Delhi High Court
Bennett, Coleman & Co Ltd vs Anil Talwar on 20 November, 2015
$~15.
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CS(OS) 2841/2014
BENNETT, COLEMAN & CO LTD ..... Plaintiff
Through: Mr. K. Datta, Advocate with
Mr. Manish Srivastava and Mr. Rahul Malhotra,
Advocates
versus
ANIL TALWAR ..... Defendant
Through: Mr. Vivek Malik, Advocate with
Mr. Mukul Thakur, Advocate and defendant in
person.
CORAM:
HON'BLE MS. JUSTICE HIMA KOHLI
ORDER
% 20.11.2015
I.A. 19129/2015 (by the plaintiff u/O XII R 6 CPC)
1. The present application has been filed by the plaintiff/company
stating inter alia that a judgment on admissions may be passed
against the defendant for recovery of a sum of Rs.32,55,267/-,
alongwith interest.
2. Mr. K. Datta, learned counsel for the plaintiff states that the
defendant was in the employment of the plaintiff/company since July,
2001 and he was working on the post of Senior Manager (Corporate)
till he left the services of the plaintiff on 30.04.2013. During the
course of his employment, the defendant had approached the Human
Resources Department of the plaintiff/company on 25.02.2008
requesting for sanction of a loan of Rs.30 lacs in his favour for
purchasing a residential flat. Vide letter dated 05.06.2008, a loan of
Rs.20 lacs was sanctioned by the plaintiff/company in favour of the
defendant. The said loan was repayable by the defendant alongwith
interest @9.5% per annum in 180 equal monthly installments starting
from November, 2008. In addition, the plaintiff/company had agreed
to sanction a further loan of Rs.5 lacs in favour of the defendant for
purchase of the said flat with interest @9.5% per annum, as per the
Employee Personal Loan Policy. Subsequently, the plaintiff/company
had agreed to grant the defendant an advance of Rs.5 lacs against his
Retention Bonus on the condition that he would sign an undertaking
that if he leaves the employment of the company before 01.01.2010,
he would be liable to pay the entire amount of Rs.5 lacs, at one go.
3. It is stated by learned counsel for the plaintiff/company that the
defendant had furnished an undertaking dated 12.11.2009,
undertaking inter alia that he would create a suitable mortgage in
respect of the flat and deposit the title deeds on execution of the said
document. The defendant had also executed a Promissory Note dated
12.11.2009, undertaking to pay a sum of Rs.20 lacs to the plaintiff
alongwith interest @9.5%. Further, the defendant had executed an
irrevocable Power of Attorney dated 12.11.2009, in favour of the
plaintiff/company and agreed that in the event of default in re-
payment of the sum of Rs.20 lacs, given to him as housing loan
alongwith interest @9.5% per annum, the plaintiff/company would be
authorised to dispose of the flat, either in part or full. On the same
date, the defendant had executed a "Deed of Equitable Mortgage by
Deposit of Title Deeds" dated 12.11.2009, in favour of the
plaintiff/company in respect of the loan of Rs.20 lacs sanctioned in his
favour.
4. After receiving the loan/advances, the defendant alongwith his
wife, Ms. Poonam Talwar had jointly purchased a flat bearing No.6327,
Sector C, Pocket 6 and 7, Vasant Kunj, New Delhi. The Sale Deed in
respect of the said flat was executed on 20.11.2009. The defendant
and his wife are stated to be the absolute owners of the said flat,
having 50% undivided share each therein.
5. Counsel for the plaintiff/company submits that out of the original
sanctioned loan/advances, the following amounts totalling to a sum of
Rs.23,60,957/- are outstanding and payable by the defendant :-
(i) Balance Housing Loan Rs.14,46,830/-
(ii) Staff Loan Rs.5,00,000/-
(iii) Guest House Charges Rs.3,63,000/-
(iv) Travel Advance Rs.35,396/-
(v) Mediclaim Rs.5,840/-
(vi) Imprest Cash Rs.5,000/-
(vii) Salary Recoverable Rs.4,891/-
6. Vide letter dated 30.10.2013, the plaintiff/company had called
upon the defendant to pay the principal amount. However, on
11.11.2013, the defendant had expressed his financial inability to
repay the said amount, which submission was reiterated by him on
21.04.2014, thus compelling the plaintiff/company to institute the
present suit on 16.9.2014.
7. Learned counsel for the plaintiff/company states that alongwith
the principal amount of Rs.23,60,957/-, the defendant is also liable to
pay interest @15% per annum compounded on a quarterly basis,
which adds upto Rs.32,55,267/- as on 30.06.2014.
8. A reply to the present application is stated to have been filed by
the counsel for the defendant, but the same is not on record. A copy
thereof has been handed over by learned counsel for the defendant,
who admits right away the defendant's liability to pay the amount
mentioned above to the plaintiff/company, but states that his client
continues to face a financial crunch and for the present, is unable to
make the payment.
9. In view of the categorical and unequivocal admission made by
the defendant in his reply to the application and having regard to the
submission of the learned counsel for the defendant as recorded
above, it is deemed appropriate to pass a judgment on admission and
decree the suit for a sum of Rs.23,60,957/- in favour of the
plaintiff/company. However, the interest component is scaled down
from 15% per annum, on a quarterly basis as claimed by the plaintiff,
to 8% per annum payable from the dates when the principal amounts
became due and payable, till realisation. It is however made clear
that if the aforesaid amount is not paid by the defendant to the
plaintiff/company with interest within a period of three months from
today, then the interest payable shall stand enhanced from 8 % p.a.
to 12% p.a.
10. Decree sheet be drawn accordingly.
11. At this stage, learned counsel for the plaintiff/company states
that the original documents filed with the suit may be released in
favour of the plaintiff/company.
12. Upon the plaintiff/company filing certified copies of the original
documents, it shall be entitled to approach the Registry through
counsel for release of the original documents.
13. The suit is disposed of alongwith the pending application.
No orders as to costs.
HIMA KOHLI, J
NOVEMBER 20, 2015/rkb/sk/mk/ap
