ICICI BANK LIMITED Vs. KAPIL DEV SHARMA

JUDGEMENT

(1.) The present appeal arises out of the impugned judgment/order dated 19th February, 2015 by which the suit for recovery filed by the Appellant/Plaintiff bank (hereinafter, 'Plaintiff bank') was dismissed. The primary ground on which the suit had been dismissed was that the Plaintiff bank had failed to file the original loan recall notice dated 10th April, 2014 in the Trial court.

(2.) The Respondent/Defendant (hereinafter, 'Defendant') approached the Plaintiff bank for financing of the purchase of a vehicle under loan cum hypothecation scheme for a sum of Rs.4,18,000/-. The Defendant agreed to repay the loan amount in 60 equal monthly instalments (hereinafter, 'EMI') of Rs.9,246/-. The loan was duly sanctioned and was disbursed on 25th July, 2012 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.

(3.) Upon payment by the bank to the dealer, the Defendant secured a loan for the Vehicle BEAT Diesel/LT bearing registration No. HR-51AT-4449. Various cheques were issued by the Defendant for payment of the instalments, which were dishonoured/returned unpaid with the remarks