Icici Bank Ltd vs Kamal Kumar on 28 February, 2017

2. The appellant instituted a suit for recovery of Rs.8,08,491/-
against the respondent on the ground that the appellant advanced a
loan of Rs.4,40,000/- to the respondent for purchase of car make
RITZ/VDI. The loan was repayable in 60 monthly instalments of
Rs.9,900/- each. The respondent executed credit facility application,
deed of hypothecation and irrevocable power of attorney in favour of

FAO 2/2016 Page 1 of 4
the appellant. The respondent defaulted in making the payment of the
monthly instalments and, therefore, the appellant recalled the loan
vide notice dated 3rd December, 2014 and thereafter, instituted a suit
for recovery on 24th January, 2015. The appellant also sought an ex
parte order for appointment of the Receiver along with suit.

Source: Indian Kanoon

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