Allowed

Union Bank of India v. M/S. R.K. Distributors

DRT22 Aug 2023OA/58/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's Original Application for recovery of secured dues. The court held that the bank established its claim via mortgage and guarantee deeds held by the defendants and directed recovery from both mortgaged property and defendant assets.

What did the court decide?

Joint and several liability to pay Rs.21,65,103.93 with future interest; proceed against mortgaged property and other properties; entitled to costs.

Union Bank of India versus M/S. R.K. Distributors — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 22ND DAY OF AUGUST'2023

¶2

PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

¶3

OA.No.58 of 2023

¶4

Between :

¶5

Union Bank of I nd ia, Warangal branch, Warangal, Telangana State. Represented by its Manager And principal officer

¶6

Applicant

¶7

VERSUS

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M/s. R.K. Distributors, Prop: Smt Sharmila Siva, Unit:H.No.,16-04-06, Near fort petrol pump, Fort road, Warangal - 500 602.

¶9

Also at

¶10

H.No.9-10-157, Viswakarma street, Girmajipet, Warangal - 500 602.

¶11

Smt Sharmila Siva, Proprietor of M/s. R.K. Distributors, w/o Sri Sivva Revanth Kumar, H.No.9-10-157, Vishwakarma street, Girmajipet, Warangal - 500 602.

¶12

¶13

5nSri S ri vva Ramesh Kumar, . 11i1. , ;:ii .; ri. .- '..1,.
S/o Sri Sudershan, major, " ii .,
*r,
H.No.9-10-157, Vishwjkarma st1tseet,
Girmajipet, Warangal - 500 6fi2. ; i
- t-"-' d'
,i:, '1.-i'- .i,. 22AtB2on ,r t..::
.^ - -*r <i -:.4 -tc
Was#

¶14

(OA.No.s8/2023)

¶15

Mr. Sivva Revanth Kumar, s/o Sri Sivva Ramesh Kuma r, major, occ: business, H.No,.9-10-157, Vishwaka rma street Girmajipet, Warangal - 500 602. Defendants

¶16

Counsel for the Parties: For the Applicant Sri P. Balaji For the Defendants Expa rte

¶17

ORDER

¶18

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.21,55,103.93ps (Rupees Twenty One Lakhs Sixty Five thousand One hundred three and paise ninety three only) with future interest @ 72.25o/o p.a with monthly rests from date of filing of application till realization and in default for sale oF mortgaged immovable property as described in the schedule to OA.

¶19

(oA.No.s8/2023)

¶20

alienate hypothecated^{goods,interest agreement dated 24.07.2018,} Ad 02 A dated 24.07.2018^{and guarantee deed by defendants3 & 4'} The loan sanctioned to defendants^{was securedby creatingmortgage} charge by deposit of title^{deeds of schedulepropertyon 20'07'2018'} After availing the^{loan facility, the defendants failed to complythe} terms of sanction,^{hence the applicantbank was constrainedto} classify the account as^{NPA and issueddemand notice dated} lO.O7.2021. Inspite of^{severalrequestsand demands, the defendants} did not clear the outstanding.^{Hencethis OA,}

¶21

Defendants were called^{absent and set exparte on 24'07} '2023'

¶22

Shri G. Srinivas,^{Chief Manager of the Applicant Bank examined} himself as AW.1 and^{exhibited relevantdocuments, which are marked} as Ex.A.l to A.12.

¶23

Heard the Ld. Counsel^{for the ApplicantBank'}

¶24

The point that arise^{for consideration is whether the Applicant Bank is} entitled for the claim^{madein the oA againstthe Defendantsas} prayed for?

¶25

The defendants the case of the Applicant Bank^: 2 2^[tl8&r[J

¶26

(oA.No.s8/2023)

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Ex.A1 to A.12. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim^{made in} the OA with future interest and costs.

¶28

R In the result, the^present OA is allowed with costs,^{as under:}

¶29

The Defendants are^jointly and severally liable to^pay to the^Applicant Bank a total Rs.21,65,103,93ps^(Rupees Twenty One^Lakhs Sixty Five thousand One hundred three and^{paise ninety three} onty) with future interest @^12.250lo P.a^{from date of filing of} application till the date of realization.

¶30

i) The Applicant bank is entitled to^proceed against the^mortgaged property as described in the schedule to OA towards realization^of its dues.

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ii) the Applicant Bank is also entitled to^{proceedagainst the personand} properties of defendants No,2 to 4 and^properties of defendant^no.1 firm towards realization of the debt due.

¶32

rii) The Applicant Bank is entitled to the costs of^{the OA.}

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iv) The Applicant shall file a cost memo^{within two weeks from the date} of receipt of order.

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.}
'I
4
'_i

¶35

(OA.No.s8/2023)

¶36

Issue Recovery certificate accordingly.

¶37

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 22nd day of Au9, 2023)

sd/-

(G. GOPTCHAND)

PRESIDING OFFICER

*:m.1',,

Union Bank of India v. M/S. R.K. Distributors

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S. R.K. Distributors

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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