JUDGMENT

Vibhu Bakhru, J.

1. The appellant (defendant no.2 in the suit) has filed the present appeal impugning the judgment and decree dated 04.08.2023 (hereafter the impugned judgment) delivered by the learned Commercial Court decreeing an amount of Rs.3,44,854/- along with simple interest at the rate of 9% per annum from the date of filing of the suit (that is, from 03.07.2021) till the realization of the said amount. Additionally, the learned Commercial Court had also awarded costs in favour of respondent no.1 (plaintiff in the suit and hereafter referred to as the Bank).

2. The Bank had instituted the said suit [CS(COMM) No.2157/2021] seeking recovery of Rs.3,44,854/- along with pendente lite and future interest at the rate of 24% per annum. The Bank claimed that respondent no.2 (defendant no.1 in the suit and hereafter the Company) had approached it for grant of a loan of a sum of Rs.6,23,000/- for purchasing a vehicle - Maruti Swift Dzire VDI. It claimed that the Company had executed a Credit Facility Application as well as Car Loan Agreement for availing the said loan. The said loan was granted and was secured by the vehicle purchased by the Company. The said loan along with in