Allowed

State Bank of India v. Cb Agro Fresh

DRT17 Apr 2023OA/129/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by State Bank of India for recovery of approximately Rs. 20.52 crores from borrowers under multiple loan accounts. The court held borrowers jointly and severally liable, approved hypothecation rights, and directed issuance of a recovery certificate.

What did the court decide?

Directing defendants to pay Rs. 20,52,427.09 with interest, allowing recovery from hypothecated assets and personal properties, and directing issuance of Recovery Certificate.

State Bank of India versus Cb Agro Fresh — Banking and Recovery | DRT (2023)

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..?

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IN THE DEBTS RECOVERY^{TRIBUNAL-II AT HYDEMBAD} DATED THIS THE 17TH DAY OF^APRIL,2023

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PRESENT: SH. RAMESHWAR^{KOTHE, B'Com, L'LB. (Hons.), M.A'} PRESIDING OFFICER

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oA. NO. 729 0F 2022

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State Bank of India SMECC, Patny Centre Secunderabad. Rep. by Chief Manager.

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....Applicant.

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Versus

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M/s. CB Agro Fresh Situated at : D. No.^1-8-28 Sitaramapuram Near Kalyani Theatre Old Bowenpally Secunderabad - 500 011. Rep. by its Proprietrix Smt. R. Revathi W/o Sri S. Ganesh Pradhu

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Smt. R. Revathi W/o Sri S. Ganesh Pradhu Aged about 48^years Occ: Business, R/o H.^{No. 5} Gardenya Enclave Inside Lakeview Enclave Damayaguda Hyderabad - 500 083.

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... Defendants.

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Counsel for the Applicant Mr. Arun Kumar Satyavolu, Defendants Ex-partzru(.*

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oA.L2912022

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:: ORDER ::

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The Applicant Bank filed the present OA for the recovery of a total sum of Rs.20,52,427.09Ps i.e., Rs.9,15,159.67Ps under loan account No.37310366834, Rs.2,46,296.73Ps under loan account No.3939t484699, RS.5,53,320.72Ps under loan account No.37310269842, Rs.2,46,416.41Ps under loan account No.37623750533, Rs.13,654.28Ps under loan account No.39604138367 and Rs.77,579.28Ps under loan account No.39789357647 respectively from the Defendants joinily and severally with further interest @9 .600/o and 7.40o/o p.d. from the date of filing of OA till the date of realisation along with costs, and sale of OA schedule assets.

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The 1't defendant was served with summons through paper publication. The summons sent to znd defendant returned unclaimed, hence deemed to be served. The defendants were set exparte on 06.09.2022 as called absent and no representation.

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The Applicant Bank examined O. Muralidhar, Manager as AW-1 and marked 22 documents through him as Ex. A.1 to Ex. A.22.

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the Applicant Bank and perused the

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The point that arises for consideration is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule assers as prayed for? /fu#;ft

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oa.1,29 /2022

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As stated supra, the Defendants remained ex-parte. The Evidence AfFidavit coupled with the recitals in the documents viz., Exs. A.1 to A.22 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are^jointly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.12912022 is allowed as under: -

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l) The Defendants are liable to pay to the Applicant Bank a total sum of Rs.20,52,427 .09Ps i.e., Rs.9,15,159.67Ps under loan account No.37310366834, Rs.2,46,296.73Ps under loan account No. 39391484699, Rs.5,53,320.72Ps under loan account No.37310269842, Rs.2,46,476.41Ps under loan account No,37623750533, Rs.13,654.28Ps under loan account No.39604138367 and Rs.77,579.28Ps under loan account No.39789357647 respectively with future interest @7.40o/o^p.a. simple^fromthe date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entitled to^proceed aqainst the same to realise its dues;7)rn2(;5

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oA.L29l2O22

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iii) the appllcant bank is also entitled to proceed against the person and properties of the defendants for realization of its dues; and

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iv) the applicant bank is entitled for the costs.

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B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certificate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno., transcribed by him, corrected, signed and pronounced by rne in the open court on this the 17'h day of April, 2023).

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$(ur>

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(RAMESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. Cb Agro Fresh

Case brief

What is this about?

What did the court decide?

State Bank of India v. Cb Agro Fresh

Case brief

What is this about?

What did the court decide?

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