The Debts Recovery Tribunal allowed the Original Application filed by Indian Overseas Bank for recovery of a term loan of Rs. 96.00 lakhs with interest and costs from the proprietors and the firm.
Defendants to jointly and severally pay Rs. 1,11,75,336.58 with interest @ 12.65% p.a.; Recovery certificate issued.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THEgTH DAY OF NOVEMBER' 2023
PRESENT: SRI GUMMADI GoPIcHAND, PREsIDING oFFIcER
OA.No.SS of 2022
Between:
Indian Overseas Bank, Adarshnagar branch, Situated at 5-9-305A, Paiga Plaza building, Adarshnagar, Hyderabad - 500 063. Represented by its Chief Manager
Applicant
VERSUS
Counsel for the Parties:
For the Applicant Srinivas
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(OA. No.55/2022)
ORDER
- As per the averments in the application, the Applicant Bank states that the defendant No.1 firm represented by its proprietor defendant no.2 availed term loan facility of Rs.96.00 lakhs on 28.02.2019. The defendants herein executed demand promissory note, letter of undertaking, term loan agreement dated 01.03.2019 and deed of hypothecation to secure term loan. 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 on 31.3.2020 and issued recall notice dated 06.05.2020. Inspite of several requests and demands, the defendants did not clear the outstandlng. Hence this OA.
(oA. No. ssl2022)
to A.9. Smt Lavanya Kumari Ipparti, Senior Manager of applicant bank examined herself as AW.2 and filed Ex.A.10.
entitled for the claim made in the OA against the Defendants as prayed for?
date of application
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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 9th day of Nov, 2023)
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PRESIDING OFFICER
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2 issues framed by the court
Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants as prayed for?
Whether the Defendants are jointly and severally liable to pay the claimed sum with interest.
Indian Overseas Bank, Adarshnagar branch
Ms. Star Industries
Mrs Ande Venkat Lakshmi
G. GOPICHAND
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
