- (1.) FAO 390/2015 & CM Nos. 26341-26342/2015 This is an appeal against the judgement and decree passed by the learned ADJ-II Central/ Delhi, dated 12.08.2015. The learned ADJ by virtue of the impugned judgement and decree has returned the plaint. 1.1 The appellant (i.e. the plaintiff in the suit), being aggrieved, has moved this court by way of the instant appeal.
(2.) The brief facts, which one is required to note, in order to adjudicate upon this appeal are as follows: 2.1 It is the case of the appellant that it had extended a loan to the respondents herein (i.e. the defendants), for purchase of a vehicle. The agreement arrived at in this regard was translated into a loan agreement/ a credit facility application form dated 30.09.2010 (hereafter referred to as the loan agreement). Along with the loan agreement, two sets of documents were also executed, firstly, an unattested deed of hypothecation; and secondly, an irrevocable power of attorney (collectively referred to as documents). The said documents were also executed on the same date i.e. 30.09.2010. 2.2 With the execution of the loan agreement, and aforementioned documents, a sum of Rs. 3.25 lacs is said to have been disbursed in favour of the respondents for purchase of vehicle described as: HYUNDAI I20/MAGNA 1.2, bearing registration no. HR-26BF-0386. The said sum, according to the appellant, was disbursed on 30.09.2010, and in terms of the loan agreement, it was required to be paid in 60 Equated Monthly Instalments (EMIs), equivalent to an amount of Rs. 7,079/- each. 2.3 The appellant, claims, that the respondents breached their obligations under the loan agreement, in as much as, they defaulted in regular payments of EMIs. The attempts of the appellant to retrieve the situation, apparently, failed, which prompted issuance of a notice of demand dated 03.12.2014. By this demand notice the appellant recalled the loan and, consequently, foreclosed the loan agreement. 2.4 It is the stand of the appellant that, despite, issuance of the aforementioned notice, the respondents, failed to make payment of the amounts referred to in the said notice. 2.5 According to the appellant, as on 02.03.2015, a sum of Rs. 6,09,583/- is due and payable by the respondents.
(3.) It is in these circumstances, that the appellant had moved the trial court with an action for recovery of the aforementioned amount along with interest at the rate of 24% per annum, commencing from 02.03.2015 till its realization. Relief, in the form of cost, was also sought.;