Deed along with the list of Schedule as Ex. P-4. He has deposed to the effect that margin money in the sum of Rs. 2,00,000/- was given to the defendants. He has also proved on record the copies of the notices as well as statement of account as per which amount of Rs. 5,21,814.72 is payable by the defendants to the plaintiff. There is no cross-examination of this witness nor the defendants have lead any evidence in rebuttal as they have chosen to remain absent. The plaintiff has been able to prove its case for recovery of the suit amount. The plaintiff shall also be entitled to interest at the rate of 12% per annum from the date of institution of suit till the decree as well as future interest at the rate of 12% per annum from the date of decree till payment. The plaintiff shall also be entitled to costs. Decree sheet be drawn accordingly.
3.
The suit stands disposed of.
