YOGESH KUMAR SHARMA vs CANARA BANK (ERSTWHILE SYNDICATE BANK)

Judgment text excerpt

$~2 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision : 13.05.2026 + RFA(COMM) 300/2026 CM APPL. 29766/2026 CM APPL. 29767/2026 YOGESH KUMAR SHARMA .....APPELLANT Through: Mr. D.B. Yadav and Mr. Sauraj Yadav, Advs. versus CANARA BANK (ERSTWHILE SYNDICATE BANK) .....RESPONDENT Through: None. CORAM: HON'BLE MR. JUSTICE V. KAMESWAR RAO HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA MANMEET PRITAM SINGH ARORA, J. (ORAL) RFA(COMM) 300/2026 CM APPL. 29766/2026 CM APPL. 29767/2026 1. The present appeal has been filed under Section 13 of Commercial Courts Act, 2015 read with Section 96 of Code of Civil Procedure 1908, [‘CPC’] against judgment dated 18.04.2023 passed by Commercial Court- 01, East, Karkardooma Courts in CS (Comm) No. 222/2021 titled as Canara Bank (erstwhile Syndicate Bank) v. Yogesh Kumar Sharma, whereby the learned District Judge has decreed the suit in favour of the Respondent for a sum of Rs. 6,69,202/-, along with interest at rate of 11% per annum and penal interest at the rate 2% per annum from the date of filing of the suit till realization. Signature Not Verified Signed By:MAHIMA LPA 451/2013 Page 1 of 14 SHARMA Signing Date:19.05.2026 10:52 Factual Matrix 2. The Respondent vide sanction letter dated 21.09.2015 authorized a term loan of the amount 5,27,000/- to the appellant for the purchase of a radio taxi, i.e., Hyundai Xcent Car. 3. It is the case of the Appellant that he entered into an agreement dated 26.05.2015 with M/s Magic Sewa Pvt. Ltd., a company engaged in the business of providing radio taxi services. And, as per the terms and conditions of the said agreement, since the Appellant opted to operate the taxi in a single shift, the first 24 EMIs of the loan were payable by the Appellant, while the remaining 36 EMIs were agreed to be bo