Allowed

State Bank of India v. M/S . Aaradhya Hospitality Services

DRT6 Jul 2023OA/406/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by State Bank of India against Aaradhya Hospitality Services and Sri Dasharath for recovery of outstanding loan dues totaling Rs.34,41,985/- with interest and costs, granting the bank relief to proceed against hypothecated vehicles and properties.

What did the court decide?

Direct payment of Rs.34,41,985/- with interest; authorization to proceed against hypothecated vehicle and defendant properties; costs awarded.

State Bank of India versus M/S . Aaradhya Hospitality Services — Company and Corporate | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 6TH DAY OF JULY 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.4O6 OF 2022

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Between:

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State Bank of India, Stressed Assets Recovery Branch (SARB)-I 2nd floor, TSRTC complex, Koti, Hyderabad. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. Aaradhya Hospitality Services, Represented by its Proprietor, Sri Dasarath, major, male, 3-25/l/4, shop no,3, ground floor, Puppalaguda, Manikonda, Hyderabad - 500 089.

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Sri Dasharath, s/o Tharya, major, male, R/o H.No.6-26, Porlakunta thanda, Dorepally, Maddur mandal, Mahaboobnagar - 509 411.

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Defend a nts

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Counsel for the Parties:

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For the Applicant

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For the Defendants

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Sri P.V. Satyanarayana

Ex pa rte

&t'*

(oA.No.406/2022)

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.34r41,985/- (Rupees Thirty four Lakhs Forty One thousand Nine hundred and Eighty Five only) ie., a sum of L,04,744/- in respect of CC loan limit and a sum of Rs.33,37,247l- in respect of TL loan limit with interest @ 12.25o/o p.a with monthly rests from the date of application till the date of realization and in default for sale of hypothecated vehicle 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.2 is the Proprietor of 1st defendant who availed cash credit loan limit of Rs.1.00 lakh and term loan limit of Rs.31.50 lakhs respectively on 20.03.2021. The defendants 1 & 2 executed necessary security loan documents in favour of the bank by accepting the terms and conditions as stipulated in letter of arrangement dated 20.03.2021. To secure the repayment of outstanding liability, the defendants have executed agreement of loan cum hypothecation dated 20.03.2021 and also executed guarantee agreement dated 20.03.2021. To secure the repayment of outstanding liability, the defendants pu rchased vehicle bearing vehicle reg istration no.TSO7UL1"*06 thecation charge was 7W

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&,stq

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(OA.No.406/2022)

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registered in concerned RTO office vide agreement of loan cum hypothecation dated 20.03.2021. 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 daled 02.12.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants were called absent and set exparte on 13.06.2023.

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Sri Govinda Raju, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.7.

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Heard the Ld. Counsel for the Applicant Bank.

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6, 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 who is the official of the Applicant Bank was 1@ ed releva nt documents as /4"--- "B^-q

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Ex.A1 to A.7. In view o$llhe abow$, I hotd the Applicant Bank has established their clai#..fO,";OtV6 .s{"}t the Defendanrs and

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(oA.No.a06l2022)

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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 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 sum of Rs.34,41,98S/- (Rupees Thirty four Lakhs Forty One thousand Nine hundred and Eighty Five only) ie., a sum of 1,04,744/- in respect of CC loan limit and a sum of Rs.33,37,24U- in respect of TL loan limit with interest @ 12.25olo p.a from the date of application till the date of realization.

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i) The Applicant bank is entitled to proceed against the hypothecated vehicle as described in the schedule to oA towards realizauon of its dues.

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ii) the Applicant Bank is also entitled to proceed against the person and properties of defendants No.2 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 Applicant shall file a cost memo within two weeks from the date of receipt of order.

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(OA. No,406/2022 )

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10. Issue Recovery certificate accordingly.

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11, 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 5th day of luly, 2023)

sd/-

(G. GOPTCHAND)

PRESIDING OFFICER

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¶48

TRUE COPY
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State Bank of India v. M/S . Aaradhya Hospitality Services

Case brief

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State Bank of India v. M/S . Aaradhya Hospitality Services

Case brief

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