Delhi District Court Canara Bank vs Tirupati Traders And Ors Through Its ... on 6 February, 2024 IN THE COURT OF MS. KIRAN BANSAL: DISTRICT JUDGE (COMMERCIAL COURT02 SHAHDARA DISTRICT KARKARDOOMA COURTS : DELHI Civil Suit (Comm) No. 623/2022 CANARA BANK Having Head Office at 112JC ROAD, BANGALORE, KARNATAKA (From April 1, 2020 Sydicate Bank has been merged with Canara Bank) And its Branch Office at Canara Bank, Vikas Mary Extn., 10, Surya Niketan, Delhi 110092 (Through its Senior Manager Sh.Krishna Saxena) .... Plaintiff VERSUS M/s. TIRUPATI TRADERS & ORS. (Through its Prop. Mr. Sachin Gupta) At B/2, 6/1, Old Arjun Nagar, Krishna Nagar, East Delhi, Delhi110051 .... Defendant Date of Institution :08.12.2022 Date of hearing final arguments :11.01.2024 Date of conclusion :06.02.2024 CIVIL SUIT (COMM) NO. 623/2022 CANARA BANK VS. M/S TIRUPATI TRADERS & ORS. PAGE NO. 1 OF 25 JUDGMENT 1. At the outset, it is pertinent to mention that initially, the plaintiff had filed the present suit for recovery of Rs.13,37,647/ which includes an outstanding amount of Rs.64,883.26 in loan account no. 91379580000074. However, thereafter the suit was amended by the plaintiff vide amendment application dated 09.03.2023 which was allowed vide order dated 16.03.2023. It was stated in the amendment application that the amount against loan account no. 91379580000074 was closed and therefore, the plaintiff wanted to delete para 11 and also wanted to make changes in para 12 and 13 of the plaint, thereby making consequential changes in the said paras and therefore, in the amended plaint, the averments as related to loan account no. 91379580000074 were deleted and the amended suit for recovery of the amount of Rs.12,72,764.87/ against loan account no. 91379450000060 and loan account no. 91377100000085 was filed and summons were issued to the defendant. 1.1 This is a suit filed by the plaintiff Bank for recovery of Rs.12,72,764.87/(Rupees Twelve Lakhs Seventy Two Thousand Seven Hundred Sixty Four and Eighty Seven Paise Only) with pendente lite and future interest due and payable by the defendants to the plaintiff bank. 1.2 It is averred that the suit is being instituted, filed signed and verified by Mr. Ayush Agarwal, Sr. Manager, who has been duly authorized to represent the Bank vide POA/Authority Letter dated 27.07.2022 executed by plaintiff Bank in his favour to depose on behalf of the plaintiff Bank and to sign, verify and CIVIL SUIT (COMM) NO. 623/2022 CANARA BANK VS. M/S TIRUPATI TRADERS & ORS. PAGE NO. 2 OF 25 file the present suit. It is further averred that Mr. Ayush Agarwal is also fully conversant with the facts of the case as per the information received and derived from the record and books of the plaintiff Bank, maintained by the plaintiff Bank in its regular course of business/activity and thus, is competent to depose and verify the facts for the purposes of filing of prosecuting or defending any suit or legal proceeding by or against the plaintiff Bank. 1.3 It is averred that the defendants availed the credit facilities from Syndicate Bank a body corporate with perpetual succession and a common seal with powers subject to the provisions of Banking Companies (Acquisition & Transfer of Undertakings) Act 5 of 1970 and pursuant to Gazette Notification No.CGDLE04032022216535 published on 04.03.2022 of the Government of India, Syndicate Bank has been amalgamated with Canara Bank under Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 having its Corporate Head Office at 112 JC Road, Bangalore and the Loan Agreements were executed at Syndicate Bank, an ExBranch of the plaintiff Bank, currently it has been merged with Canara Bank, Vikas Marg Extn., 10, Surya Niketan, Delhi 110092. 1.4 It is averred that the defendant approached the plaintiff Bank on 01.03.2019 for availing a credit/overdraft facility under Micro and Small Enterprises (MSMEs) for a sum of Rs. 20,00,000/ (Rupees Twenty Lakhs only) for working capital to enhance his business upon various assurances and documents given by the defendant in favour of the plaintiff bank, the SOD facility for the above said amount was sanctioned vide Sanction CIVIL SUIT (COMM) NO. 623/2022 CANARA BANK VS. M/S TIRUPATI TRADERS & ORS. PAGE NO. 3 OF 25 Memorandum dated 12.02.2019 in favour of the defendant in the Loan Account No. 91371400000162, and the defendants agreed to repay the sanctioned amount with interest @ MCLR+2% per annum (subject to change from time to t