The plaintiff bank has filed the suit against the defendant for
the recovery of a sum of Rs.3,66,597/- with interest at 24% per
annum.
2. Briefly stated the case of the plaintiff is as follows:
The defendant is the sole proprietor of the business
conducted under the name and style SLV Sales Corporation and he
is responsible for the day to day affairs of the business. He had filed
an application for sanction of personal loan of Rs.5,00,000/-. with
an agreement to repay the same in 36 monthly installment starting
from 10.12.2018. As has been requested by the defendant, the bank
had sanctioned the loan and he has agreed to repay the same in EMI
of Rs.18,175/-. After a disbursement of the loan, the defendant had
executed the facility agreement. However, as has been agreed, the
defendant did not repay entire outstanding balance and therefore as
on 27.01.2021 he is in due of a sum of Rs.3,82,678/-. In spite of
repeated demands and notice dated 06.02.2021, the defendant has
failed to repay the loan and therefore, the plaintiff has approached
this court for the recovery of money.