JATIN RAMESH DIWAN Vs. F.W.TEAM

JUDGEMENT

(1.) The Summary Suit had been filed for recovery of an amount of Rs.3,56,60,000.00 (principal amount) and an amount of Rs, 1,94,97,968/- as interest from 1/4/2017 up to 21/10/2021 on the basis of two letters of confirmation issued by the Defendant No. 1 both dtd. 31/3/2017.

(2.) The brief facts are that the Plaintiff through common friends and relatives came into contact with one Hetal Hakani (erstwhile partner of Defendant No. 1 Firm). Hetal Hakani, with a view to expand the business of Defendant No. 1 ('the Firm') approached the Plaintiff for a friendly loan. The Plaintiff in good faith and at the request of Hetal Hakani advanced various amounts to Defendant No. 1 from time to time. The Defendant repaid certain amounts to the Plaintiff both towards principal and interest as more particularly set out in the Plaint. Subsequent to certain advances made by the Plaintiffs to Defendant No. 1, a Loan Agreement dtd. 23/11/2014 was entered into between the Plaintiff and Defendant No. 1, inter alia, recording that the Plaintiff would advance a loan of Rs.2,50,00,000.00 to Defendant No. 1. Under the said Loan Agreement, Defendant No. 1 created certain securities in favour of the Plaintiffs. The Plaint sets out the manner in which the amounts were advanced by the Plaintiff to Defendant No. 1 and also sets out that Defendant No. 1 had on 31 st March, 2016 issued two letters of confirmation to the Plaintiff issued by Hetal Hakani which confirmed :

(3.) Despite issuance of said letter of confirmation, no amounts were repaid by Defendant No. 1 to the Plaintiff. Thereafter, in April, 2021 Hetal Hakani passed away. The defendants No.3 to 5 are the legal heirs of deceased Hetal Hakani. The Plaintiff then learnt that the properties which were given as security to the Plaintiff under the loan agreement were in fact mortgaged with the Bank of Baroda without Plaintiff's knowledge and consent. These properties were subsequently sold by Bank of Baroda.