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Integrated Finance Company Limited, Rep. by its Authorised Signatory, having its registered office at “Vairams”, Chennai v/s Savorit Limited, Chennai & Another


Company & Directors' Information:- L & T FINANCE LIMITED [Amalgamated] CIN = U65990MH1994PLC083147

Company & Directors' Information:- S P FINANCE PRIVATE LIMITED [Active] CIN = U65990MH1979PTC021790

Company & Directors' Information:- V L S FINANCE LIMITED [Active] CIN = L65910DL1986PLC023129

Company & Directors' Information:- INTEGRATED FINANCE COMPANY LIMITED [Under Liquidation] CIN = L65191TN1983PLC010275

Company & Directors' Information:- L R N FINANCE LIMITED [Active] CIN = U65921TN1992PLC089288

Company & Directors' Information:- S M FINANCE LTD [Active] CIN = L65999TG1984PLC004526

Company & Directors' Information:- J R D FINANCE LTD [Active] CIN = L65999WB1993PLC058107

Company & Directors' Information:- B R D FINANCE LIMITED [Active] CIN = U65910KL1995PLC009430

Company & Directors' Information:- T C I FINANCE LIMITED [Active] CIN = U65920MH1973PLC017042

Company & Directors' Information:- SAVORIT LIMITED [Active] CIN = U15314TN1960PLC004108

Company & Directors' Information:- A. V. B. FINANCE PRIVATE LIMITED. [Active] CIN = U65993DL1992PTC049818

Company & Directors' Information:- S M L FINANCE LIMITED [Active] CIN = U65910KL1996PLC010648

Company & Directors' Information:- S B FINANCE PVT LTD [Strike Off] CIN = U65921TG1988PTC008268

Company & Directors' Information:- INDIA FINANCE LTD. [Active] CIN = L65110WB1984PLC050214

Company & Directors' Information:- J J FINANCE CORPORATION LTD [Active] CIN = L65921WB1982PLC035092

Company & Directors' Information:- G V S FINANCE PVT LTD [Strike Off] CIN = U65921TG1988PTC008269

Company & Directors' Information:- G T P FINANCE LIMITED [Active] CIN = U65921TZ1991PLC003149

Company & Directors' Information:- S R K FINANCE PRIVATE LIMITED [Active] CIN = U65910UP1994PTC016038

Company & Directors' Information:- R N FINANCE LIMITED [Active] CIN = U74899DL1988PLC034289

Company & Directors' Information:- J R D FINANCE LTD [Active] CIN = U65999WB1993PLC058107

Company & Directors' Information:- C K G FINANCE PRIVATE LIMITED [Active] CIN = U65910KL1996PTC010147

Company & Directors' Information:- L N FINANCE LTD [Active] CIN = U65923WB1991PLC052876

Company & Directors' Information:- R K FINANCE LTD [Active] CIN = L65921WB1983PLC035896

Company & Directors' Information:- V P C L FINANCE LIMITED [Active] CIN = U65920TG1996PLC023172

Company & Directors' Information:- J S M FINANCE PVT LTD [Active] CIN = U74140MP1995PTC009542

Company & Directors' Information:- I & D FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1991PTC021369

Company & Directors' Information:- L N FINANCE PVT LTD [Active] CIN = U65929AS1992PTC003766

Company & Directors' Information:- N B A FINANCE LIMITED [Strike Off] CIN = U74899DL1993PLC052393

Company & Directors' Information:- T P D FINANCE LIMITED [Strike Off] CIN = U67120RJ1994PLC008051

Company & Directors' Information:- R G L FINANCE COMPANY PRIVATE LIMITED [Active] CIN = U74899DL1983PTC015809

Company & Directors' Information:- S K B FINANCE LIMITED [Amalgamated] CIN = U65999WB1996PLC082317

Company & Directors' Information:- J V FINANCE PRIVATE LIMITED [Strike Off] CIN = U74899DL1985PTC067873

Company & Directors' Information:- L C J FINANCE PVT. LTD. [Active] CIN = U65921WB1995PTC068809

Company & Directors' Information:- H L T FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921DL1996PTC078128

Company & Directors' Information:- R N C P FINANCE LTD. [Dissolved] CIN = U67120WB1995PLC072339

Company & Directors' Information:- T T FINANCE LIMITED [Amalgamated] CIN = U67120DL1986PLC023168

Company & Directors' Information:- M M V R FINANCE LIMITED [Active] CIN = U65921TZ1997PLC007705

Company & Directors' Information:- D B FINANCE PRIVATE LIMITED [Active] CIN = U65191TN1989PTC016705

Company & Directors' Information:- C H P FINANCE PVT LTD [Active] CIN = U65921PB1992PTC012788

Company & Directors' Information:- S L B P FINANCE PRIVATE LIMITED [Active] CIN = U74899DL1990PTC041694

Company & Directors' Information:- R S FINANCE PVT LTD [Active] CIN = U65191WB1988PTC044144

Company & Directors' Information:- I C FINANCE PRIVATE LIMITED [Active] CIN = U65921UP1989PTC011236

Company & Directors' Information:- V K FINANCE PVT LTD [Strike Off] CIN = U67120WB1991PTC052140

Company & Directors' Information:- C AND N FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921DL1998PTC094290

Company & Directors' Information:- C D R FINANCE LIMITED [Strike Off] CIN = U65910TG1995PLC022237

Company & Directors' Information:- J R FINANCE LIMITED [Active] CIN = U65921PB1996PLC017699

Company & Directors' Information:- I C S FINANCE LIMITED [Strike Off] CIN = U65921TZ1987PLC001991

Company & Directors' Information:- D D S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910DL1996PTC076165

Company & Directors' Information:- K V L FINANCE LIMITED [Strike Off] CIN = U65191TN1989PLC016715

Company & Directors' Information:- D A S FINANCE PVT LIMITED [Strike Off] CIN = U65921PB1993PTC012888

Company & Directors' Information:- U B FINANCE PRIVATE LIMITED [Strike Off] CIN = U74899DL1992PTC051300

Company & Directors' Information:- V L G FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910AP1997PTC027952

Company & Directors' Information:- E M S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921TZ1986PTC001789

Company & Directors' Information:- T D M FINANCE COMPANY PRIVATE LIMITED [Active] CIN = U65923KL1997PTC011601

Company & Directors' Information:- S. F. FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1996PTC018702

Company & Directors' Information:- D S L FINANCE PRIVATE LIMITED [Active] CIN = U65921TG1996PTC023898

Company & Directors' Information:- R D P FINANCE PRIVATE LIMITED [Active] CIN = U65929DL1997PTC089092

Company & Directors' Information:- S R K C FINANCE LIMITED [Amalgamated] CIN = U65999TZ1989PLC002445

Company & Directors' Information:- R K N FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1997PTC038377

Company & Directors' Information:- H A FINANCE PRIVATE LIMITED [Strike Off] CIN = U65993DL1987PTC027064

Company & Directors' Information:- V V A FINANCE LTD [Active] CIN = U65993WB1984PLC037171

Company & Directors' Information:- Y B FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921CH1996PTC017745

Company & Directors' Information:- D G L FINANCE LTD [Strike Off] CIN = U67120TG1993PLC015604

Company & Directors' Information:- M S R FINANCE PVT LTD [Strike Off] CIN = U65191TN1989PTC016789

Company & Directors' Information:- S S P FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1987PTC014526

Company & Directors' Information:- C R N FINANCE PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC062802

Company & Directors' Information:- I FINANCE COMPANY LIMITED [Active] CIN = U67110DL2011PLC212268

Company & Directors' Information:- H AND Z FINANCE PRIVATE LIMITED [Active] CIN = U67190MH1995PTC093153

Company & Directors' Information:- Y AND K FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1985PTC019837

Company & Directors' Information:- S L P FINANCE PRIVATE LTD. [Strike Off] CIN = U65923DL1985PTC021970

Company & Directors' Information:- V M FINANCE LIMITED [Strike Off] CIN = U65910PB1996PLC018339

Company & Directors' Information:- D S K FINANCE LIMITED [Strike Off] CIN = U65910UP1988PLC010317

Company & Directors' Information:- G B V FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65110UP1988PTC010219

Company & Directors' Information:- B H FINANCE PRIVATE LIMITED [Strike Off] CIN = U65922KA1995PTC018390

Company & Directors' Information:- M .R .S . FINANCE LIMITED [Strike Off] CIN = U65929DL1995PLC067184

Company & Directors' Information:- H D FINANCE LTD [Strike Off] CIN = U67120DL1986PLC023675

Company & Directors' Information:- P R K FINANCE P LTD [Strike Off] CIN = U65191TN1995PTC033478

Company & Directors' Information:- T AND C FINANCE LIMITED [Strike Off] CIN = U67120RJ1996PLC012576

Company & Directors' Information:- W S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65192UP1996PTC020243

Company & Directors' Information:- S A C FINANCE COMPANY PVT LTD [Active] CIN = U65999WB1985PTC039002

Company & Directors' Information:- C C FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1997PTC037805

Company & Directors' Information:- S R B FINANCE LIMITED [Strike Off] CIN = U65910UP1988PLC010045

Company & Directors' Information:- P V FINANCE PRIVATE LIMITED [Strike Off] CIN = U65993DL1987PTC027270

Company & Directors' Information:- R V S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65990KA1995PTC018436

Company & Directors' Information:- P AND B FINANCE PVT LTD [Strike Off] CIN = U99999MH1986PTC038841

Company & Directors' Information:- B B P FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1996PTC018183

Company & Directors' Information:- CHENNAI FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1995PTC030934

Company & Directors' Information:- A E FINANCE PRIVATE LIMITED [Active] CIN = U65999TZ1990PTC002905

Company & Directors' Information:- L R FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65910UP1988PTC009758

Company & Directors' Information:- S B M FINANCE LIMITED [Strike Off] CIN = U65921PB1994PLC014374

Company & Directors' Information:- T A S FINANCE PVT LTD [Strike Off] CIN = U65191TN1990PTC018654

Company & Directors' Information:- D AND O FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1993PTC054788

Company & Directors' Information:- H R P FINANCE PRIVATE LIMITED [Strike Off] CIN = U65921PB1995PTC015715

Company & Directors' Information:- P T R FINANCE PRIVATE LIMITED [Strike Off] CIN = U65191TN1989PTC016795

Company & Directors' Information:- B & S FINANCE PVT LTD [Strike Off] CIN = U65191TN1988PTC015491

Company & Directors' Information:- P 9 INTEGRATED PRIVATE LIMITED [Active] CIN = U55101MH2003PTC142002

Company & Directors' Information:- H S B FINANCE PVT LTD [Strike Off] CIN = U67120RJ1996PTC012119

Company & Directors' Information:- S AND D INTEGRATED PRIVATE LIMITED [Active] CIN = U74999MH2013PTC249551

Company & Directors' Information:- CHENNAI FINANCE CO PRIVATE LIMITED [Under Process of Striking Off] CIN = U65991TN1981PTC009023

Company & Directors' Information:- I-3 INTEGRATED CO. PRIVATE LIMITED [Active] CIN = U72900CH2010PTC032345

Company & Directors' Information:- M. J. S. FINANCE COMPANY PRIVATE LIMITED [Strike Off] CIN = U65921PB1971PTC003049

Company & Directors' Information:- A R FINANCE PVT LTD [Strike Off] CIN = U65921PB1989PTC009778

Company & Directors' Information:- K G FINANCE LIMITED [Strike Off] CIN = U65910TZ1982PLC001219

Company & Directors' Information:- S AND Z FINANCE PRIVATE LIMITED [Strike Off] CIN = U65923PN1997PTC106520

Company & Directors' Information:- H S N FINANCE PVT LTD [Strike Off] CIN = U67120PB1993PTC013900

Company & Directors' Information:- G N FINANCE PVT LTD [Strike Off] CIN = U65990MH1981PTC024294

Company & Directors' Information:- C S FINANCE PRIVATE LIMITED [Strike Off] CIN = U65910GJ1987PTC009799

    A. No. 259 of 2020 in C.S. No. 624 of 2008

    Decided On, 30 September 2020

    At, High Court of Judicature at Madras

    By, THE HONOURABLE MR. JUSTICE C.V. KARTHIKEYAN

    For the Plaintiff: Harishankar Mani, Advocate. For the Defendants: A.K. Sriram for M/s. A.S. Kailasam & Associates, Advocates.



Judgment Text

(Prayer: This application filed under Order XIV Rule 8 of O.S Rules R/w. Order VI Rule 17 of CPC, to amend to paragraph 2 of the plaint in which he was stated that “The plaintiff financed and released payment of Rs.41,80,840/- to the first defendant inclusive of finance charges.....” instead it should be “The defendants committed default in repayment of installments under Hire Purchase Agreement HPMAA00159 and the total dues under the said agreement was rescheduled on the request of the defendants into Hire Purchase Agreement No. HP01MAA00142 dated 18.03.2002?”)1. Application filed seeking to amend the second paragraph of the plaint by deleting the statement “The plaintiff financed and released payment of Rs.41,80,840/- to the first defendant inclusive of finance charges.....” and inserting the statement “The defendants committed default in repayment of installments under Hire Purchase Agreement HPMAA00159 and the total dues under the said agreement was rescheduled on the request of the defendants into Hire Purchase Agreement No. HP01MAA00142 dated 18.03.2002”.2. The suit had been filed seeking a direction against the defendants to jointly and severally pay a sum of Rs.1,54,79,516.70/- together with future interest at 36% p.a., from the date of plaint till the date of realisation and for costs.3. It had been stated that the plaintiff is carrying on business of extending lease/hire purchase financing facilities with reference to goods, equipments, machinery and vehicles. The first defendant sought hire purchase finance for purchase of machineries, and executed a personal guarantee towards the hire purchase agreement. Accordingly, a Hire Purchase Agreement bearing No.HP01MAA00142 dated 18.03.2002 was executed. A sum of Rs.41,80,840/- was released to the first defendant. The amount was to be repaid in 36 monthly installments. Payment towards the first instalment was on 01.07.2002 and the payments towards the installments should end on 01.06.2005. It was also stated that if the monthly Hire installments are not paid, the plaintiff is entitled to additional finance charges at the rate of 36% p.a. It was stated that the defendants did not pay any installment. Repeated demands were made. The plaintiff issued a notice dated 06.06.2008 calling upon the defendants to pay a sum of Rs.1,54,79,516.70/- being the amount due as on 08.06.2008. It was under these circumstances that the suit was instituted.4. After denying the averments made in the plaint, the defendants also stated that the plaintiff should prove that consideration had passed under the Hire Purchase Agreement dated 18.03.2002. It was also claimed that the suit was frivolous, vexatious and the defendants suoght dismissal of the suit.5. Written statement had been filed only on behalf of the first defendant. The suit had been dismissed as against the second defendant by the learned Master on 21.12.2009.6. In the present application, it had been stated in the affidavit filed in support of the application that the defendant had committed default in the repayment of the installments under the Hire Purchase Agreement bearing No. HPMAA00159 and the total due under the agreement was rescheduled on the request of the defendants and a fresh Hire Purchase Agreement No. HP01MAA00142 dated 18.03.2002 was entered into by the parties. It was stated that the defendant had entered into several Hire Purchase Agreements with the plaintiff. It was stated that the statement made in paragraph No.2 that the plaintiff financed and released a sum of Rs.41,80,840/- to the first defendant is not correct but that there was only a rescheduling of the amount due. It was stated that no grievance would be caused to the defendants and that there was no shift in the cause of action and that the plaintiff is entitled to maintain the suit claim even post the amendment.7. A counter had been filed on behalf of the first defendant wherein it had been stated that this amendment had been filed after the written statement had been filed by the first defendant. It was also stated that the suit is barred by the law of limitation. It was stated that both in the plaint and in the documents, the Higher Purchase Agreement No. HPMAA00159 had not been mentioned. It was stated that the amendment would bring in a different cause of action. It was therefore stated that the application should be dismissed.8. Heard arguments.9. For the sake of convenience, the parties will be termed as plaintiff and the first defendant.10. The plaintiff is a company incorporated under the provisions of the Companies Act 1956 and carries on business in extending lease/Hire purchase financing facilities with reference to goods, equipments, machineries and vehicles. The first defendant had sought extension of financing facility for purchase of machineries, namely, one quantity of chilled cast iron roll. Along with the plaint, the original of the Hire Purchase Agreement dated 18.03.2002 had been filed. The statement of accounts had also been filed. The sale letter dated 18.03.2002 had also been filed. It has been the contention of the first defendant that no consideration had passed under the Hire Purchase Agreement dated 18.03.2002. However, it is the contention of the plaintiff that there were several Hire Purchase Agreements entered into between the plaintiff and the first defendant and that the Hire Purchase Agreement dated 18.03.2002 which is the basis of the claim in the suit was actually a result of rescheduling the dues existing and unpaid by the first defendant.11. Specific reference had been pointed out by the learned counsel for the plaintiff to the reply notice dated 20.06.2008 issued by the learned counsel for the first defendant. In the reply notice, it was pointed out that it had been stated that there were several Hire Purchase Agreements between the plaintiff and the first defendant commencing from January 1994. It was stated that the outstandings were paid and there was only a small portion towards interest which remained unpaid. It was stated that this resulted in a Hire Purchase Agreement being entered into on paper to ensure repayment of the existing dues under the earlier Hire Purchase Agreements. In effect, there was a rescheduling of the amounts due and on rescheduling of the outstandings, a fresh Higher Purchase Agreement had been prepared.12. Without going into the merits of the claims in the suit, I hold that the contentious issues, namely, whether consideration did actually pass under the Hire Purchase Agreement dated 18.03.2002 or whether the said agreement was only a rescheduling of the outstandings already existing are matters for trial, which require evidence to be let in by either parties.13. At any rate, the cause for action of the suit is on 18.03.2002, the date of the Hire Purchase Agreement. Whether the said Hire Purchase Agreement was a stand alone Hire Purchase Agreement or whether it was a result of rescheduling of existing outstandings is a matter to be decided on appreciation of evidence.14. In view of that observtaion, I hold that the plaintiff cannot be denied the opportunity of amending the plaint. However, it would also necessitate filing additional written statement by the first defendant. Without examining the facts in further detail, since the issues will have to be d

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etermined only during trial, I hold that there is also no shift in the cause of action and that it would only be just and proper that the plaintiff is called upon to explain the circumstances surrounding the Hire Purchase Agreement dated 18.03.2002 and the defendant is also given an opportunity to rebut the stand of the plaintiff.15. Viewed from that angle, I hold that the application can be allowed and the amendment sought may be permitted. To reiterate, the first defendant will have every opportunity to file additional written statement however within a period of 30 days from the date on which a copy of this order is made ready and delivered to the first defendant.16. The Application is allowed. No costs.17. Registry is directed to carry out necessary amendments in accordance with the Judges' Summons.
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