Ratnakar Bank Ltd (RBL Bank Ltd) Vs Mohit Trading Co. & Ors

RBL Bank Ltd
(Formerly: The Ratnakar Bank Limited)
A banking Company incorporated and registered Under the Companies Act 1956
Having its registered office at Shahpuri Kolhapur,
Maharashtra416001

VS

M/s Mohit Trading Co.
(Borrower) Through its Proprietor Mr. Prem Pal B543,Ground Floor, Sudarshan Park, New Delhi 110015

1. This is a suit for recovery of Rs. 7,36,347.41/
2. Brief facts of the present case are that defendant no. 1, proprietorship firm through its proprietor i.e. defendant no. 2 and 3 had approached the petitioner bank and made a representation for availing business loan facility of Rs. 7 lacs under the product name of Small Business loan for the purpose of its business.
3. It is further stated that defendants in terms of amortization/repayment schedule inscribed in the agreement undertook to repay the said loan in 36 monthly installments of R. 27,097/spanning from 05.01.2015 to 05.01.2018. It is further stated that defendants undertook to comply with the terms of subject agreement which is in the form of standard form contract provisions signifying trade usage and practice prevalent in the said field of trade/commerce with concurrence of regulators in the field.
5. It is further stated that after availing the loan facility, the defendants has failed to adhere to financial discipline and committed willful default.
6. Defendants were served by way of publication however defendant failed to appear and were proceeded exparte vide order dated 16.03.2018.
7. Exparte PE was closed vide order dated 24.09.2019, thereafter matter was listed for exparte final arguments.
8. Defendant has not appeared and testimony of PW1 has remained unrebutted and uncontroverted. The suit has been filed within the period of limitation. The loan agreement has been signed in Delhi at the Branch Office of the plaintiff bank which falls within the territorial of this court and therefore, this court is well within its jurisdiction to decide the suit.
9. As per the case of the plaintiff, loan of Rs. 7 lacs were taken on 22.11.2014. The defendant did not pay entire installments. As per the statement of account filed by the plaintiff which is Ex. PW1/6 for period 23.11.2014 to 18.11.2015, the outstanding principal amount is shown to be Ratnakar Bank Ltd (RBL Bank Ltd) Vs Mohit Trading Co. & Ors Page 5/6 Rs. 1,35,826/. Defendant no. 2 and 3 being Proprietor of defendant no. 1 are jointly and severally liable to pay the outstanding amount. Hence, suit of the plaintiff is decreed against defendants for an amount of Rs.1,35,826/ alongwith 9% interest from the termination notice dated 23.09.2015 till realization.