M/S.Integrated Finance Co.Ltd. v. 1.Krishna Plastochem Ltd.
IN THE HIGH COURT OF JUDICATURE AT MADRAS
(ORDINARY ORIGINAL CIVIL JURISDICTION) WEDNESDAY, THE 08TH DAY OF DECEMBER 2021 THE HON'BLE MR. JUSTICE N. SESHASAYEE C.S.No. 397 of 2002 M/s. Integrated Finance Company Limited Having it registered office at Vairams, No.112, Thyagaraya Road, T.Nagar, Chennai - 600 017.
and Branch Office inter-alia at 2nd Floor, Dol-Bin-Shir premises Co-operative Societies Ltd., 69-71, Janmabhoomi Marg, Fort, Bombay - 400 001.
Rep by its Legal Officer and duly constituted Attorney K.Ramkumar Rep.by its Authorised Signatory, A. Hema Jothi.
... Plaintiff -Vs1.
Krishna Plastochem Limited, Having its registered office at C-2, 301, Anjana Apartments, Chicken Villa lane, Off. Shimpoli Road, Borivali (W), Mumbai - 400 092.
K. Ranganathan, residing at B-6, Prashant Building, Eksar Road, Borivli (West), Bombay - 400 092.
... Defendants
Civil Suit praying that this Hon'ble Court be pleased to pass a judgment and decree against the Defendants :- a) for a sum of Rs.3,92,61,692.15 with interest thereon at the rate of 36% per annum from date of plaint till realisation. b) for costs of the suit.
This Civil suit coming on this day before this Court for hearing in the presence of Mr.Najeeb Usman Khan, Advocate for the plaintiff herein and the defendants herein, not appearing in person or by advocate and the said defendants herein having been set exparte and upon reading the plaint filed herein and the other exhibits therein referred to and upon perusing the evidence adduced therein and this Court is satisfied about the claim made, it is ordered decreed as follows:- That the defendant herein, do pay to the plaintiff herein, a sum of Rs.32,34,33,542/- (Rupees Thirty Two Crores Thirty Four Lakhs Thirty Three Thousand Five Hundred and Forty Two only) with a further interest at the rate of 36% per annum on the sum of Rs.3,92,61,695.15 (Three
Crores Ninety Two Lakhs Sixty One Thousand Six Hundred and Ninety Five and Fifteen paise only) from this date till the date of realisation.
2. That there shall be no costs of this suit. WITNESS THE HON'BLE MR. JUSTICE MUNISHWAR NATH BHANDARI, ACTING CHIEF JUSTICE, HIGH COURT AT MADRAS AFORESAID, THIS THE 08TH DAY OF DECEMBER 2021. Sd/- ASSISTANT REGISTRAR (O.S.I) //Certified to be true copy// Dated at Madras this the day of 2022. COURT OFFICER(O.S.) From 25th Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format.
ED 12.01.2022 C.S.No. 397 of 2002
ORDER
DATED: 08.12.2021 THE HON'BLE MR. JUSTICE N.SESHASAYEE FOR APPROVAL: 24/01/2022 APPROVED ON: 24/01/2022
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.
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 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
J U D G M E N T
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. 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 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. 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 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
Plaintiffs :
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 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 Sd./-N.S.S.J., 08.12.2021 //Certified to be true copy// Dated at Madras this the day of 2022. COURT OFFICER(O.S.) From 25th Day of September 2008 the Registry is issuing certified copies of the Orders/Judgments/Decrees in this format.