Allowed

Indian Bank v. M/S. Sri Guru Charan Enterprises

DRT28 Nov 2023OA/408/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application (OA) filed by Indian Bank against M/s. Sree Guru Charan Enterprises for recovery of a term loan and other facilities with interest and costs, finding the bank’s claim substantiated. The court issued a recovery certificate.

What did the court decide?

Defendant ordered to pay Rs. 46,86,426.73 with future interest at 17% p.a., proceed against hypothecated vehicle and properties, and issue recovery certificate.

Indian Bank versus M/S. Sri Guru Charan Enterprises — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 2STHDAY OF NOVEMBER'2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.408 ot 2OZ2

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Between:

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Indian Bank, Himayathnagar branch, Hyderabad. Represented by its Authorised officer

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Applicant

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VERSUS

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M/s. Sree Guru Charan Enterprises, Represented by its sole proprietor Sri VishaliGaddi, H.No. 1-B-162/1 W/o Ch. Rajkumar, 35 years, Chikkadpally, Near Veg market, Hyderabad - 500 020.

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Defendant

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Counsel for the Parties:

For the Applicant

SmtP. Revathi

For the Defendant

Exparte

ORDER

The Applicant Bank fiApplicant Bank fifi

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The Applicant Bank fiApplicant Bank fifi t OA against Defendant for recovery of a 73ps (Rupees Forty six Lakhs Eighty twenty six and e{ i ,grysvilP

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(oA.No.a08l2022)

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paiseseventy three only) with future interest @ l7o/o p.a with monthly rests from date of application till 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 application, the Applicant Bank states that the defendant availed term loan of Rs.30,97,595/-, Bank guarantee of Rs.4.00 lakhs, clean OD of Rs.1.OO lakh on 17.11.2018. The defendant executed demand promissory note, agreement of hypothecation, term loan agreement, declaration by sole proprietor, counter guarantee, agreement cum pledge letter, bank guarantee for security deposit, all dated 17.tl.2OLg. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued legal notice dated 10.09.2022. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 01.09.2023.

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Shri N. Suresh Yadav, Asst.Manager of the Applicant Bank examined himself as AW.1 and exhibited ,^which are marked as Ex.A.l to A.29. ..1t' :t ir: ii^.., (:'v:rt tl. 's?^, i!* Heard the Ld. counset for the nppricaiigankz the Ld. counset for the nppricaiigankz Ld. counset for the nppricaiigankz counset for the nppricaiigankz for the nppricaiigankz the nppricaiigankz nppricaiigankz^{B Nol/ Nol/} 'nn I (9-d &-*tn#

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Heard the Ld. counset for the nppricaiigankz the Ld. counset for the nppricaiigankz Ld. counset for the nppricaiigankz counset for the nppricaiigankz for the nppricaiigankz the nppricaiigankz nppricaiigankz^{B Nol/ Nol/} 'nn I

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(OA.No.a08l2022)

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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 Defendant as prayed for?

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Defendant 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 rerevant documents as Ex.A1 to A.29. In view of the above, I hord that the Appricant Bank has estabrished their claim made in the oA against the Defendant and hence the Appricant Bank is entifled to recover the craim 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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9' The Defendant is riabre to pay to the Appricant Bank a totar sum of Rs.46,86,426.73ps (Rupees Forty six Lakhs Eighty six thousand Four hundred twenty six and paise Seventy three only) with future interest @ t7o/o p.a from date of application till the date of realization ;

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The Applicant Bank is the hypothecated vehicle as described

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(oA. No.408/2022)

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

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t2. The Applicant Bank is entiUed to the costs of the OA.

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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 2Sthday of Nov, 2023)

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(c. GoPtCHAND)

PRESIDING OFFICER

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W.,#iaa

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Indian Bank v. M/S. Sri Guru Charan Enterprises

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/S. Sri Guru Charan Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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