State Bank of India, Mayiladuthurai vs A. Anbalagan proprietor, sri kumaran pathiram furnitures, Mayiladuthurai. — 105/2024

Summary: The District Court of Mayiladuthurai decreed the suit in favor of State Bank of India against A. Anbalagan for recovery of Rs. 10,24,975/- (principal of Rs. 10,00,000/- plus accrued interest) on a loan sanctioned under the Pradhan Mantri Mudra Yojana Scheme in 2018. The court found the defendant liable based on the loan application, hypothecation agreement, and account statements presented by the plaintiff, as the defendant failed to repay the amount and did not contest the suit after being set exparte. The defendant was directed to repay the amount with interest at 13.25% per annum until the decree date, and 6% per annum thereafter until full realization. This case analysis is maintained by casestatus.in based on publicly available court records.