Delhi District Court Bank Of India vs Adish Kumar on 7 May, 2025 IN THE COURT OF SH. SANJAY SHARMAII : DJ (COMMERCIAL COURT)03 (SHAHDARA) : KARKARDOOMA COURTS, DELHI CS (Comm.) No. 214/2024 CNR No.: DLSH010023252024 Bank of India Branch Office: G.T. Road, Shahdara Delhi110032 Through: Mr. Arpit Shah, Branch Manager ..... Plaintiff VERSUS Adish Kumar Prop.: M/s. Meenakshi Saree Centre & Garments 1/4639, Ram Nagar Extn., Mandoli Road Shahdara, Delhi110032 ..... Defendant Date of Institution : 04.04.2024 Date of Arguments : 07.05.2025 Date of Judgment : 07.05.2025 JUDGMENT THE SUIT: 1. The plaintiff instituted a suit, through Mr. Arpit Shah, Branch Manager / Authorized Representative, for a decree for recovery of Rs. 11,25,342.87/ alongwith pendentelite and future interest @ 11.35% per annum with monthly rest against the defendant. Digitally signed by SANJAY SANJAY SHARMA SHARMA Date: 2025.05.08 13:10:35 +0530 CS (Comm.) No. 214/2024 Bank of India vs. Adish Kumar Page No. 1 of 25 THE PLAINT: 2. The case of the plaintiff is that on 07.03.2019, the defendant applied for 'Term Loan' in the sum of Rs. 9,00,000/ for 'business expansion'. Pursuant thereto, the plaintiff sanctioned a 'Term Loan' in the sum of Rs. 9,00,000/ to the defendant on interest @ 11.00% per annum, vide sanction letter dated 23.04.2019. The loan amount was repayable by way of 84 Equal Monthly Installments (EMIs) in the sum of Rs. 15,386/ each, vide loan A/c. No. 601573210000013. The defendant executed loan documents in favour of the plaintiff. The plaintiff disbursed the loan amount to the account of the defendant. The defendant utilized the said loan amount for his business. 3. On 12.06.2020, the plaintiff sanctioned a 'GECL' loan in the sum of Rs. 1,53,000/ to the defendant on interest @ 7.85% per annum which was repayable by way of 36 Equal Monthly Installments (EMIs) in the sum of Rs. 4,784/ each, vide loan A/c. No. 601573210000022. The defendant executed loan documents in favour of the plaintiff. The plaintiff disbursed the loan amount to the account of the defendant. The defendant utilized the said loan amount for his business. 4. The defendant committed default in repayment of the loan amount. The defendant made last payment of Rs. 44,682.52/ on 12.06.2021 qua loan A/c. No. 601573210000013. The plaintiff declared the said loan accounts as 'Non Performing Assets' (NPA) on 25.07.2022. The plaintiff issued a demand notice dated 21.09.2023, through speed post, to the defendant. The defendant acknowledged receipt of demand notice dated 21.09.2023 and expressed inability to repay the loan amount, vide letter dated 03.10.2023. The defendant expressed intention to pay the Digitally loan signed by amount in installments, vide letter dated 13.11.2023. SANJAY SANJAY SHARMA SHARMA Date: 2025.05.08 13:10:44 +0530 CS (Comm.) No. 214/2024 Bank of India vs. Adish Kumar Page No. 2 of 25 5. However, the defendant failed to clear the outstanding amount. Therefore, the plaintiff filed this suit for recovery of Rs. 11,25,342.87/ alongwith pendentelite and future interest @ 11.35% per annum against the defendant, computed as under: Sl. No. Loan A/c. No. 601573210000013 Amount 1. Outstanding Amount, as on 06.03.2024 Rs. 7,89,881.37/ 2. Unapplied interest Rs. 1,36,261.66/ TOTAL RS. 9,26,143.03/ Sl. No. Loan A/c. No. 601573210000022 Amount 1. Outstanding Amount, as on 06.03.2024 Rs. 1,75,455.84/ 2. Unapplied interest Rs. 23,74