BENNETT, COLEMAN & CO. LTD. Vs. ANIL TALWAR

JUDGEMENT

(1.) I.A. 19129/2015 (by the plaintiff u/O XII R 6 CPC)

(2.) Mr. K. Datta, learned counsel for the plaintiff states that the defendant was in the employment of the plaintiff/company since July, 2001 and he was working on the post of Senior Manager (Corporate) till he left the services of the plaintiff on 30.04.2013. During the course of his employment, the defendant had approached the Human Resources Department of the plaintiff/company on 25.02.2008 requesting for sanction of a loan of Rs.30 lacs in his favour for purchasing a residential flat. Vide letter dated 05.06.2008, a loan of Rs.20 lacs was sanctioned by the plaintiff/company in favour of the defendant. The said loan was repayable by the defendant alongwith interest @9.5% per annum in 180 equal monthly installments starting from November, 2008. In addition, the plaintiff/company had agreed to sanction a further loan of Rs.5 lacs in favour of the defendant for purchase of the said flat with interest @9.5% per annum, as per the Employee Personal Loan Policy. Subsequently, the plaintiff/company had agreed to grant the defendant an advance of Rs.5 lacs against his Retention Bonus on the condition that he would sign an undertaking that if he leaves the employment of the company before 01.01.2010, he would be liable to pay the entire amount of Rs.5 lacs, at one go.

(3.) It is stated by learned counsel for the plaintiff/company that the defendant had furnished an undertaking dated 12.11.2009, undertaking inter alia that he would create a suitable mortgage in respect of the flat and deposit the title deeds on execution of the said document. The defendant had also executed a Promissory Note dated 12.11.2009, undertaking to pay a sum of Rs.20 lacs to the plaintiff alongwith interest @9.5%. Further, the defendant had executed an irrevocable Power of Attorney dated 12.11.2009, in favour of the plaintiff/company and agreed that in the event of default in repayment of the sum of Rs.20 lacs, given to him as housing loan alongwith interest @9.5% per annum, the plaintiff/company would be authorised to dispose of the flat, either in part or full. On the same date, the defendant had executed a "Deed of Equitable Mortgage by Deposit of Title Deeds" dated 12.11.2009, in favour of the plaintiff/company in respect of the loan of Rs.20 lacs sanctioned in his favour.