Allowed

State Bank of India v. M/S Sree Venkateswara Swamy Filling Station

DRT17 Feb 2023OA/307/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's origin application filed against a proprietor for outstanding loan amounts of Rs.26,85,271/-, awarding recovery from hypothecated assets and personal properties with future interest.

What did the court decide?

Recovery of Rs.26,85,271/- plus interest; proceedings against hypothecated assets and defendant's properties authorized.

State Bank of India versus M/S Sree Venkateswara Swamy… — Execution and Attachment | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THrS THE 17rH DAy OF FEBRUARY, 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.3O7 OF ZO2Z

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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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M/s. SreeVenkateswara Swamy Filling Station, represented by its Proprietor Mr. Sri Venkatesh Perupaka, s/o Narasimha, Aged 32 yrs, Ananthagiri, Shanthinagar road, Ananthagiri, Kodad, chowtuppal, Nalgonda district - 508 206.

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Defendant

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Counsel for the Parties:

For the Applicant

For the Defendant

Sri C, Prabhakar

Exparte

'tsi,nggitpS The t OA against Defendant for otal sum ,85,271/-^(Rupees Twenty Six lakhs Two hundred and seventy one only) i.e., (Rs.21,02,229l- under loan account No.3B3B17B273O +

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(OA.No.307of 2022)

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Rs'5,83,042l- under loan a/c.No.3942r167496)with future interest @ 10'B0o/o p.a with monthry rests from date of apprication tiil the date of realization and in default for sale of hypothecated movables 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 is a proprietary concern, represented by its proprietor sri venkatesh perupaka running its business under the name and style of "M/s. SreeVenkateswara swami filling station,, availed cash credit roan of Rs.30.00 rakhs through retter of arrangement dated 04.04.2019. To secure due repayment of aforesaid cash credit limit defendant executed agreement of loan cum hypothecation dated 04.04.2019. During covid _19 period, the defendant availed GECL facility of Rs.5,9g,600/- through arrangement letter dated 01.06.2020. To secure due repayment of Rs.5,98,000/- the defendant executed supplemental agreement of loan cum hypothecation dated 1g.06.2019. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant ined to classify the account as NPA and issued,.{egat ndfite .09.2022. Inspite of several ," !i.] :'"'::."T.^{1"'u ,'F7' lilfr} iff)l'o. crear the outstandins. Hence this OA.:.1r ,,, -'av *,/i

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Defendant was call exparte on 0L02.2023.

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(OA.No.307of 2022)

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Shri GanjiPrasad, Senior 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 entitled for the claim made in the OA against the Defendants as prayed for?

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The defendant was 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 relevant documents as Ex.A1 to A.10. 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 entitled to recover the claim made in the OA with future interest and costs.

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B. In the with costs, as under:

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o Applicant Bank a total sum of Rs.26,8s271/.i (Ruql Six lakhs Eighty five thousand and seventy one only) i.e.,^(Rs. 21,02,229/- under loan account No.38381782730 + Rs.5,83,0421-

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(oA.No.307of 2022)

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under loan a/c.No.3942t167486)with future interest @ 10.g0o/o

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p.afrom date of application till realization

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i) The Applicant bank is entifled to proceed against the

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hypothecated assets as described in the schedule to OA towards

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realization of the debt due.

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ii) the Applicant Bank is also entitled to proceed against the person and properties of defendant 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 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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by her, corrected, signed and pronounced by me in the open 2023)

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sdl-
(G. GOPTCHAND)
PRESIDING OFFICER
TRUE ^COPY
n--oM
UFT.I, NYOEREAAM,'t;)

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State Bank of India v. M/S Sree Venkateswara Swamy Filling Station

Case brief

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State Bank of India v. M/S Sree Venkateswara Swamy Filling Station

Case brief

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