ICICI BANK LIMITED Vs. SURBHI GUPTA

JUDGEMENT

(1.) The present appeal arises out of the impugned judgment/order dated 13th 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.6,00,000/-. The Defendant agreed to repay the loan amount in 60 equal monthly instalments (hereinafter, 'EMI') of Rs.13,150/-. The loan was duly sanctioned and was disbursed on 29th June, 2013 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 SWIFT DZIRE bearing Engine No. 005713 and Chassis No. 009603. Various cheques were issued by the Defendant for payment of the instalments, which were dishonoured/returned unpaid with the remarks "Refer to drawer/insufficient funds", when presented by the Plaintiff bank. Accordingly, the Plaintiff bank filed a suit for recovery for the sum of Rs.6,24,722/-.