Allowed

State Bank of India v. M/S. Sri Laxmi Vinayaka Filling Station

DRT6 Mar 2023OA/322/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by State Bank of India against borrowers for recovery of loan accounts classified as NPA totaling approximately Rs. 37.76 lakhs with interest and costs.

What did the court decide?

Respondents directed to pay Rs. 37,75,769.60 plus future interest and costs; Applicant Bank authorized to proceed against hypothecated and mortgaged properties.

State Bank of India versus M/S. Sri Laxmi Vinayaka Filling… — Company and Corporate | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD

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DATED THrs THE 6rHDAy oF MAR0H, 2o2g

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.322 ol 2O2Z

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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. Sri Laxmi Vinayaka Filling Station, Rep by its proprietor Sri Bhukya Ravi Naik, flat no.44B/D/ L/2, Kistapuram Cross road, Chinthriyala, Chintalapalemmandal, Mellacheruvu, Suryapet district Telangana State. Mobile No. 9542535424

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Sri Bhukya Ravi Naik, s/o Munsa Naik, aged 36 yrs, male, R/o Nakkagudem viilage, chintalapalem Mandat, suryapet district, Telangana state. Cell No. 6305805417

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i; ooilAnzm :I<br>Counsel for the parties'
'i_,.f,1 * --'-. #l
For the Applicant : 5rr L't{aeBftAlurvrraell$9""fl#
For the Defendants :
Expurt" "'ffi#*yff'

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(oA.No.32z/20221

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.37,75,769.6ops (Rupees Thirty seven Lakhs Seventy five thousand Seven hundred sixty nine and paise sixty only)ie.,

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a) a sum of Rs.2g,71,595.60ps under roan account no.37561767021with further interest @ 7.50o/op.awith monthly rests;

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b) a sum of Rs.4,95,182/- under loan account no.4O74925666gwith furLher interest @ B.g0o/op.a with monthly rests;

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c) a sum of Rs.4,0g,992/_ under loan account no.394742l6015with further interest @ B.B0%p.a with monthly rests;

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from date of apprication ti, the date of rearization and in defaurt for sale of hypothecated movables and mortgaged property as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant No'1 running the business under the name and sre of "Sri Laxmi Vinayaka filling Station,, and defendafit.no.2 is its proprietor. Defendanr no.1 is rhe principat qg"66gf,f-,ihl.OtjinOun, no'2 is mortgagor. Defendants r a /a.ffiitea .ulrri..uoit'ibur.,or rs.40.00 takhs through tetter of arrangemun0 Eul[ffi mr;;.;;;. Defendant no. 1 executed agreement or.i'^.r ^^.i "J0il1,gyT^{frloothecation} -"' 2

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(oA.No.322/z122l

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dated 08.02.2018. subsequenUy the cash credit limit was renewed and reduced to Rs.35.00 lakhs through arrangement of letter dated 13.05.2019. To secure the due repayment ot aforesaid cash credit loan of Rs.40.00 lakhs, the defendant no.2 created equitable mortgage on 13.05.2019 by way of deposit of sare deed no.329L/20l9in respect of OA schedule property_Il. To secure due repayment of aforesaid loan Rs.41,g9 lakhs, defendant no.2 extended the mortgage and confirmed the same through his retter of confirmation for extension of mortgage dated 20.03.202L and 37.0L.2022. The defendants availed GECL loan of Rs.6.90 lakhs and GECL 1.0 Extn loan of Rs.3.95 lakhs. After availing the loan facirities, the defendants faired to compry the terms of sanction, hence the applicant bank was constrained to crassify the account as NPA and issued legal notice dated 2t.0g.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants were called absent set exparte on 0L.02.2023.

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Sri K. Bhushanam, Manager of the Applicant Bank examjnecj himself nt r marked as. as AW.1 and exhibited relevant documents, .w hi ch a i e ma.k}.f ^". Ex.A.1 to A.19. ... 0 6 |,|,8 lug

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q Heard the Ld. Counsel for the Applicant Bank.

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(oA.No.322/2O2Zl

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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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7' The defendants were cared 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 4.19. In view of the above, I hold that the Applicant Bank has estabrished their craim made in the oA against the Defendants and hence the Applicant Bank is entired to recover the craim made in the OA with future interest and costs.

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In the result, the present OA is allowed with costs, as under:

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The Defendants are joinfly and severally liable to pay to the Applicant Bank a total sum of Rs.37,75 ,769.6}ps (Rupees Thirty seven Lakhs Seventy five thousand Seven hundred sixty nine and paisesixty only) i.e.,

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a)a sum of Rs.28,71,595.60ps under loan accou nt

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no.37 56L7 6102 lwith further in

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b) a sum of Rs.4,95,1gZl- unOer'fs'jn account no.4O7 49256668with further interest @ 8.g0o/op.a . '-

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(oA.No.3z2/2022)

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c)a sum of Rs.4,09,992/_ under loan account no.394l42L6015with further interest @ 8.g0%p.a ;

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from date of applicationtill realization.

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i) The Applicant Bank is entitled to proceed against the

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hypothecated movables and mortgaged immovable property as

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described in the schedule to OA towards realization of the debt

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due.

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ii) the Applicant Bank is also entifled to proceed against the person and properties of defendants towards realization of the debt due.

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iii) The Applicant Bank is entifled 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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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., transcribe corrected, sisned and pronounced by me in the open court on this the 6thday " ,"..fl.lrrl5ii

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sdl-
(G. GOPTCHAND)
PRESIDING OFFICER
TRUE COPY
,".arffi"Y
ORT.'. HYDERABAO.

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State Bank of India v. M/S. Sri Laxmi Vinayaka Filling Station

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Sri Laxmi Vinayaka Filling Station

Case brief

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