Madras High Court
M/S.Sree Gokulam Chits & Finance ... vs Mohammed Ickbal C on 7 January, 2021
Civil Suit No.993 of 2016
IN THE HIGH COURT OF JUDICATURE AT MADRAS
Dated: 07.01.2021
Coram:
THE HONOURABLE MR.JUSTICE R.PONGIAPPAN
Civil Suit No.993 of 2016
M/s.Sree Gokulam Chits & Finance Co., (P) Ltd.,
Represented by its Executive Director,
G.Baiju,
No.66, Arcot Road,
Kodambakkam,
Chennai - 600 024. ... Plaintiff
versus
1.Mohammed Ickbal C.,
S/o.Cholayil Mohammed
2.Mymoona,
W/o.Mohammed Ickbal,
Both residing at
Amarambalam Amsom Decom,
Karulai (PO), Near Health Centre,
Malappuram, Kerala - 679 330. ... Defendants
PRAYER: Civil Suit filed under Order IV Rule 1 of the High Court
Original Side Rules read with Order VII Rule 1 of Code of Civil Procedure,
(i) to direct the defendants to pay to the plaintiff a sum of Rs.1,02,42,165/-
1/6
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Civil Suit No.993 of 2016
(Rupees One Crore Two Lakhs Forty Two Thousand One Hundred and
Sixty Five Only) towards principal and the interest at the rate of 18%
compounded as on 31.10.2016; (ii) award an interest at the rate of 18% per
annum on Rs.1,02,42,165/- (Rupees One Crore Two Lakhs Forty Two
Thousand One Hundred and Sixty Five Only) from the date of the plaint to
the date of realization; (iii) and to direct the defendants to pay the cost of
the suit.
For Plaintiff : Mr.L.Rajasekar
For Defendants : Set Ex parte
JUDGMENT
This Civil Suit has been filed for recovery of a sum of
Rs.1,02,42,165/- together with interest at 18% per annum from the date of
filing of this plaint till date of payment and for costs.
2. The plaintiff Company is a Private Limited Company
registered under Companies Act, 1956. The first defendant is the husband of
the second defendant. They approached the plaintiff Company for financial
assistance to augment their business requirements. On 14.01.2011, both the
defendants have jointly borrowed a sum of Rs. 50,00,000/- from the plaintiff
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Civil Suit No.993 of 2016
Company and executed a Promissory Note in favour of the plaintiff
Company. The loan was disbursed on 14.01.2011. Both the defendants have
agreed to repay the said amount on demand together with interest
@ Rs.18% per annum compounded. Though the defendants have agreed to
pay the interest every month they did not make the said interest amount. On
25.10.2012, a sum of Rs,1,17,837/- was adjusted from their chit account to
their loan account on the instructions of the defendants. In the month of
December 2013, the defendants have approached the plaintiff and agreed to
execute a fresh Promissory Note as on 14.12.2013 for the outstanding
amount together with interest thereon. Further, they submitted an
undertaking letter on 14.12.2013 confirming the outstanding loan together
with interest. Subsequently, inspite of repeated demands and requests made
by the plaintiff, the defendants have failed and neglected to repay the
borrowed sum together with interest thereon. Hence, the suit.
3. Though the defendants 1 and 2 are served with notice on
14.03.2017, they have not appeared before this Court. Therefore, they were
set ex parte.
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Civil Suit No.993 of 2016
4. The Co-ordination Manager of the plaintiff company was
examined as P.W.1 and 6 documents were marked as Ex.P.1 to Ex.P.6.
P.W.1 - Mr.N.K.Shanmugam
Sl.No. Date Description of documents Exhibit
1. 01.12.2020 Board resolution in favour of P.W.1 P-1
2. 14.12.2013 Undertaking Letter of the defendants P-2
3. 14.12.2013 Demand Promissory Note P-3
4. 31.10.2016 Statement of accounts P-4
5. 08.11.2016 Legal Notice P-5
6. 18.11.2016 Returned Covers (2 Nos) P-6
5. P.W.1 in his evidence has spoken about the borrowal of the
loan by the defendants. Ex.P.2 is the original undertaking letter of the
defendants dated 14.12.2013. Ex.P.3 is the original Demand Promissory
Note dated 14.12.2013 to substantiate that the defendants are borrowed
Rs.50,00,000/- on 14.01.2011. Ex.P.4 is the true copy of the statement of
accounts dated 31.10.2016, which is evident that the defendants are liable to
pay the suit amount to the plaintiff. Further, before filing of the suit on
08.11.2016, the plaintiff issued legal notice to the defendants under Ex.P.5
wherein the plaintiff demanded the defendants to repay the loan together
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Civil Suit No.993 of 2016
with interest immediately after the receipt of the notice. The evidence of the
P.W.1 remain unchallenged. The evidence of the P.W.1 and documents
marked on the side of the plaintiff clearly prove the case of the plaintiff.
6. Accordingly, the Civil Suit is decreed as prayed for with cost
with subsequent interest at the rate of 7.5% from the date of suit till the date
of realization.
07.01.2021
Speaking Order/Non Speaking Order
Index : Yes / No
Internet : Yes
sri
https://www.mhc.tn.gov.in/judis/
Civil Suit No.993 of 2016
R.PONGIAPPAN, J.
sri
Civil Suit No.993 of 2016
07.01.2021
https://www.mhc.tn.gov.in/judis/
