Allowed

State Bank of India v. M/S. Vinayaka Polymers

DRT24 Aug 2023OA/140/2023

Case brief

AI extract

What is this about?

The Presiding Officer of the Debts Recovery Tribunal allowed an Officer Against Asset filed by State Bank of India against a partnership firm and its personal guarantors for recovery of a loan default amounting to Rs. 23,35,429/-.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 23,35,429/- with interest; Applicant entitled to realize dues from hypothecated assets and properties of defendants No.2 & 3.

State Bank of India versus M/S. Vinayaka Polymers — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 24TH DAY OF AUGUST'2023

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER OA.No.14O of 2O2Z

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Between:

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State Bank of India, Stressed Assets Recovery Bra n ch, 2nd floor, TSRTC Commuier Amenity centre, Bus terminal complex, Koti, Hyderabad - 500 095. Represented by its authorised officer

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Applicant

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VERSUS

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M/s. Vinayaka^polymers, A partnership firm, represented by Its partners, Mr. Thodupunuri Vinay Kumar & Mrs. Thodupunuri purnima, H.No.5-1, Opp Ayyappa tempte, Hanmakonda road, parkal,

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Hanmakonda - 506 164.

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Sri Todupunuri Vinay Kumar, @Todupunuri Vinaya Kumar, s/o Prabhakar todupunuri, aged about 47 years, occ: business, male, R/o H.No.2-322, main road, Parkal town & Mandal, Hanmakonda - 506 164.

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Smt Thodupunuri purnima, @ Todupunuri Purnima, w/o Thodupunuri Vinay Ku mar, aged about 3B years, occ: business,

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2 { il8Am
\J

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(oA.No.1a0l2023)

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female, R/o H.No.2-322, Main road, Parakal town & mandal, Hanmakonda - 506 164.

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All defendants 1 to 3 are R/o H.No.3-1, Hanmakonda road, Parkal town & Mandal, Hanmakonda - 506 164.

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Defenda nts

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Counsel for the Parties: For the Applicant

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For the Defendants

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Smt Tarangini Pisipati

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Ex pa rte

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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.23,35,429/- (Rupees Twenty Three lakhs Thirty Five thousand Four hundred and twenty eight only) with interest at contractual rate @ 14,4Oo/o p.a with monthly rests from 28.03.2023 tirr rearization and in default for sare of hypothecated assets as described in the schedule to OA.

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As per the averments in the apprication, the Appricant Bank states that the defendant No.1 is a partnership firm in the name and styre of partners, oerendanffi;;&;ru#\d derendanrs 2& 3 stood .ir' , r ,n 2Mr :' ;^{?r rymM} 's..4y-,*d Rtffi-i97' ...>#

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(oA.No.140/2023)

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as personal guarantors for the loans availed in the name of defendant no.1. The defendants availed cash credit of Rs.20.00 lakhs vide arrangement letter dated 18.03.2020. The defendants executed agreement of loan cum hypothecation dated 18.03.2020 and created hypothecation of stocks as described in the schedule to OA. Defendants 2 & 3 executed guarantee agreement dated 18.03.02020. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on L4.06.2022 and issued recall notice on L5.03.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants were called absent and set exparte on 30.06.2023.

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Shri K. Govind Raju, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.6.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for gonsideration is whether the Applicant Bank is entitled for the claim made in the OA against the Defendants as prayed for?

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2 r 8N2m

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(oA.No.140/2023)

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The defendants were called absent and set exparte. To substantiate the case of the Applicant Bank, AW.1 who is the official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.6. 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 present OA is allowed with costs, as under:

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.23,35,428l- (Rupees Twenty Three lakhs Thirty Five thousand Four hundred and twenty eight only) with interest at contractual rate @ 14,4Oo/o p.a from 28.O3.2023 till the date of realization.

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i) fhe Applicant bank is entitled to proceed against the hypothecated assets as described in the schedule to OA towards realization of its dues.

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ii)

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the Applicant Bank is also entiUed to proceed against the person and properties of defendants No.2 & 3 and properties of defenda nt towards realization of the debt due. 6 2 4 IUE2m

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(OA.No.140/2023)

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iii)

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The Applicant Bank is entitled to the costs of

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the OA.

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iv)

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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 a cco rd 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 24th day of Aug, 2023)

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sd/_

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(G. GOPTCHAND) PRESIDING OFFICER

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State Bank of India v. M/S. Vinayaka Polymers

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Vinayaka Polymers

Case brief

What is this about?

What did the court decide?

What the court decided

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