Allowed

State Bank of India, v. M/S. Ananth Enterprises

DRT16 Nov 2022OA/50/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Operating Application filed by State Bank of India against M/s. Ananth Enterprises and Mrs. Anshika Mishra Tiwari, directing them to pay the outstanding principal, future interest, and realization of hypothecated assets.

What did the court decide?

Respondents directed to pay Rs.34,36,305/- with 14.75% interest; bank entitled to sell hypothecated assets and enforce against properties.

State Bank of India, versus M/S. Ananth Enterprises — Banking and Recovery | DRT (2022)

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IN THE DEBTS RECOVERYTRIBUNAL.I AT HYDERABAD

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DATED THrS THE 16rH DAy OF NOVEMBER, 2022

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PRESENT: SRI GUMMADI GOPICHAND, PRESTDING OFFICER

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OA.No.SO ol2022

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Between:

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State bank of India, SARB-II, Chikkadpally, Hyderabad - 500 020.

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Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. Ananth Enterprises,

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Rep by its Proprietor

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Mrs. Anshika Mishra Tiwari,

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Flat no.101, No.3-4-770 & 136,

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1't floor, block A, The legend,

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1't road, Barkatpura,

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Hyderabad - 5OO 027.

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Mrs Anshika Mishra Tiwari,

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w/o Mr. Pavan Tiwari, aged major, R/o H.No.4-2-123, Badichowdi,

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Sultanbazar, Hyderabad - 27.

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Defendants

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Counsel for the Parties:

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For the Applicant Sri A.M. Kiran Kumar

For the Defendants

Expa rte

ORDER

l: The Applican Bank filed the present OA against Defendants for NOU rec( I sum of Rs.34,36,3O5/- (Rupees Thifi four srx thousand Three hundred and five only) with

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(oA.No.s0/2022)

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future interest @ 14.75olo p,a with monthly rests from date of filing of OA till the date of realization and in default for sale of hypothecated assets as described in the schedule to OA.

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As per the averments in the apprication, the Applicant Bank states that the defendant no.2 is proprietor of defendant no.1 availed cash credit facility of Rs.0.50 lakhs and term loan limit of Rs.23.50 lakhs in total of Rs.24.00 lakhs on 13.11.2019 and executed letter of arrangement, agreement of loan cum hypothecation, To secure the MSME term loan, cash credit and GECL facirities in totar of Rs.30.51 lakhs on 05.06.2020, the defendants executed retter of arrangement and supprementar agreement of roan cum hypothecation of Rs.30.51 lakhs. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 27.09.2021 and issued recall notice on 22.02.2022. Inspite of several requests and demands, the defendants did not crear the outstanding. Hence this oA,

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Defendants were called absent set exparte on 10.0g.2022.

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Bank

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which

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ftdnlUU#f,x.n.

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(oA.No.s0/2022)

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant Bank is

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entitled for the claim made in the OA against the Defendants as prayed for?

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The defendants were cafled absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited rerevant documents as Ex.A1 to A,g. In view of the above, I hord that the Appricant Bank has estabrished their craim made in the oA against the Defendants and hence the Applicant Bank is entitred to recover the craim made in the oA with future interest and costs.

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B. In the result, the present OA is allowed with costs, as under:

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The Defendants are joinUy and severally liable to pay to the Applicant Bank a total of Rs.34,36,3O5/_ (Rupees Thirty four lakhs Thirty six thousand Three hundred and five only) with future interest @ 14.75% p.a from date of filing of OA till

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// 6'"real|;zation'
:, i)
{ l,F
I U rrur 'lr|:a
ij 16lrorr7ra :

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(oA.No.s0/2022)

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i) The Applicant Bank is entitled to proceed against the

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hypothecated assets as described in the schedule to OA towards realization of the debt due.

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ii) the Applicant Bank is also entiUed to proceed against the person

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and properties of defendant No.2 and properties of defendant

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no.1 towards realization of the debt due.

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iii) The Applicant Bank is entitled to the costs of the OA.

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iv) The Applicant shall file a cost memo within two weeks from the

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date of receipt of order.

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Issue Recovery certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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(Dictated to the P.A., transcribed by^lT:..or.".t"d, signed and pronounced by me in the open court on this the 16th day of Nov., 2022)

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sd/-

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(G. GOPTCHAND) PRESIDING OFFICER

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TRUE COPY

State Bank of India, v. M/S. Ananth Enterprises

Case brief

What is this about?

What did the court decide?

State Bank of India, v. M/S. Ananth Enterprises

Case brief

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