In OA.No.122/2023, IDBI Bank claimed recovery of Rs.31.73 lakhs plus interest against M/s. Nikhil Clothing and proprietor Sri Nikhil Agarwal for defaulted cash credit and term loans. The Tribunal allowed the application.
Order allowing the OA; directing payment of Rs.31,78,569.51 with interest, execution against assets, and issuance of recovery certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD DATED THIS THE 8TH DAY OF SEPTEMBER' 2023
PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER OA,No,122 of 2023
Between:
IDBI Bank Ltd, Kachiguda branch, Hyderabad Represented by its Recovery officer And AGM
Applicant
VERSUS 1. M/s. Nikhil Clothing, Represented by its Proprietor Mr. Nikhil Agarwal, H.No.2-4-5871588, Plot no.51, 53 J block, ground floor, Ramgopalpet, Nallagutta, Hyderabad, Telangana - 500 003. 2. Sri Nikhil Agarwal, s/o Sri Santosh Agarwal, aged 37 years, R/o H.no.5-9-22/t7, flat 28, Umasankar Paradise, adarsh nagar, birla temple, Basheerbagh, Himayathnagar, LIC division, Hyderabad Telangana - 500 063. Defendants Counsel for the Parti ES : For the Applicant : Sri S rin ivas Chittu ru For the Defendant N l& 2 : fxoarte --:.
(OA.No.12212023)
ORDER
lOA.No.L22/20231
defendants availed additional limit under GECL term loan-II for a sum of Rs.2.50 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 17.Ol.2OZ3 and issued recall notice dated 17.02.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this oA.
(oA.No.12212023)
In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.
(oA.No.122l2023)
(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 8th day of Sept, 2023)
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(G. GOPTCHAND) PRESIDING OFFICER
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1 issue framed by the court
Whether the Applicant Bank is entitled to recover the claimed amount against the Defendants?
IDBI Bank Ltd
M/s. Nikhil Clothing
Sri Nikhil Agarwal
Gummadia Gopichand
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
