Allowed

Indian Bank v. M/S. Varsha Logistics

DRT15 Dec 2023OA/41/2023

Case brief

AI extract

What is this about?

In an original application dated 15.12.2023, the Debts Recovery Tribunal allowed the applicant bank's claim for recovery of dues, including principal and interest on term loans and FITL accounts against the defendant.

What did the court decide?

The OA was allowed with costs; the applicant bank was entitled to recover the claimed sum with interest, proceed against the hypothecated vehicle and assets, and issue a recovery certificate.

Indian Bank versus M/S. Varsha Logistics — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD DATED THIS THE 15TH DAY OF DECEMBER'2023

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PRESENT: sRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.4t of 2023

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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. Varsha Logistics, ff H,'""iffi : L lii:i, " Pro p ri eto r, i!i"ll;,.1^{r_ltr?H,;'#, J i,f.1} :', Near Water Tank, iryderaoao _ lbO oro.

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Defendant

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Counsel for the parties:

For the Applicant

Smt P. Revathi

For the Defendant

Exparte

ORDER

The Applicant

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present OA against Defendant for ,60,572/- (Rupees Eighty Two and Seventy two only) i.e., 15DEC7tlzt : ; qb,---BY

recovery

Lakhs

(oA.No.41l2023)

a sum of Rs.76,85,241.55ps in respect of term loan with subsequent interest @ 15,50% p.a and a sum of Rs.5,75,330.45ps in respect of FITL account with subsequent interest @ 10.10olo p.awith monthly rests from 03'01'2023 ti, the date of rearization and in default for sale of hypothecated vehicle as described in the schedule to OA.

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2' As per the averments in the application, the Applicant Bank states that for economic development and job creation for SCs and STs, the Hon'bre^prime Minister of lrrdia raunched a scheme in the name and styre of "stanci up India" roan and bank guarantee to members of DICCI pertaining to tenders of Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan petroleum Corporation. The defendant availed .,Indhanavahana,, term loan of Rs.61,95,190/, bank guarantee of Rs,7,50,000/ and clean oD of Rs.2.00 lakhs on 19.11.201g. The defendant executed der disposat proceeds te*er, asreem"nt or nvpotl".: j" ;:;"J::; etc. The defendant executed the documents and hypothecated the vehicle purchased by way of agreement of hypoth".u,,on o, movables more fully described in the schedult the toan facitities, rhe defendant faited ,"':;;; ;H, sanction' hence the aooticant,p$,,;#.frtl:,*ined ro crassify the": qJ ,yrA ano rssuefll_pt1 noticei, Oatetf of several reguests anc^:l '^ofTnol ihglq"gFtfu not clear the outstanding. Hence this OAtl:,.

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(oA.No.41l2023)

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Defendant called absent and set exparte on 07.06.2023.

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Sri Nakkala Suresh^yadav, BranchManager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.28.

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Heard the Ld. Counsel for the Applicant Bank.

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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 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 relevant documents as Ex.Al to A,2g, In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendant and hence the Applicant Bank is entitred 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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The the Applicant Bank a total sum of Two Lakhs Sixty thousand

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6nfft^snnentie only) i.€., a sum of

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(OA.No.a1l2023)

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Rs.76,85,241.55ps in respect of term roan with subsequent interest @ 15,50o/o p.a and a sum of Rs.5,75,330.45ps in respect of FITL account with subsequent interest @ 10.10o/o p.afrom 03.01.2023 till the date of realization;

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The Appricant Bank is entitred to proceed against the hypothecated movabre vehicre as described in the schedure to oA towards realization of the debt due.

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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 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 ' transcribed by her, corrected, signed and pronounced by me in the open court on this the 15th day of Dec, 2023)

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(G. GOPTCHAND) PRESIDING OFFICER

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Indian Bank v. M/S. Varsha Logistics

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/S. Varsha Logistics

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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