The plaintiff has filed this suit under Order VII Rule 1
& 2 r/w. Section 26 of C.P.C., for recovery of
Rs.8,38,526.16ps., from the defendant together with
interest at the rate of 24% per annum, from the date of
suit till its realization along with costs of the suit.
2. Brief facts of the case are as under :
The plaintiff is a Bank incorporated under the
Banking Companies Act 1956 having its Registered
O.S.No.156/2023
Office at Vadodara and a Branch Office as shown in the
cause title address.
On 17.01.2020 the defendant had approached the
plaintiff bank for financial assistance of Rs.10,85,000/-
under credit facility for purchase of car i.e., Maruti
Vitara Brezza ZDI. Considering the credit facility
application of the defendant, the plaintiff bank has
sanctioned credit facility of Rs.10,85,000/- to the
defendant. The defendant had agreed to repay the said
amount in 60 monthly instalments of Rs.22,829/- each
starting from 15.02.2020 along with interest and also
she has produced all the necessary loan documents in
favour of the plaintiff bank apart from hypothecating
the car by executing Hypothecation Deed.