Allowed

State Bank of India v. Msc Bikes

DRT16 Mar 2023OA/36/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by State Bank of India for recovery of outstanding dues, interest, and costs from the defendants, M/s. MSC Bikes and Smt. P. Lalitha Devi, who appeared ex-parte. The bank was directed to file a cost memo.

What did the court decide?

Defendants ordered to pay Rs. 47,31,971/- with interest and costs; recovery certificate issued; applicant to proceed against secured and other assets.

State Bank of India versus Msc Bikes — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 16IH DAY OF MARCH, 2023

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PRESENT: SH. RAMESHWAR KOTHE, B.Com, L.LB.^(Hons.), M.A. PRESIDING OFFICER

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oA. NO, 36 0F 2022

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State Bank of India SMECC, Patny Secunderabad Rep. by its Chief Manager. ....Applicant. Versus 1. M/s. MSC Bikes, # Plot No. C-81 ltt Floor, above Rave Dental Clinic Rukminpuri Colony, Kapra Secunderabad - Rep. by its Proprietress Smt. P. Lalitha Devi 2. Smt. P. Lalitha Devi, Proprietress M/s. MSC Bikes, Aged: Major Occ: Business, # Plot No. C-81 1't Floor, Above Rave Dental Clinic Rukminpuri Colony, Kapra Secunderabad. ...Defendants'

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Counsel for the Applicant : Mr. Arun Kumar Satyavolu. Defendants i Ex-parte.

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:: ORDER ::

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The Applicant Bank filed the^{present OA for the recovery of a} total sum of Rs.47,31,971/- i.e.,^{Rs.10,26,344l- towardsCash} Credit A/c No.38587040534, Rs.34,87,932/-^towardsTerm 7XWZ /' _/

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oa.35/2022

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Loan A/c No.38567252486, Rs.64,432/- towards FITL Covid.19 A/c No.39604247934 and Rs.98,871/- FrTL SBF A/c No.3978982-8959 from the Defendants joinUy and severalty with further interest @11.45Vo p.a. with monthly rests from the date of filing of the Application till the date of realisation along with costs, and for sale of OA schedule assets.

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The defendants served summons through paper publication.

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The defendants were set exparte on 30.08.2022 as called absent and no representation.

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The Applicant Bank examined O. lvuralidhar, Manager as AW_1 and marked 13, documents through him as Ex. A.1 to Ex. A.13.

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Heard the Ld. Counsel for the Applicant Bank and perused the material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is entiued for the claim made in the OA against the Defendants and OA schedule assets as prayed for?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.13 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs. 46.

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oA.t6l2022

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In the result, the present Original Application No.36/2Q22 allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.47,3L,97L/i.€., Rs.t0,26,344/- towards Cash Credit A/c No.38587040534, Rs.34,87,932l- towards Term Loan A/c No.38567252486, Rs.64,432l- towards FITL Covid.19 A/c No.39604247934 and Rs.9B,B71l- FITL SBF A/c No.39789828959 with future interests @11olo p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecation oF assets described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its dues;

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iii) the applicant bank is also entitled to proceed against the person and properties of the defendants for realization of its dues;

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iv) the applicant bank is entitled for the costs.

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B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certificate accordingly.

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Communicate a copy of this order to the^partles concerned. (Dictated to the steno., transcribed by him, corrected, signed and pronounced by me in the open court on this the 16th day of March, 2023).

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*}"6, (RAMESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. Msc Bikes

Case brief

What is this about?

What did the court decide?

State Bank of India v. Msc Bikes

Case brief

What is this about?

What did the court decide?

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