The DtRT allowed the applicant bank's order application for recovery of Rs.26.35 lakh as defendants failed to clear the outstanding loan despite notices. The bank was entitled to proceed against hypothecated movable and mortgaged properties.
Defendants jointly and severally liable to pay Rs.26,35,703/- with interest; recovery certificate issued.
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 16TH DAY OF OCTOBER' 2O2g
PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFIcER
OA.No.13 ot 2023
Between:
Ind ia n Overseas Bank, Chikkadpally branch, t-B-522/27 /2,3,4 Ground floor, IOB Platinum Plaza, Lane Opp Chandana Brothers, Chikkadpally, Hyderabad, Telangana. Represented by its Branch Manager ... Applicant
VERSUS
(oA. No,13/2023)
Counsel for the Pa rties:
For the Applicant For the Defendants
Sri M. S rin ivas Exparte
ORDER
and in default for sale of hypothecated movables and mortgaged property as described in the schedule to OA.
defendant no.2 lakhs on 24.01..2078 and on 15.03.2019''1the of Rs.3.00 lakhs i'
(OA. No.13/2023)
totaling a sum of Rs.B.00 lakhs to meet working capital requirements. The defendants executed demand promissory note, letter of continuity, letter of hypothecation etc. while things stood thus the defendant no.1 availed term loan of Rs.14,50,000/- vide sanction letter dated 20.11.2018. Defendant no.3 stood asguarantor in respect ofterm loan facility and executed deed of guarantee dated 20.11.2018' Defendant no.3 mortgaged the schedule mentionedproperty by depositing sale deed dated 11.05.2016.The defendants alsoavailed GECL loan of Rs.3,86,000/- on26.06.2020and executednecessary documents. After availing theloan facilities,the defendantsfailed to comply the terms ofsanction,hence the applicantbankwas constrained to classifythe account as NPA on 19.10.2021 and issued demand notice dated 31.01.2022.Inspite of severalrequestsand demands,thedefendantsdidnotcleartheoutstanding'HencethisoA'
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(oA.No.13/2023)
{OA,No.13/2023)
corrected, signed and pronounced by me in the open
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(G. GOPTCHAND) PRESIDING OFFlCER
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1 issue framed by the court
Whether the Applicant Bank is entitled to the claim made in the Order Application against the Defendants?
Indian Overseas Bank
M/s. Saras Enterprises
Mrs A. Vijaya Laxmi
Sri Gummadi GOPICHAND
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
