Allowed

State Bank of India v. Talwar Auto Garages Private Limited

DRT16 Jun 2023OA/35/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an Original Application filed by the State Bank of India for recovery of a debt of approximately Rs. 7.87 crores along with interest, holding the respondents jointly and severally liable. The court relied on document evidence as respondents were absent or did not file a written statement.

What did the court decide?

Order allowed; Defendants jointly and severally liable to pay Rs. 7.87 crore with interest; Bank entitled to proceed against hypothecated/mortgaged assets and recovery certificate issued.

State Bank of India versus Talwar Auto Garages Private… — Execution and Attachment | DRT (2023)

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IN THE DEBTS RECOVERY^{TRIBUNAL-I AT HYDERABAD}

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DATED THIS THE^{16TH DAY OF JUNE' 2023}

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PRESENT: SRI^{GUMMADI GOPICHAND,PRESIDINGOFFICER}

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OA.No.35 of 2022

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Between:

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State Bank of^India, Stressed Assets^{Recoverybranch (SARB)} Second floor,^{TSRTCcommuter Amenity} Centre, Bus terminal^{comPlex,koti,} Hyderabad. Represented by^{its authorised signatory}

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Applicant

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VERSUS

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Talwar Auto Garages^{Private Limited,} Represented bY^{its Directors} R/o first floor,^{D.No'7-2-31/A,B-3t,} First f loor, Talwar^Towers, Sanathnagar,^{HYderabad -500 018.}

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Sri Sunil Talwar, s/o Late Kahrtiram^Talwar,

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aged about⁷¹ Years,^{occ:business,} R/o H.No.B-2-293182,^{Plot no.26,} HUDA Heights,^MLAcolonY, Lotus Pond,^{road no.12,} Banjara Hills,^HYderabad -^34.

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Sri Saral Talwar, s/o Sunil Talwar,^{agedabout 46} Yrs, oCci business,^{R/o H.No,B-2-293/82,} DA Heights,

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MLA colorii/ Ldtus^Pond, Road no.12,^{BanjaraHills,} Hyderabad -^34.11

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(OA. No.35/2022)

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Smt Radhika Talwar, w/o Sri Saral Talwar, aged about 43 yrs, occ: business, H.No.8-2-293 /82, Plot no.26, HUDA Heights, MLA colony, Lotus Pond, road no.12, Banjara Hills, Hyderabad - 34.

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Smt Aruna Talwar, w/o Sri Sunil Talwar, aged about 67 yrs, occ: business, R/o H.No.B-2-293/82, Plot no.26, HUDA Heights, MLA colony, Lotus Pond, road no.12, Banjara Hills, Hyderabad - 34.

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Smt Shashi Kapoor, w/o Surinder Mohan Kapoor, aged about 72^yrs, occ: business, r/o flat no.301, dwaraka residency, Lane no.7, Sai chitra nagar, Ramanthapur, Amberpet, Hyderabad - 500 013. Defenda nts

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Counsel for the Parties: For the Applicant : Sri Momin Mohammed Raflq For the Defendants No.1 to 5 : Expa rte Defendant no.6 : Sri S. Ravi Kumar

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ORDER

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1, The Applicant Bank filed the^present OA^{againstDefendants for} recovery of a tcital suryr of Rs.7,87 '5L,184/-^{(Rupees Seven} !.\

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Cror{s Eighty Seven Lakfis Fifty one thousand^{one hundred} . *,rt

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1E^{lrrtr 2023} ;j

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(oA.No.3sl2022)

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and Eighty four only) with further interest @ 12.600/oP.a with monthly rests from date of OA till realization and in default for sale of hypothecated assets 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 the defendant No,1 is a Private Limited Company in the^nameand style of "Talwar Auto Garages Pvt Ltd. Defendants no.2 & 3^are directors of defendant no.1 company. Defendants 2 and 3^are directors of Defendant no.1 company and^{defendants 2} to 6^are guarantors and defendant no.6 is the mortgagor. The Applicant bank restructured and renewed Rs.7,75,00,000/-^{(WCTL of} Rs.6,50,00,000/-, CC of Rs.50,00,000/-, FITL of^{Rs.75.00lakhs).To} secure due repayment of above amounts, the^{defendantsexecuted} sanction letter dated 23.03.2027, letter of arrangement^dated 29,03.2021, supplemental agreement of loan cum^{hypothecation} dated 29.O3.2021 and deed of^guarantee dated^29.O3.2O2t. Defendant no.6 created equitable mortgage^{over immovable property} more fully described in the schedule to OA.^{Defendant no.6executed} memorandum for recording creation of^{mortgageby depositof title} deeds on 29.03,2O2L^-ytith'r ian intention to^{create the mortgageby} .' . I i_-.. aepositing'.original settlemeh.L.{ged no.¹⁰⁵ U2o1 5^{dated09'03. 2015.}

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(OA.No.3sl2022)

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Defendant no.l represented by defendants 2 & 3 availed WCTL of Rs.6.50 lakhs vide account no.40104561891, CC of Rs.50.00 lakhs vide loan account no.40t04567327, FITL of Rs.75.00 lakhs vide account no.40104555276 against the mortgage of schedule mentioned property. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued legal notice dated 27.01.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants 1 to 5 were set exparte on 07.tL,2022. Defendant no.6 has not filed WS, hence the right of filing WS was forfeited on 30.0 1 .2023.

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Sri P. Madhav Rao, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.15.

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Heard the Ld. Counsel for the Applicant Bank.

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consideration is whether the Applicant Bank is made in the OA against the Defendants as

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1^{s illll ?023}

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(OA.No.3sl2022)

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The defendants 1to 5 were cailed absent and set exparte whereas Defendant no.6 not filed the written statement. 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.18. In view of the above, I hold that the Applicant Bank has established their claim 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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t,. In the result, the present OA is allowed with costs, as under:

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total Rs.7,87,5L,t84/- (Rupees Seven Crores Eighty Seven Lakhs Fifty one thousand One hundred and Eighty four only) with subsequent interest @ B.5olo p.a for working capital and @ 7.5olop.a WC term loan from date of OA till realization till the date of realization.

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i) fhe Applicant Bank is entltled to proceed against the hypothecated assets and mortgaged property as described in Schedule to the OA towards realization of the debt due.

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ii) the Applicant Bank is also entitled to proceed against the person and prAperties o[ lefendants towards realization of the debt due. :.':tr.l

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iii) ; Tlle Applicant^g*'il[ iS entitled to the costs of the OA,

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.:k i, ' .t I^r:ill il?1 s :'.:-':'.v .':, , . ,, ' .;i:;* . :_..' '- ::..

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(oA.No.3sl2022)

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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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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 16th day of June, 2023)

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sdl -

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(G. GOPTCHAND) PRESIDING OFFICER

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1 E JUil Zt?'

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TR.UE COPY
DRT.I, *M{rt HYDERABAO.

State Bank of India v. Talwar Auto Garages Private Limited

Case brief

What is this about?

What did the court decide?

State Bank of India v. Talwar Auto Garages Private Limited

Case brief

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