Allowed

Indian Bank v. Pulicheri Roja Rani Enterprises

DRT1 Dec 2023OA/411/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed O.A. No.411 of 2022 filed by Indian Bank claiming recovery of term loan, OD, FITL, and GECLS accounts from PulicheriRoja Rani Enterprises for default in repayment, directing payment of principal with subsequent interest and sale of hypothecated property.

What did the court decide?

Defendant to pay Rs.89,60,472.094 with subsequent interest; Applicant to proceed against hypothecated property and file cost memo.

Indian Bank versus Pulicheri Roja Rani Enterprises — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 1ST DAY OF DECEMBER'2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

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OA.No.411 ot 2022

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Between:

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Indian Bank, Himayathnagar branch, Hyderabad. Represented by its Manager And GPA holder

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Applicant

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VERSUS

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PulicheriRoja Rani Enterprises, Represented by its sole proprietor, PulicheriRoja Rani, female, D/o Sammaiah, aged about 41 years, Occ: business, R/o 20-477/1, Ekalavyanagar, Malkajgiri, Medchal.

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Defendant

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Counsel for the parties:

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For the Applicant

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For the Defendant

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Smt P. Revathi Exparte

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ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total 7,"{ ps (Rupees Eighty gf. Nine Lakhs Sixty nd Seventy two and * paise Ninety four ){ i.e.! IUTL 1n?1

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(oA.No.411 of 2022)

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a) A sum of Rs.77,57,756.963 ps in respect of term loan with subsequent interest @ 15.50o/o p.a with monthly rests from 14.It.2022 till the date of reatization;

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b) A sum of Rs.1,93,315.128ps in respect of OD Indhanvahana account with subsequent interest @ 10.10% p.a with monthly rests from t4.tL.2022 till the date of realization;

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c) A sum of Rs.6,09,45g.4ps in respect of FITL account with subsequent interest @ 10.10olo p.a with monthly rests from 74.It.2022 till the date of realization;

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d) A sum of Rs.3,99,941.603ps in respect of GECLS account with subsequent interest @ 10.10olo p.a with monthly rests from 14.Lt.2022 till the date of realization;

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and in default for sale of movable 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 availed term loan of Rs.61,95,190/, bank guarantee of Rs.7,50,000/ and clean OD of Rs.2.00 lakhs on 05'12'2018 under "IndhanVahana" facirity and executed various security documents. The defendant executed the above said documents and hypothecated the vehicle purchased by way of agreement of hypothecati To secure due repayment of above sai along with interest and charges, the defe ant e6equ__le,{ edgement of debt W*,#

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(OA.No.411 of 2022)

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cum security acknowledging the debt and executed letter of continuity' After avairing the roan facirities, the defendant faired to comply the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA and issued regar 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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Sri N. Suresh yadav, AssistantManager oF the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.29.

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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

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prayed for?

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7 ' Defendant cared 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.A1 to A.29. In view of the above, I hold tha nt Bank has established their claim made in the Applicant Bank is entitl future interest and i,., ,r+^{- '---'-'} 0 1 OEt trrs r'r(rllllmr de in the OA with ,rJi.!i a d,.. c, tJ Wrut'\W'

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(OA.No.411 of 2022)

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B. In the result, the present OA is allowed with costs, as under:

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The Defendant is liabre to pay to the Appricant Bank a total sum of Rs'89,60,472.o94ps (Rupees Eighty Nine Lakhs sixty thousand Four hundred Seventy two and paise Ninety four only) i.e.,

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a) A sum of Rs.77,57,756.g63 ps in respect of term roan with subsequent interest @ 15.50% p.a from L4.11.2022 til the date of realization;

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b) A sum of Rs.1,93,315.12gps in respect of OD IndhanVahana account with subsequent interest @ 10.10olo p.a from 74.LL.2022 till the date of realization;

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c) A sum of Rs.6,09,45g.4ps in respect of FITL account with subsequent interest @ 10.10o/o p. from 14.71.2022 till the date of realization;

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d) A sum of Rs.3,99,941.603ps in respect of GECLS account with subsequent interest @ 1O.1Oolo p.a from L4.LL.2022 till the date of realization;

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The Applicant Bank is entiued to proceed against the hypothecated movable property a ,#iY edule to OA.

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against the person "fifi,,"0 and .0".$.igp of the debt due.

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(oA.No.411 of 20221

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The Applicant Bank is entiiled 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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L4. 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 1't day of Dec, 2023)

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(G. GOPTCHAND)

PRESIDING OFFICER

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¶52

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Indian Bank v. Pulicheri Roja Rani Enterprises

Case brief

What is this about?

What did the court decide?

Indian Bank v. Pulicheri Roja Rani Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Parties & counsel

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