IN THE COURT OF THE JUNIOR CIVIL JUDGE, VIKARABAD,
RANGAREDDY DISTRICT
Present: T. Nagarani, Junior Civil Judge, Vikarabad
Dated this the 06th day of May, 2015
O.S.No. 134/2010
Between:-
Kapil Chit Funds Pvt. Ltd., Vikarabad Branch, Represented by its Recovery Manager G.Srinivas, S/o.Komuraiah, Aged 29 years, R/o.Sanga Reddy.
..Plaintiff
And
1. Mr.P.Raghuram Reddy S/o P.Bichi Reddy, aged 35 years, occ: Business, R/o.H.No. 4-2-127, Saukarpet, , Tandur, R.R.Dist - 501141
2. Mr.N.Narayana S/o N.Kistaiah, aged 58 years, occ: Head Master,CUPS Roopkanpet, Pargi, R.R.District.
3. Mr.M.Narayana S/o M.Chennaiah, aged 56 years, occ: Jr.Assistant, Govt. Jr.College, Tandur, R.R.District. R/o H.no.5-5-35, Dhangarga,R.R.Dist.
4. Mr.M.Mukund Reddy, S/o M.Bal Reddy, aged 39 years, R/o.H. No.4-2-122, Vignampur colony, Tandur, R.R.Dist.
5. Mr.M.Chenna Reddy S/o M.Bal Reddy,, aged 35 years, R/o.H. No.4-2-122, Vignampur colony, Tandur, R.R.District.
6. Mr. Mahipal Reddy S/o M.Bal Reddy, aged 33 yrs, R/o H.No. 4-2-122, Vignampur colony, Tandur, R.R.District.
7. Mr. M.Anand Reddy S/o M. Bal Reddy, aged 31 yrs, R/o H.No. 4-2-122, Vignampur colony, Tandur, R.R.District.
..Defendants
This suit coming before me for final hearing in the presence of Sri G.Lava Kumar, Advocate for the Plaintiff and the Defendants are set-exparte and the matter having stood over for consideration, till this day, the Court delivered the following:
J U D G M E N T
This suit is filed under order VII rule 1 to 7 of C.P.C. R/W section 26 C.P.C for recovery of an amount of Rs.35,829/- from the defendants and with costs.
.
2. The brief averments of the plaint are that plaintiff is Kapil Chit Funds Pvt. Limited is a
Private Limited incorporated under the Indian Companies Act, 1956 (Act No.1 of 1956) having its registered office at 3-1-631, Vijaya Raghunandan Nagar, Karimnagar, 252502, 2 and has been carrying on business in chit funds having branches all over the State of
Andhra Pradesh and one among such branch situated at Vikarabad, represented by its recovery manager G.Srinivas, who is authorized by the company Board of Directors by a authorization letter dated 01.08.2005 is the plaintiff. The plaintiff registered the suit chit with the concerned area registrar of chits and conducted the chit as per the provisions of the
A.P. Chit Fund Act 1971. The defendant joined as a subscriber of the Chit Fund Scheme of the plaintiff’s company at its Vikarabad Branch, as per its Rules and Regulations which was furnished to the 1st defendant and subscribed for the chit No. VKL01H-29, the total value of the chit being Rs.3,00,000/- to be subscribed at the rate of Rs.7,500/- per month for 40 months and signed an agreement of chit on date 25.08.2005 with the plaintiff company.
The auction conducted as per rules and regulations of the chit on 25.11.2005,
Mr.P.Raghuram Reddy the 1st defendant participated and became successful bidder having agreed to forego Rs.1,20,000/- out of the total amount Rs.3,00,000/- which was duly confirmed by the plaintiff’s company. The 1st defendant paid Rs.30,000/- inclusive of dividends till the date of auction and his future liability in the said chit being Rs.2,70,000/-.
The 1st defendant as mentioned furnished guarantors who executed an agreement of guarantee dated 12.01.2006 in favour of the plaintiff company agreeing to guarantee due payment of the amount due to the company by the 1st defendant and defendants 2 to 7 also become by virtue of the said agreement of guarantee liable jointly and severally for
Rs.2,70,000/- being the entire amount of future installments together with the interest at 12% p.a. in case of default made by the 1st defendant in payment of monthly installments.
All the defendant executed a promissory note dated 12.01.2006 for Rs.2,70,000/- in favour of plaintiff as collateral security. The 1st defendant paid Rs.1,74,6750/- by way of Cheque
No. 981930 and Rs.5,325/- by way of adjustment dated 12.01.2006. The total amount paid being Rs.1,80,000/- the 1st defendant executed a cash voucher in support of the said payment. The 1st defendant in all paid 36 installments in full inclusive of dividends and there after committed default in pay in the installments from August 2008 and in spite of repeated demands made by the plaintiff company the defendants failed to pay the dues. The plaintiff company finally demanded the defendants to pay the sum of Rs.30,000/- by getting the registered legal notice issued by its counsel on 18.03.2010. Hence the suit.
3. After issuance of notices defendants did not appeared through their counsel and failed to file their Written Statement hence defendant No. 1 to 7 set exparte on 12.02.2015.
4.Point to consideration:
1) Whether the plaintiff is entitled for recovery of suit amount of Rs.35,829/- along with interest.
3
2) Whether the plaintiff is entitled for future interest @ 12% PA from the date of suit till realization ?
3) To what relief
5.During the course of Trial, the plaintiff examined as PW1 and Exs.A1 to A15 marked on behalf of plaintiff. Defendants set exparte.
6. After hearing the arguments of plaintiff and his counsel today the matter stood for judgment.
7. POINT 1 and 2 : This suit is for recovery of amount and burden lies on the plaintiff to prove his case. The plaintiff in order to prove his case examined himself as PW1 and got marked Exs.A1 to A15. The evidence of PW1 and filed chief affidavit of PW.1 is nothing but the replica of the plaint and he got marked Ex.A.1 to A.15- reveals about the taken transactions between plaintiff and defendants and also reveals that subscribed for the chit
No. VKL01H-29, the total value of the chit being Rs.3,00,000/- to be subscribed at the rate of Rs.7,500/- per month for 40 months and signed an agreement of chit with the plaintiff company. The auction conducted as per rules and regulations of the chit, the 1st defendant participated and became successful bidder having agreed to forego Rs.1,20,000/- out of the total amount Rs.3,00,000/- which was duly confirmed by the plaintiff’s company. The 1st defendant paid Rs.30,000/- inclusive of dividends till the date of auction and his future liability in the said chit being Rs.2,70,000/-. The defendant as mentioned furnished guarantors who executed an agreement of guarantee dated 12.01.2006 in favour of the plaintiff company agreeing to guarantee due payment of the amount due to the company by the 1st defendant and defendants 2 to 7 also become by virtue of the said agreement of guarantee liable jointly and severally for Rs.2,70,000/- being the entire amount of future installments together with the interest at 12% p.a. in case of default made by the 1st defendant in payment of monthly installments. All the defendants executed a promissory note dated 12.01.2006 for Rs.2,70,000/- in favour of plaintiff as collateral security. The 1st defendant paid Rs.1,74,675/- by way of Cheque No. 981930 and Rs.5,325/- by way of adjustment dated 12.01.2006. The total amount paid being Rs.1,80,000/- the 1st defendant executed a cash voucher in support of the said payment. The 1st defendant in all paid 36 installments in full inclusive of dividends and there after committed default in pay in the installments from August 2008 and in spite of repeated demands made by the plaintiff company the defendants failed to pay the dues.
8. The PW.1 relied upon the documents Ex.A1 to A15. The documents Ex.A2 clearly shows the Chit agreement executed by Def. 1 with the plaintiff company reveals that the defendant No.1 joined as a subscriber and allotted chit group and ticket No. VKL01H-29 and the value of chit Rs.3,00,000/- and subscribed @ Rs.7,500/- and defendants approached 4 the plaintiff and he had executed Ex.A2 in favor of plaintiff and failed to pay the debt amount.
9. It is admitted fact that the due amount by the defendants to plaintiff and defendants set exparte and there is no rebuttable evidence produced against the plaintiff evidence. And the evidence of PW.1 and Ex.A.1 to A.15 established the case of plaint.
10. The evidence of PW1 coupled with the documents Ex.A1 to A.15 clearly establishes the claim of plaintiff and he is entitled to the suit amount as per Ex.A2. The defendants set ex parte and there is no rebuttable evidence to the claim of plaintiff. Hence this suit is decreed as prayed for.
11. In the result this suit is decreed without costs against the defendants for the amount of Rs. 35,829/- with interest 12 % per annum from the date of suit till the date of realization on principal amount.
Typed to my dictation corrected and pronounced by me in Open Court on this the 06th day of May, 2015.
JUNIOR CIVIL JUDGE,
VIKARABAD,R.R.DIST.
APPENDIX OF EVIDENCE
WITNESSES EXAMINED FOR
Plaintiff:- Defendants:-
P.W.1 G.Srinivas -Nil-
EXHIBITS MARKED FOR PLAINTIFF
Ex.A.1 : Attested copy of incorporation certificate of plaintiffs Co.dt.1-5-1981
Ex.A2 : Agreement of chit of Defendant no.1 in favour of the plaintiff dt.25-8-2005
Ex.A3 : Original Agreement of guarantee by D2 to D7 dt.12-1-2006
Ex.A4 : Pro Note executed by all the defendants in favour of plaintiff dt.12-1-2006.
Ex.A5 : Prized amount payment voucher dt.12-1-2006
Ex.A6 : office copy of Regd.notice issued by plaintiff’s counsel dt.18-3-2010
Ex.A7 : Original postal unserved notice of defendant no.1
Ex.A8 : Original postal acknowledgement of defendant no.2
Ex.A9 : original postal unserved notice of defendant no.3
Ex.A10 : Original postal unserved notice of defendant no.4
Ex.A11 : Original postal unserved notice of defendant no.5
Ex.A12 : Original postal unserved notice of defendant no.6 5
Ex.A13 : Original postal unserved notice of defendant no.7
Ex.A14 : Ledger Extract of the suit chit.
Ex.A15: Attested copy board resolution dt.18-7-2007 authorizing me to represent the case.
EXHIBITS MARKED FOR DEFENDANTS
-Nil-
JUNIOR CIVIL JUDGE,
VIKARABAD,R.R.DIST.