Allowed

State Bank of India v. M/S. Raksha Ginning and Pressing Factory

DRT23 Aug 2023OA/45/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an Original Application filed by State Bank of India against firm partners and guarantors for recovery of loans and interest. The bank established its case via evidence, and the tribunal held the defendants jointly and severally liable for the total outstanding amount along with interest. Permission was granted to proceed against hypothecated and mortgaged propertie

What did the court decide?

Defendants jointly and severally liable to pay total sum of Rs.5,80,66,514 with interest; applicant entitled to proceed against mortgaged and hypothecated properties.

State Bank of India versus M/S. Raksha Ginning and Pressing Factory — Money Laundering | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 23RD DAY OF AUGUST' 2023

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER OA.No.45 of 2O23

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Between:

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State Bank of India, 1t:"! l":"r1v^{Management Branch(SARB_2),} 1-8-563/1, RTC cross roads, Opp Sandhya theatre, 1.t floor, Chikkadpally, Hyderabad - 5OO O2O. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. Raksha Ginning & pressing Factory, A partnersh ip firm, Represented by its managing partner, 3- 7 -264/ LB, Rampur road, Adilabad - 504 001.

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Sri P. Ganesh Kumar, s/o D.^padigelwar, aged 45 years, male, H.no.5-1-34, Vasavi Nilayam, Rani Sathiji road, Adilabad _ 504 001.

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Sri A. Akshay, S/o Sachin Kumar, Aged 27 years, male, H.no.5-1-34, Vasavi Nilayam, Rani Sathiji road, Adilabad _ 504 001.

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Sri. P. Sachin Kumar, s/o Sri P. Dattatri, aged 53 male, H.no.5-1-34, Vasavi Rani Sathiji road, Adilabad

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da nts

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(oA.No.4sl2023)

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Counsel for the pa rties:

For the Applicant

For the Defendants

Sri C. Prabhakar

Expa rte

ORDER

The Applicant Bank filed the present OA against Defendants No.1 to4 for recovery of a total sum of Rs,5,g0,66,514/_ (Rupees Five Crores Eighty Lakhs Sixty six thousand Five hundred and fourteen only) i.e.,

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a) a sum of Rs.3,79,35,516/_ under loan account No.62484190270 with further interest @ Uo/o p.a with monthly rests from date of firing of apprication tiil date of rearization ;

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b) a sum of Rs.71,BB,B31/_ under loan account No.62474722924 with further interest @ 11.20olo p.a with monthly rests from date of filing of application till date of realizaUon ;

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c) a sum of Rs.53,80,351/_ under loan account No.393634g7978 with further interest @ 9.25olo p.a with monthly rests from date of filing of application till date of realization ;

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d) a sum of Rs.17,16,899/_ under loan account No.39268790g67 with further interest @*!1!5"/o p.a with monthly rests from date of filing of a realization; 6ao t&E {-b 23 AU8

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(oA.No.4sl2023)

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e) a sum of Rs.S,54,972/_ under loan account No.3961023g364 with further interest @ !7o/o p.a with monthly rests from date of filing of applicaUon till date of realization ;

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a sum of Rs.8,03,357l- under loan account No.40249946569 with further interest @ 17 o/o p.a with monthly rests from date of filing of application till date of realization ;

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s) a sum of Rs.11,93,625/_ under loan account No.40249946036 with further interest @ 9.85o/o p.a with monthly rests from date of filing of application till date of realization ;

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h) a sum of Rs.6,46,453/- under loan account No.40149947074 with further interest @ 9.25olo p.a with monthly rests from date of filing of application till date of realization ;

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i) a sum of Rs.26,46,510/_ under loan account No.4O3B16O1B27 with further interest @ 9.25olo p.a with monthly rests from date of filing of application till date of realization ;

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and in default for sale of hypothecated and mortgaged immovable properties as described in the schedules ,,I to VIII,, to OA.

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As per the averments in the application, the Applicant Bank states that

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the defendant No.1 is a by defendants no.2 &

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-^. i rL,.\

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3 under the name a of 'W/s. Ra Ginning and pressing

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i; ** zltt,s?m T# %#,*o

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(oA.No.as12023)

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Factory" vide partnership deed dated 11.02.2016 for carrying on business. Defendant no.1 is principar borrower and defendants 2 to 4 stood as guarantors and defendants 1 to 4 are mortgagors. The defendants availed cash credit o Rs.1,50,00,000/_ and term loan_1 of rs.1,80,00,000/- aggregating to Rs.3,30,oo,OoO/- vide arrangement letter dated 2LOZ.2016. To secure due repayment of aforesaid loan facilities, the defendant no.1 firm executed agreement of loan cum hypothecation dated 21.07.02016. Defendants 2 to 4 jointly executed guarantee agreement dated 2r.07.2016. Defendant no.1 firm hypothecated all its movabre assets more fully described under oA schedule property-I. Defendants 2 & 4 created equitable mortgage on 19.07.2016 by way of deposit of will dated 17.08.1999 and partition deed no.5563/2OtO dated 26.08.2010. Defendant no.2 created equitable mortgage on 19.07.2016 by way of deposit of sale deed no.3390/2012 dated 04.05.2012 in respect of OA schedule property III and IV. Defendants 2 & 4 joinUy created equitable mortgage in respect of schedule property V. Defendants 2 & 3 jointly executed memorandum of deposit of title deeds in respect of OA schedule properties II to V. To secure due repayment, defendant no.1 created equitable mortgage on 06.04.2018 way of deposit of sale deed in '..^: respect of schedule property.iW. '- .:':"! ',., i no.4 created equitable mortgage on 04.10.2015 in resribat oF OA ule property-VII and .r *ti 71 4 --..ⁱ

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(oA.No.4sl2023)

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VIII' After availing the roan facirity, the defendants faired to compry the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA and issued regar notice dated 23.11.2022. Inspite of severar requests and demands, the defendants did not crear the outstanding. Hence this OA.

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Defendants were called absent and set exparte on 13,06.2023.

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Shri R. Venkateshwar Rao, Deputy Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.51.

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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 entitled for the claim made in the OA against the Defendants as prayed for?

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7' The defendants were cared absent and set exparte. To substantiate the case of the Applicant Bank, AW.1 who is the official of the Appricant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.S1. In view of the above, I hold that the Applicant Bank has established th<tir clai\pAfiin_tle oA against the Defendants and hence rhe Aooticarf,fi4-fJ#ffegr"gcover the ctaim made in the oA with future ,"fe, ano c&.t!. B \ .i i: * zJxu6zm :.ii .-J rfr,x " "'.!i.;^{, .,.i} \4h", ..'a."r-.''-''r"-Nirl'Ei.''... ii -::i-

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(oA.No.4sl2023)

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

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The Defendants No.1 to 4 are joinUy and severally liable to pay to the Applicant Bank a total sum of Rs.5,80,66,514l_ (Rupees Five crores Eighty Lakhs Sixty six thousand Five hundred and fourteen only) i.e.,

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a) a sum of Rs.3,79,35,516/_ under loan account No.62484190270 with further interest @ l7o/o p.a from date of filing of application till date of realization ;

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b) a sum of Rs,71,BB,B31/_ under loan account No.62474722924 with further interest @ 11.20% p.a from date of filing of application till date of realization ;

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c) a sum of Rs.53,g0,351/_ under loan account No.39363487978 wlth further interest @ 9.25olo p.a from date of filing of application till date of realization ;

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d) a sum of Rs.17,16,899/_ under loan account No.39268790867 with further interest @ 9.650lo p.a from date of filing of application till date of realization .

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e) a sum of Rs.s,54,972/- under loan account No.39610238364 ,-,1'1e* with further inte tff$-$drom date of fitins of

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(oA.No.asl2023)

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f) a sum of Rs.8,03,357l- under loan account No.40249946569 with further interest @ l7o/o p.a from date of filing of application till date of realization ;

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S) a sum of Rs.ll,g3,625/_ under loan account No,40249946036 with further interest @ 9.85o/o p.a from date of filing of application till date of realization ;

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h) a sum of Rs.6,46,453/- under loan account No.4OI4gg47O74 with further interest @ 9.25olo p.a from date of filing of application till date of realization ;

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i) a sum of Rs.26,46,510/_ under loan account No.40381601827 with further interest @ 9.25% p.a from date of filing of application till date of realization ;

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The Appricant bank is entitred to proceed against the hypothecated and mortgaged properties as described in the schedules,,I to VIII,, to OA towards realization of its dues.

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the Appricant Bank is arso entitred to proceed against the person and properties of defendants No.2 to 4 and properties of defendant no,1 firm towards realization of the debt due.

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The Applicant Bank is entitled to the costs of the OA.

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The Applicant shall weeks from the date of

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receipt of order.

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Qn.!'-1: ,a .;,..
;.: -2,;

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(oA.No.asl2023)

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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 23d day of Aug, 2023)

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sd/-

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(G. GOPTCHAND) PRESIDING OFFICER

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2 3 Alji 2023

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'i'RuE coPY
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State Bank of India v. M/S. Raksha Ginning and Pressing Factory

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Raksha Ginning and Pressing Factory

Case brief

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What did the court decide?

What the court decided

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