Madras High Court
Integrated Finance Company ... vs Business India on 15 November, 2021
C.S.No.530 of 2011
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 15.11.2021
CORAM
THE HONOURABLE MR.JUSTICE N.SESHASAYEE
C.S.No.530 of 2011
Integrated Finance Company Limited
Rep by its Authorised Signatory
having its registered office at “R “10
IInd Floor, Prem Nagar Colony,
South Boag Road,
T.Nagar,
Chennai – 600 017. ... Plaintiff
Vs.
1.Business India
Rep by its Partner
Mr.Ashok Hotchand Advanci
14th Floor,
Nirmal Building,
Nariman Point,
Churchgate,
Mumbai – 400 021.
2.Mr.Ashok Hotchand Advani
Partner,
Business India,
21, Frameroze course,
Marine Drive,
Mumbai – 400 020.
https://www.mhc.tn.gov.in/judis
C.S.No.530 of 2011
3.Mr.Rajkumar Hotchand Advani (deceased)
Partner
Business India,
Nirmal Building,
Nariman Point,
Churchgate,
Mumbai – 400 021.
(Third defendant is given up and memo recorded as per order dated
24.02.2021)
4.Mr.Hiroo Hotchand Advani,
parnter
Business India,
Nirmal Building,
Nariman Point,
Churchgate,
Mumbai – 400 021. ...Defendants
Prayer: The Civil Suit has been filed under Order IV Rule 1 of the Original
Side Rules read with Order VII Rule 1 of C.P.C. 1908, praying to pass a
judgement and decree directing the defendant jointly and severally to pay
the sum of Rs.21,88,11,451.96 along with the future interest @ 36% thereon
from the date of Plaint till the date of realization and for costs.
For Plaintiff : Mr.Harishankar Mani
For Defendants : No Appearance
JUDGMENT
(This case has been heard through video conference)
The suit is laid for recovery of a sum of Rs.21,88,11,451.96 on a principal
amount of Rs.96,60,420/- with interest thereon at 36% per annum.
https://www.mhc.tn.gov.in/judis
C.S.No.530 of 2011
2.The case of the plaintiff briefly is that, it is a private financial institution
that had entered into a Hire Purchase Agreement with the defendants dated
31.03.1998, in relation to certain machinery covered by an invoice dated
28.03.1998. As per the Hire Purchase Agreement, the defendants have to
pay the hire purchase charges with interest in 20 monthly installment but the
defendants defaulted. They have paid an amount of Rs.55.55 lakhs till
2009, which needless to mention, was paid at their convenience and not in
accordance with the terms of the Hire Purchase Agreement. In this scenario,
the present suit is laid.
3.The defendants remained ex-parte as they did not file their written
statement. The matter was referred to the learned Additional Master for
recording evidence.
4.For the plaintiff, the official of the plaintiff has been examined as P.W.1,
through her Ex.P1 to Ex.P4 were marked. Of them, Ex.P2 is the invoice
dated 28.03.1998 and Ex.P3 is the Hire Purchase Agreement dated:
31.03.1998 and Ex.P4 is the statement of accounts.
https://www.mhc.tn.gov.in/judis
C.S.No.530 of 2011
N.SESHASAYEE, J.
kas / dk
5.Learned counsel for the plaintiff submitted that the interest was calculated
as per the terms of the Hire Purchase Agreement. Even though the
defendants have paid a sum of Rs.55.55 lakhs, the payment was not
consistent with the terms of the Agreement viz. Ex.P3. After adjusting the
said sum, both in the interest as well as the principal component payable
in terms of the Hire Purchase Agreement, the Suit is laid for balance amount
payable. He added that not withstanding the fact that Ex.P3 vide clause
5(a) provides for seizure of machinery that was hired by the defendants.
The plaintiff did not exercise its right.
6.The Court is satisfied. The suit is decreed with costs.
15.11.2021
kas /dk
Index : yes / no
Internet : yes / no
Speaking / Non speaking order
https://www.mhc.tn.gov.in/judis
C.S.No.530 of 2011
APPENDIX
I. Witnesses :
Plaintiff :
PW1 A.Hema Jothi
Defendants : Nil
II. Exhibits :
Plaintiffs :
Ex.P1 10.02.2015 The photocopy of Order of High Court,
Madras, Authorizing, A.Hema Jothi
dated 10.02.2015 (Original is
produced, Compared and it is
undertaken by the plaintiff that it can
be produced as and when required)
Ex.P2 28.03.1998 The Original Invoice
Ex.P3 31.03.1998 The Original Hire Purchase Agreement
dated 31.03.1998.
Ex.P4 18.03.2010 The Original Statement of Accounts
15.11.2021
https://www.mhc.tn.gov.in/judis
C.S.No.530 of 2011
N.SESHASAYEE.J.,
kas / dk
C.S.No.530 of 2011
15.11.2021
https://www.mhc.tn.gov.in/judis
