Allowed

Bank of India v. M/S. Spr Industries

DRT25 Apr 2023OA/224/2022

Case brief

AI extract

What is this about?

DRT disposed of a recovery application filed by Bank of India for clearing dues of Rs. 22,31,062/- arising from cash credit and term loans. After evidence submitted without respondent presence, the tribunal allowed the application and awarded recovery including interest and costs.

What did the court decide?

Debt of Rs. 22,31,062/- with future interest; authority to proceed against hypothecated movables and other properties; costs of the application.

Bank of India versus M/S. Spr Industries — Company and Corporate | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THrs THE 25rH DAy oF APRIL, 2023

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PRESENT: sRI GUMMADI GoPICHAND, PRESIDING oFFICER

OA.No.224 of 2O22

Between :

Bank of India,

Hyderabad Main branch, lg:!^{og* no.L34, No.s_ri_6ss,} Abids, Nampally station road, Hyderabad - 5OO OO1. Represented by its constituted attorney

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Applicant

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VERSUS

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M/s. SPR Industries,

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Represented by its proprietor Sri Ch. ShashinderBabu, H.no.1-98, flat no.104 Veerabhadra to*u.i.^'

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OppKalyanimoview max,

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Old bowenpally, Secunderabad

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Telangana - 5OO 011.

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Office address:

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Survey no.133, MBN Reddy Estate, Plassy lane, Thokkata village, Old bowenpally, Secundera5ad, Telangana - 5OO 011.

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Sri Ch. ShashinderBabu, s/o Ch. Devaiah, aged about 4L yrs, proprietor of M/s. SpR Industries, H.No. 1-98, flat no.104, Veerabhadra l?y9rs,^{oppKatyani Movie Max,} Old Bowenpally, Secunderabad, Telangana - 500 011.

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2 5 /,PR 70n
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Defendants

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(oA.No.224/zo2zl

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Counsel for the parties:

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For the Applicant

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Smt P. Suseela For the Defendants Exparte

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a iotal sum of Rs.22,31,062/- (Rupees Twenty Two lakhs Thirty one thousand and sixty two only) ie., a sum of Rs.16,91,504/-under cash credit with future interest @ 10.05o/o p.a plus 2o/o penal interest with monthly rests and a sum of Rs,5,39,558/- under term loan with future interest @11.05o/o p.aplus 2o/o penar interest with monthry rests from date of oA tiil the date of realization and in default for sale of hypothecated movables as described in the schedule to OA.

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2' As per the averments in the apprication, the Appricant Bank states that defendant No.1 is a proprietary concern and defendant no.2 is proprietor running business of manufacturing of disposable leaf plates in the name and style of ..SpR Industries,, availed cash credit facility of Rs.11,70,000/_ and a term loan of Rs.6,10,000/_. The defenda nts executed prO-fniS, note for Rs.11,70,000, bearer letter dated 31.05.2(li0F:,.2077, promisso for Rs.6,10,000/-, request letter,

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hvoothe,gXjor-?p-dp6n7,,, as.Sr}Bent, tetter of dectaration,

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Q&ry;

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(oA.No.z24/20221

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comprehensive agreement and comprehensive letter of declaration and various other documents. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA on 05.02.2019 and issued demand notice dated OS.O2.2O2O. 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 01.02.2023. 4' Sri G' Ravi Kumar, Manager of the Appricant Bank examined himserf as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.22.

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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

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prayed for?

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The set exparte. To substantiate

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the official of the Applicant Bank

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was nt documents as Ex.A1 to 4.22. that the Applicant Bank has

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(oA.No.224l20zzl

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established their claim made in the OA against the Defendants and hence the Applicant Bank is entifled 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 1 & 2 are joinfly and severally liable to pay to the Applicant Bank a total sum of Rs.22,31,O62t_ (Rupees Twenty Two lakhs Thirty one thousand and sixty two only) ie., a sum of Rs.16,91,504/- under cash credit with future interest @ 10.05% p.a and a sum of Rs.5,39,55g/_ under term loan with future interest @11.050/o p.a from date of oAtirr realization.

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i) fhe Applicant Bank is entiUed to proceed against the hypothecated movables as described in the schedule to OA towards realization of the debt due.

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ii) the Appricant Bank is arso entired to proceed against the person and properties of defendant No.2 and properties of defendant no.1 firm towards realization of the debt due.

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iii) The Applicant Bank is entiUed to the costs of the OA.

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iv) The Appricant sha, fire a cost memo within two weeks from the date of receipt of order.

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(oA.No.22a/2022)

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Issue Recovery certificate accordingly.

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11' communicate a copy of the order to the parties concerned.

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:"JIT'J|,tir""t l;::T;'ff1,:'r:"r'ji"'rected,^{sisned and pronounced} by me in the open

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sdl-

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(G. GOPICHAND) PRESIDING OFFICER

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Bank of India v. M/S. Spr Industries

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S. Spr Industries

Case brief

What is this about?

What did the court decide?

What the court decided

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