ICICI BANK LIMITED Vs. UMESH RAI

JUDGEMENT

(1.) The present appeal arises out of the impugned judgment/order dated 30th January, 2015 by which the suit for recovery filed by the Appellant/Plaintiff bank (hereinafter, "Plaintiff bank") was dismissed. The judgement of the Trial Court dismisses the suit on the ground that the original loan recall notice dated 19th July, 2014 was not filed by the Bank.

(2.) In the present appeal, notice was issued on 25th August, 2015. The appeal was admitted on 17th February, 2016. The notice could not be served on the Respondent/Defendant (hereinafter, "Defendant") as there was "no such person at the given address". Steps were taken to serve the Defendant through publication. Service was finally recorded as having been completed by the order of the Registrar dated 9th November, 2017.

(3.) The Defendant (hereinafter, "Defendant") approached the Plaintiff bank for financing of the purchase of a vehicle under loan-cumhypothecation scheme for a sum of Rs.5, 47, 560/-. The Defendant agreed to repay the loan amount in 60 equal monthly instalments (hereinafter, "EMI") of Rs.11, 974/-. The loan was duly sanctioned and was disbursed on 11th February, 2014 to the dealer from whom the vehicle was to be purchased by the Defendant, after deducting usual processing fee and stamp duty charges. All the loan documents were executed by the Defendant.