ICICI BANK LTD Vs. PARWAZ OVERSEAS & ANR

JUDGEMENT

(1.) These are two appeals against the order dated 2nd March, 2013 by which a judgement on admissions has been passed under Order XII Rule 6, in the suit filed by the Respondents/Plaintiff (hereinafter Plaintiff). The case of the Plaintiff is that it was appointed as a Manager and Collection Agent with the Appellant/Defendant-ICICI Bank vide agreement dated 19th September, 2006.

(2.) The Defendant bank introduced a scheme for farmers, agricultural commodity traders and processors. For marketing the said product applications were invited from persons/entities involved in the commodity trade. As per the Scheme, the Defendant bank was to provide the finance to the farmers and in addition there were three components viz., Management and Collection Agents, Collateral Manager and Borrower/Applicant. The Plaintiff had applied for being considered under the Scheme, on the basis of its credit worthiness and had to provide adequate security. On the basis of the security provided, the line of credit was to the extent of ten times the assessed value of the security provided. The Plaintiff provided security of title documents for property bearing no. House No. 296, Sector 22, Urban Estate, Gurgaon and was thereafter appointed as Management and Collection Agent.

(3.) As per the agreement, The Plaintiff was to be paid a commission based on its performance. The total commission outstanding as per the Plaintiff as on 30th April, 2008 was a sum of Rs.8,33,434.88/-. A suit for recovery was filed for the principal amount and interest was claimed @ 21%. The Plaintiff claimed Rs.3 lakhs as damages and a direction that the title deeds of the mortgaged property be returned to them along with a relief of permanent injunction. The relief by the Plaintiff are set out herein below: