Bangalore District Court Canara Bank vs Sankula Costume Unit on 15 November, 2024 IN THE COURT OF LXXXIX ADDL.CITY CIVIL & SESSIONS JUDGE, BENGALURU. (CCH90) Present: Sri.K.M.RAJENDRA KUMAR., LLM, M.Phil, LXXXIX Addl.City Civil & Sessions Judge, Bengaluru. DATED THIS THE 15th DAY OF NOVEMBER 2024 Com.O.S.No.928/2023 PLAINTIFF : Canara Bank, (Erstwhile Syndicate Bank), Kumaraswamy Layout Branch, No.1/B, 1st Floor, 3rd Cross, 50ft Main Road, Near Dayananda Sagar Institutions, Kumaraswamy Layout, Bengaluru560 078, Represented by its Manager, Mr.Sanoop.P.P, IFSC: CNRB0010684, MICR:560015364, PAN: AAACC6106G, Mobile No.94498 60690, 08026664854, Website: www.canarabank.com, Mail ID:[email protected], SWIFT:CNRBINBBBFD (By Sri.K.Mallikarjunappa, Advocate) V/s. /2/ Com.O.S.No.928/2023 DEFENDANT : Sankula Costume Unit, Reptd by its Proprietrix: Poornima R W/o Ashok A Nittur, # 1515, 19th Cross, First Floor, Kumaraswamy Layout, (M) 92434 22349, PAN:AGNPR2740R, 080 64562349, 9341213345, Bengaluru560 078, Mail ID: poornima.ashok02@gmail. com (By Sri.Dattatraya M Joshi, Advocate) Date of Institution of suit : 18.08.2023 Nature of suit : Money Suit (suit on pronote, suit for declaration and possession suit for injunction, etc.,) Date of commencement : 29.10.2024 of recording of evidence Date of judgment : 15.11.2024 Total duration : Year/s Month/s Day/s 01 02 27 (K.M.RAJENDRA KUMAR) LXXXIX ADDL.CITY CIVIL & SESSIONS JUDGE, BENGALURU. (CCH90) /3/ Com.O.S.No.928/2023 JUDGMENT The plaintiff has filed this suit against the defendant praying the Court to pass a judgment and decree directing the defendant to pay a sum of ₹.6,93,400/ (Rupees Six Lakhs Ninety Three Thousand Four Hundred Only) (under Term Loan No.06849910000400 balance of ₹.5,46,320/; ii) GECL Term Loan A/c No.06849160000134 account balance outstanding ₹.89,540/ as on 18.08.2023 and iii) another GECL Term Loan No.170002397556 account outstanding ₹.57,540/ as on 18.08.2023 in all total three loan accounts amounting to ₹.6,93,400/) towards the principal and interest @ 11.25% p.a. from 19.08.2023 till settlement, compounded interest monthly rests; b) The current and future interest @ 11.25% on the decreed amount thereon till payment/settlement of dues along with court fees, advocate fees and expenses for filing the suit, etc., in respect of the consideration received by the defendant; c) Direct the seizure and sale of hypothecated goods, stock in trade and machinery, finished and semifinished goods which are lying in business premises and residence as mentioned in the schedule and for costs and for such /4/ Com.O.S.No.928/2023 other reliefs as this Court deems fit to grant in the interest of justice and equity. The brief facts of the plaintiff's case are as under: 02. That, the defendantSankula Costume Unit is proprietrix concern and Smt.Poornima Ranganath is the Proprietrix. That, from 2005 the defendant is engaged in manufacture, sale and hiring of choreography costumes like wigs, temple jewelry for events/functions. 03. That, the defendant approached the plaintiff bank vide application dated 01.04.2017 and sought over Term Loan A/c No.06849910000400 for ₹.7,00,000/ by agreeing the terms and conditions of the bank and had executed necessary documents. 04. That, the loan process note No.01/0684/CC/2017 dated 06.06.2017 under SYND Mahila MSME Scheme sanctioned ₹.7,00,000/ with interest @ 9% p.a. compounded monthly which will be payable in 60 EMI of ₹.14,531/ each w.e.f., 31.07.2017 with 2% overdue interest