Allowed

Indian Bank v. M/S Avenir Eco Projects Pvt. Ltd.

DRT10 Apr 2023OA/275/2022

Case brief

AI extract

What is this about?

This order dismisses an OA for recovery filed by Indian Bank against a vendor and its directors for default under a CGTMSE scheme loan. The debtor failed to clear dues amounting to Rs. 46.67 lakhs. The tribunal held the bank established its claim and directed the debtor to pay the principal, future interest, and costs.

What did the court decide?

Respondents directed to pay principal of Rs. 46,67,495.26 and future interest at 13.25% p.a. from 07.09.2022, along with costs.

Indian Bank versus M/S Avenir Eco Projects Pvt. Ltd. — Contract and Commercial Disputes | DRT (2023)

¶1

IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 1OTH DAY OF APRIL, 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

OA.No.275 of 2022

Between:

Indian Bank,

Main branch, Koti, Hyderabad Represented by its GPA holder/ Senior Manager Ms. P. SundraRaju

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Applicant

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VERSUS

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M/s. Avenir Eco Projects^pvt Ltd., Represented by its Director

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Mr. Pilli Kiran& A. Nithil, major, 3-A victoria castle, S.P.Road, Opp Old Airport, Hyderabad - 16.

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Sri Pilli Kiran Kumar, Aged major, director of M/s. Avenir Eco Projects Pvt Ltd, R/o B-2-310, Plot no.16& t7 , 202 Sri Rama Constructions, road no. 14, Ibrahimna gar, Khairatabad, Hyderabadd - 34.

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Sri Ade Nithil Kumar, Aged major, Director of

¶14

M/s. Avenir Eco Projects^pvt Ltd, R/o RanjaniThanda, Kubeer, Adilabad - 504 103.

¶15

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¶16

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Counsel for the Parties:

¶18

For the Applicant

For the Defendants

Sri T. Sridhar Reddy

Exparte

loA.No.27s/2022)

ORDER

The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.46,67,495.26ps (Rupees Forty Six Lakhs Sixty Seven thousand Four hundred ninety five and paise twenty six only) with future interest @I3.25o/o p.a with monthly rests from 07.9.2022 tiil the date of rearization and in default for sale of hypothecated movables as described in the schedule to OA.

¶25

As per the averments in the apprication, the Appricant Bank states that defendant no.1 is a private limited company with defendants no.2 & 3 as directors. The defendants availed credit facilities under CGTMSE scheme with a limit of Rs.40.00 lakhs and executed various necessary documents i.e., Joint and several demand promissory note, letter of continuity, medium term loan agreement, agreement of guarantee, agreement for open cash credit all dated 28.Ll.2Ot7 and letter of pegging dated 29.L2.20L7. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the a was constrained to classify the account as NPA and .i 21.02.2022. Inspite of several ants did not clear the outstanding. APn m Henc! this o'1.0

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(oA.No.27s/zozzl

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Defendants were called absent set exparte on 08.03.2023.

¶28

sri sundaraRaju, officer of the Applicant Bank examined himserf as AW.1 and exhibited relevant documents, which are marked as Ex.A.1to A.17.

¶29

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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The defendants were 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 rerevant documents as Ex.A1 to 4.L7. In view of the above, I hold that the Applicant Bank has established their claim made in the oA against the Defendant and hence the Applicant Bank is entifled to recover the claim made in the OA with future interest aI

¶32

In the resutt, tri"brEtErffia ir-a with costs, as under: , ,-i

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o The and severally liable to pay to the Applicant Bank-i m of Rs.46,67r495.26ps (Rupees Forty Six Lakhs Sixty Seven thousand Four hundred ninety five

¶34

¶35

(oA.No.27sl2022)

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and paise twenty six only) with future interest @13.25% p.a

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from 07.9.2022 till realization.

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i) The Applicant Bank is entitled 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 entiiled 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 Appricant shail fire a cost memo within two weeks from the date of receipt 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 lothday of April., 2023)

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sd/-

¶46

(G. GOPTCHAND) PRESIDING OFFICER

¶47

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¶48

TRUE COPY

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Indian Bank v. M/S Avenir Eco Projects Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/S Avenir Eco Projects Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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