ICICI BANK LIMITED Vs. SHYAM SUNDER SHARMA

JUDGEMENT

(1.) The present appeal arises out of the impugned judgment/order dated 3rd June, 2015 by which the suit for recovery filed by the Appellant/Plaintiff bank (hereinafter, "Plaintiff bank") was dismissed. The judgement of the Trial Court dismissed the suit on the ground that the original loan recall notice dated 26th April, 2011 was not filed by the Bank.

(2.) In the present appeal, notice was issued on 7th October, 2015. Thereafter, the appeal was admitted vide order dated 17th February, 2016. Initially, the Respondent/Defendant (hereinafter, "Defendant"), remained unserved due the process fee not being filed, but thereafter it was because there was "no such person" at the last known address. Thus, steps were taken to serve the Defendant through publication. Service was finally recorded as having been completed as per the order of the Registrar dated 9th November, 2017.

(3.) The Defendant approached the Plaintiff bank for financing of the purchase of a vehicle under loan-cum-hypothecation scheme for a sum of Rs.3, 05, 000/-. The Defendant agreed to repay the loan amount in 58 equal monthly instalments (hereinafter, "EMI") of Rs.7, 188/-. The loan was duly sanctioned and was disbursed on 17th February, 2007 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.