Allowed

State Bank of India, v. Sri v Ram Mohan

DRT27 Oct 2023OA/207/2023

Case brief

AI extract

What is this about?

The Tribunal upheld the Applicant Bank's claim for recovery of loans amounting to Rs. 3,81,39,111/- along with future interest and costs against the defaulting borrowers and guarantor, and allowed proceedings against mortgaged property.

What did the court decide?

Recovery certificate issued for Rs. 3,81,39,111/- with future interest and proceedings against mortgaged properties and hypothecated movables allowed.

State Bank of India, versus Sri v. Ram Mohan — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 27TH DAY OF OCTOBER' 2c.23

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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OA.No.2O7 of 2023

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Between :

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC Commuter 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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Sri V. Ram Mohan,

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S/o Sri Yakaiah, aged 53 years, Male, 11-9-38/4, Ooha Residency, Burhanpura, Khammam city & dist Telangana State - 507 001.

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Smt V. Srilatha, Wo V. Ram Mohan, Aged about 45 years, female,

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1 1-9-38/A, Ooha Residency, Burhanpura, Khammam city & dist Telangana State - 507 OO1

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Defendants

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Counsel for the Parties:

C. Prabhakar rte

(oA. No.207l2023)

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.3,81,391111/- (Rupees Three Crores

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Eighty One lakhs Thirty nine thousand One hundred and Eleven only) i.e.,

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a) A sum of Rs.1,73,81 ,777/- under loan account no.374g}O4337l with future interest @ 11.45olo p.a with monthly rests from date of application till the date of realization ;

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b) A sum of Rs.43,77,495/- under loan account no.39175930391 with future interest @ 12.20% p.a with monthly rests from date of application till the date of realization ;

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c) A sum of Rs'28,23,289/- under roan account no.39360617106 with future interest @ 9.25olo p.a with monthly rests from date of application till the date of realization ;

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d) A sum of Rs.42,7O,156l- under loan account no.40172553 427 with future interest @ 9.25olo p.a with monthly rests from date of application till the date of realization ;

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e) A sum of Rs.57,63,988/- under roan account no.4o56648o187 with future interest @ 12.70% p,a with monthly rests from date of application till the ."?"eaffi

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(oA.No.207l2023)

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f) A sum of Rs,35,22,406/- under loan account no,40636775682 with future interest @ 9.25olo p.a with monthly rests from date of application till the date of realization ;

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and in default for sale of mortgaged property and hypothecated movables as described in the schedules "l & U,, to OA.

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As per the averments in the application, the Applicant Bank states that the defendant no.1 carrying on business under the name and style of "M/s. Friends Restaurant & Bar" subsequently changed to "Vaddalapu Ram Mohan" is a proprietary concern of defendant no.1. Defendant no.2 stood as guarantor. Defendants 1 & 2 availed Dropline ABL facility of Rs.200.00 lakhs vide letter o arrangement dated 25,01.2018. to secure due repayment of aforesaid dropline ABL facility, defendant no.1

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executed agreement o loan cum hypothecation dated 25.01.2018.

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Defendants 1& 2 jointly executed guarantee agreement for loan amount of Rs.200.00 lakhs. Defendant no.1 created equitable mortgage by way of deposit of sale deed no.B60/2001 in respect of OA schedule property-I. Defendant no.1 created primary charge by way of hypothecation of all movable assets more fully described under schedule property - II. The dropline ABL facility was enhanced to Rs.26O.OO lakhs on 28.02.2020. _.Su&Tquentfy the loans were renewed to Rs.3.00 crores and defen{gp1-no.r #cutejS!\temuntat agreement of

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(oA. No.207l2023)

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loan cum hypothecation dated 30.05.2020 and again renewed to Rs.390.00 rakhs on 09.11.2021 and rater renewed to Rs.421.00 rakhs on 0B'12.2021. After avairing the roan facirities, the defendants faired to comply the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA and issued regar notice dated 01'06.2023. Inspite of severar 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 01.09.2023.

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smt K. Geeta Laxmi, Manager of the Appricant Bank examined himserf as AW.l and exhibited relevant documents, which are marked as Ex.A.1to A.46.

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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

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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, plica nt Bank was examined ,

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and he exhibited relevant r as to 4.46. In view of the above, I hold that the Appiicant ha S hed their claim made c ?^t 40cI^?an

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-]I

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(oA.No.207l2023)

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in the oA against the Defendants and hence the Appricant 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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q The Defendants are joinily and severaily riabre to pay to the Appricant Bank a total sum of Rs.3,g1,3g,tLL/- (Rupees Three Crores Eighty one lakhs Thirty nine thousand one hundred and Ereven only) i.e.,

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a) A sum of Rs,L,73,81,777/- under loan account no.3l49004337L with future interest @ 11.45olo p.a from date of application till the date of realization ;

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b) A sum of Rs.43,77,495/- under loan account no.39175930391 with future interest @ 12.2Oo/o p.a from date of appllcation till the date of realization ;

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c) A sum of Rs.28,23,289/- under loan account no.39360617106 with future interest @ 9.250lo p,a from date of application till the date of realization ;

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d) A sum of Rs.42,70,156/- under loan account no.40172553427 with future interest @ 9.25olo p.a from date of application till

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(oA.No.207l2023)

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e) A sum of Rs.57,53,988/- under loan account no,4O5664BO1g7 with future interest @ 72.70o/o p.a from date of application till the date of realization ;

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f) A sum of Rs.35,22,406/- under loan account no.40636775682 with future interest @ 9.25olo p.a from date of application till the date of realization ;

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The Applicant Bank is entitled to proceed against the mortgaged property and hypothecated movables as described in the schedule "I & II" to OA.

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the Applicant Bank is also entltled 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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t4. Issue Recovery certificate accordingly.

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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 tle-22:1"gay of Oct, 2023)

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(G. GOPTCHAND) PRESIDING OFFICER

State Bank of India, v. Sri v Ram Mohan

Case brief

What is this about?

What did the court decide?

State Bank of India, v. Sri v Ram Mohan

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Parties & counsel

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Case details

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