Madras High Court
M/S. Integrated Finance Company ... vs Krishna Plastochem Limited on 8 December, 2021
C.S. No. 397 of 2002
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 08.12.2021
CORAM
THE HONOURABLE MR. JUSTICE N. SESHASAYEE
C.S. No. 397 of 2002
M/s. Integrated Finance Company Limited,
Currently having its registered office at
"R"- 10", Second Floor,
Prem Nagar Colony,
South Boag Road,
T. Nagar, Chennai – 600 017,
rep. by its Authorised Signatory,
A. Hema Jothi ..Plaintiff
Vs.
1. Krishna Plastochem Limited
Having its registered office at
C-2, 301, Anjana Apartments,
Chicken Villa Lane,
Off. Shimpoli Road,
Borivalli (W),
Mumbai – 400 092.
2. K. Ranganathan ..Defendants
Prayer: Civil Suit under Order IV Rule 1 of the O.S. Rules, 1956 read
with Order VII Rule 1 of the Code of Civil Procedure praying for a
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judgment and decree against the defendants (a) for a sum of
Rs.3,92,61,695.15 with interest thereon at the rate of 36% per annum from
date of plaint till realisation and (b) for costs of the suit.
For Plaintiff :: Mr.Najeeb Usman Khan
JUDGMENT
The suit is laid for recovery of a sum of Rs. 3,92,61,695.15 with
interest @ 36% per annum. The cause of action for the suit is founded on
breach of obligation arising out of a Hire Purchase Agreement.
2. The brief facts are:
The plaintiff is engaged in the business of Hire Purchase and Lease
Financing. While so, the 1st defendant approached the plaintiff for lease of
some machinery. A lease agreement in respect of machinery described as
Item No.1 in the schedule was entered into between the plaintiff and the 1st
defendant. The value of the lease is Rs. 78,88,920/- and the defendants had
paid Rs.28,25,658/-. On 25.07.1995, the plaintiff had issued a cheque for
Rs. 50,57,000/- for purchase of the machinery. This amount had to be repaid
in 60 monthly instalments. While so, on 01.12.1995, the plaintiff entered
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C.S. No. 397 of 2002
into a Hire Purchase Agreement in respect of purchase of machinery
described as Item No.2 in the schedule for a total sum of Rs. 70,12,944/-.
The defendants had paid Rs.25,42,452/-. The balance is required to be paid
in 36 monthly instalments. Since the defendants were in default, the said
instalments were re-scheduled vide Ex-P18 dated 27.03.1997 and Ex.P19
dated 28.03.1999. As per the last mentioned agreement, an amount of
Rs.1,00,53,760/- had to be paid in 20 quarterly instalments. This was
defaulted. The plaintiff sent several reminders asking the defendants to
repay the entire amount and there was no positive response. Hence, the suit.
3. The defendants did not contest the suit. The matter was posted before
the learned Additional Master No.IV for recording evidence. Before the
learned Master, the plaintiff has produced 24 documents out of which
critical documents have already been referred to above.
4. Heard the learned counsel for the plaintiff.
5. This Court is satisfied about the claim made. The suit is decreed.
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C.S. No. 397 of 2002
APPENDIX
I. Witnesses :
Plaintiffs :
PW1
Defendants : Nil
II. Exhibits :
Plaintiffs :
1. Ex.P1 The photocopy of the order of High Court, Madras authorizing
A. Hema Jothi dated 10.02.2015
2. Ex.P2 The Original Agreement of Lease Deed dated 25.07.1995
3. Ex.P3 The Original Letter of Guarantee dated 25.07.1995
4. Ex.P4 The Original Receipt dated 27.07.1995
5. Ex.P5 The Original Invoice dated 28.07.1995
6. Ex.P6 The Original Delivery Challan dated 04.08.1995
7. Ex.P7 The office copy of the Sanction Letter dated 29.11.1995
8. Ex.P8 The office copy of the memo dated 29.11.1995
9. Ex.P9 The office copy of the Letter dated 29.11.1995
10. Ex.P10 The Original Invoice dated 30.11.1995
11. Ex.P11 The Original Hire Purchase Agreement dated 01.12.1995
12. Ex.P12 The Office copy of the Memo dated 04.12.1995
13. Ex.P13 The Original Receipt dated 06.12.1995
14. Ex.P14 The Office Copy of the Letter dated 23.05.1997
15. Ex.P15 The Office Copy of the Letter dated 24.05.1997
16. Ex.P16 The Office Copy of the Letter dated 20.09.1997
17. Ex.P17 The Original Invoice dated 10.03.1997
18. Ex.P18 The Hire Purchase Agreement dated 27.03.1997
19. Ex.P19 The Original Hire Purchase Agreement dated 28.03.1999
20. Ex.P20 The Original Invoice (3 Nos.) dated 31.05.1999
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Plaintiffs :
21. Ex.P21 The Original Statement of Accounts dated 25.07.1995 to
25.06.2000
22. Ex.P22 The Original Statement of accounts dated 01.12.1995 to
01.11.1998
23. Ex.P23 The Original Statement of Accounts dated 01.06.1997 to
01.05.2000
24. Ex.P24 The Original Statement of Accounts dated 20.06.1999 to
28.03.2004
Defendants: Nil
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N. SESHASAYEE,J.
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