Allowed

Central Bank of India v. M/S. Sharma Papers Private Limited

DRT1 Sept 2023OA/260/2022

Case brief

AI extract

What is this about?

This order by the DTI at Hyderabad allowed an Origin Applications filed by a bank for recovery of a loan of Rs.47,89,110 along with future interest and costs against the borrower company and its directors.

What did the court decide?

Allowed the OA. Bank entitled to recover sum of Rs.47,89,110 with future interest. Bank may proceed against properties of defendants for realization and is entitled to costs.

Central Bank of India versus M/S. Sharma Papers Private Limited — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 1ST DAY OF SEPTEMBER' 2023

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFIcER

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OA.No.26O of 2022

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Between :

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Central Bank of India, Tulasi nagar branch, 2-3-7 63/3/ l/A, Tulasi nagar Colony, Golnaka, Amberpet, Hyderabad, Telangana - 500 013.

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Applicant

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VERSUS

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M/s. Sharma Papers Private Limited, Represented by its directors Mr. paul Sharma and Mrs. Kamalesh^paul Sharma, 2-3-7 62, Amberpet, Hyderabad - 500 013.

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Sri. Paul Sharma, Director, R/o H.No.2-3-762, Amberpet, Hyderabad - 500 013.

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Smt Kamalesh Paul Sharma, w/o Paul Sharma, Director, R/o H.No.2-3-762, Amberpet, Hyderabad - 500 013. Defenda nts

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Counsel for the Pa rties:

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For the Applicant Rao

For the Defenda nts

lO^{A.No.26012022]l}

ORDER

The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.47rg9,11Ol_ (Rupees Forty Seven Lakhs Eighty Nine thousand One hundred and ten only) with future interest @ 8.55o/o p.a with yearly rests from date of filing of OA till rea lization.

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As per the averments in the apprication, the Appricant Bank states that the defendant Company represented by its directors/ defendants 2 & 3 herein availed roan of Rs.40.00 rakhs for business purpose. The defendant represented by its Directors executed demand letter of continuity, letter of waiver, promissory note, agreement of hypothecation to secure demand cash credit against goods and other loan documents on 20.04.2018. After avairing the roan facirity, the defendants failed to compry the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA on 31.03.2021 and issued notice on L6.O4.2O2L Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defenda nts were called

06.02,2023.

,(.

(oA.No.260/2022)

Shri S.A. Deshpande, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.10.

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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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7' The defendants were cailed absent and set exparte. To substantiate the case of the Appricant Bank, AW.r. who is the officiar of the Applicant Bank was examined and he exhibited rerevant documents as Ex'A1 to A'10. In view of the above, I hord that the Appricant Bank has estabrished their craim 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:

(OA.No.260/2022)

ii) the Applicant Bank is also entitled to proceed against the person and properties of defendants No.2 & 3 and properties of defendant no.1 firm towards realization of the debt due.

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

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iv) The Applicant shall file a cost memo within two weeks from the date of rece ipt of order.

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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 the lst day of Sept, 2023)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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f.
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TRiJE.C13

Central Bank of India v. M/S. Sharma Papers Private Limited

Case brief

What is this about?

What did the court decide?

Central Bank of India v. M/S. Sharma Papers Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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