Allowed

State Bank of India v. M/S New Tech Abrasives

DRT17 Nov 2023OA/133/2023

Case brief

AI extract

What is this about?

The tribunal allowed the bank's application for recovery of a loan account of Rs.25.51 lakhs plus interest from the proprietrix of M/s. New Tech Abrasives. Based on evidence, the court held the claim valid and ordered joint liability for payment and realization against hypothecated property.

What did the court decide?

Defendants jointly and severally liable to pay Rs.25,51,648 inclusive of interest; permission to proceed against hypothecated movables and other properties; order for costs.

State Bank of India versus M/S New Tech Abrasives — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 17TH DAY OF NOVEMBER' 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFIcER

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OA.No.133 of 2023

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Between :

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State Bank of India, Stressed Assets Recovery Branch SARB-2, 2nd floor, TSRTC Community Amenity Centre, Bus terminal complex, Koti, Hyderabad - 500 095, Represented by its Chief Manager

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... Applicant

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VERSUS

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M/s. New Tech Abrasives, Represented by its Proprietor, C, Sai Vaishnavi Preeth i,

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Shed no.57, aged major, female, APIE Balanagar, Ranga Reddy District - 500 037.

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C. Sai Vaishnavi Preeth i, Aged major, female, Shed no.57, aged major, female, APIE Balanagar, Ranga Reddy District - 500 037.

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Defendants

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Counsel for the Parties:

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For the Applicant Shri C. Sreedhar
For the Defendants rte
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S{'o-r,iir.: ":Yil

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(oA.No.133/2023)

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ORDER

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The Applicant Bank filed the present oA against Defendants for recovery of a total sum of Rs,25,51,64gl_ (Rupees Twenty Five Lakhs Fifty One thousand Six hundred and forty Eight only) i,e., a) a sum of Rs.8,93,939/- under loan account no.40510488170 with further interest @ 14.150/o p.a with monthry rests from date of firing of OA till the date of realization;

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b) a sum of Rs.16,57,709l- with future interest @ 14.15o/o p.a with monthly rests from date of OA till the date of realization;

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and in defaurt for sare of hypothecated movabres as described in the schedule to OA.

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2' As per the averments in the apprication, the Appricant Bank states that the defendant No.2 being the proprietrix of 1"t defendant avaired cash credit loan of Rs.9.00 lakhs and term loan of Rs.24.00 lakhs through retter of arrangement dated 13.10.2021. To secure due repayment of roan facirities, the derendants executed agreement of roan cum hypothecation dated 73.10.2027 and sanction confirmation dated 07 't0.202t. To secure due repayment of aforesaid roan the defendants hypothecated a[ movabre property as described in the schedure to oA. After availing the loan racifli.e{fe,defend4nts failed to comply the .!::'q^'i.:. ;.]'lr terms of sanction, n"n."ffipi,."n o.;fiilqgonstrained to ctassify

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llCV nn ffi"'.'.-, . 'i-i . ,0r"'"-::rtg^{.-- .:r?.:'-(_i} . _'^{jl 'l} -,., -..:t i,'I^i-_ --l

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(OA.No.133/2023)

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the account as NPA and issued legal notice dated 01.03.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants 1 & 2 called absent and set exparte on 01.11.2023.

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Sri K. Govinda Raju, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.8.

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

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Defendants called absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.B. 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.

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B. In the result, the prese

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as u nder:

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{OA.^No.133/2023)

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.25,51,64gl- (Rupees Twenty Five Lakhs Fifty One thousand Six hundred and forty Eight only) i.e.,

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a) a sum of Rs.8,93,939/- under loan account no.40510488170 with further interest @ 14.15olo p.a from date of filing of OA till the date of realization;

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b) a sum of Rs.16,57,709/- with future interest @ 14.15olo^p.a from date of OA till the date of realization;

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The Applicant Bank is entitled to proceed against the sched u le

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mentioned hypothecated movables as described in the OA.

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the Applicant Bank is also entitled to proceed against the person and properties of defendants towards realization of the debt due.

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

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The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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Issue Recovery certificate accord ing ly.

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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 her, corrected, signed and pronounced by me in the open court on this the..UIJbJ of Nov, 2023)

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¶43

sd/-

¶44

(G. GOPTCHAND)
PRESIDING OFFICER
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State Bank of India v. M/S New Tech Abrasives

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S New Tech Abrasives

Case brief

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What did the court decide?

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