ICICI BANK LIMITED Vs. VIJAY LAXMI JOSHI

JUDGEMENT

(1.) The present appeal arises out of the impugned judgment/order dated 29th 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 9th January, 2014 was not filed by the Bank. In the present appeal, notice was issued on 18th August, 2015. The Defendant was not served and the report of the Registry continued to remain 'Awaited.' The Appeal was admitted on 25th April 2016. Service was completed through publication, as recorded in the order of the Registrar dated 12th February 2018.

(2.) The Respondent/Defendant (hereinafter, "Defendant") approached the Plaintiff bank for financing of the purchase of a vehicle under loan-cumhypothecation scheme for a sum of Rs.9, 64, 000/-. The Defendant agreed to repay the loan amount in 48 equal monthly instalments (hereinafter, "EMI") of Rs.25, 390/- each. The loan was duly sanctioned and was disbursed on 28th February, 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 INNOVA/GX 8 STR bearing registration No.UP-14-BQ-2304. Initially the Defendants made several payments but thereafter various cheques which were issued by the Defendant for payment of the instalments, were dishonoured/returned unpaid with the remarks "Refer to drawer/insufficient funds". The Plaintiff bank then filed a suit for recovery for the sum of Rs.6, 60, 554/-