The Debts Recovery Tribunal allowed a shareholder application filed by Karur Vysya Bank for recovery of a loan of Rs. 7.55 crores from M/s. Atop Copper Wires and its partners, who failed to repay despite auction of mortgaged assets.
Recovery of Rs. 7.55 crores with interest; proceed against hypothecated and personal properties; issue recovery certificate.
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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD
DATED THIS THE 22NO DAY OF JUNE'2023
PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER
OA.No.66 oJ 2OZ3
Between:
The Karur Vysya Bank Limited, Asset Recovery Management Bra nch, D.nO.5-B-356 to 362, 3.d floor, Chirag Ali Lane, Abids, Hyderabad - 500 OO1. Represented by its Chief Manager
Applicant
VERSUS
.7'. nll flefEfrQants are at:
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ik S.Nor223, narhplrry vilase,
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(oA.No.66/2023)
Malkajgiri distict - 501 301.
Also at:
Plot no.37C/FF, phase-5, IDA, Cherlapally, Medchal, Malkajgiri District - 501 301.
Also at
D.No. 1-B-50/3 / tO& 11 /8, plot no.43, 5at vatika, pG road, street no.11, Sindhi colony, Secunderabaa _ SbO OOS.
Also at
H.no.2-3-450, flat no.303, B_block, S.ri Sai residency, Gayadeen bagh, MG road, Nallagutta, Secunderabad - 5OO OO3. Defendants
Counsel for the pa rties:
For the Applicant : Sri Lanka Jagannadham For the Defendants : Exparte
ORDER
1' The Apprcant Bank fired the present oA against Defendants for recovery of a total sum of Rs,7,55,11,133.06ps (Rupees Seven Crores :1. - ' Fifty .. Five Lakhs Eleven thousand One hundred thirty .l'"ffiF: :'..':.,f^a$1,,T'9" qll ,T,""six only) with subsequenr interest @ 16.1 5olop.aSolop.a ffi u"{$ate of qpSrication tirr rearization and in defaurt for sare of * '! 2 2iill! 2ffi3 l ',.r$ I ' . \ Lriw,e$ii$/-io ^ti' "$:"r '",,fr;Uill#
(oA.No.66/2023)
mortgaged property and hypothecated assets as described in the schedules to OA.
2' As per the averments in the apprication, the Appricant Bank states that the defendant No.1 is a partnership firm represented by its partners defendants No'2 & 3 avaired occ fresh of Rs.200.00 rakhs and ILC Fresh of Rs'200'00 rakhs totaring a sum of Rs.4.00 crores vide arrangement letter dated 31.03.2015. On 22.06.2015 the defendants executed demand promissory note for Rs.200.00 lakhs, ILC_1 Agreement of hypothecation of book debts , Fx-72- Agreement for hypothecation of goods received under letter of credit etc. Defendants No'2 & 3 deposited originar titre deeds with Appricant bank with an intention to create charge over the property for repayment of loan. Defendant no.2 deposited application schedule properties original title deed document bearing Regd No.2595 oF 2015 dated 21.005.2015 with an intention to create charge over property for repayment of loan taken by defendant no.1. After availing the loan facirities, the defendants faired to compry the terms of sanction, hence the applicant bank was constrained to classify the account as Nf,,4...-e3;r o4.2or} and issued demand notice dated 25.04.2018. J'1,- I n rr Proceeolngs ,i'dt,^ , .-,,'{%!r"ApDiigplntoant'" '' *: '+-, .initiatedSARFAESI proceedings and auctioned the i * mftftgaged ffoferty and adjusted the sare proceeds of Rs.64.00 rakhs * :!t 2 2Jtlr 2m a .r $' ) .')
(OA.No.66/2023)
to the defendants loan account on 06,03.2019. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.
entitled for the claim made in the OA against the Defendants as
prayed for?
.-r1';' ia; , ^-t, .
interest and costs.
'6r. ffi(s
# In the
*
OA is allowed with costs, as under:
22 iult
4
(OA.No.6Gl2023)
(Dictated court )ed by )une,2023)her, corrected, signed and pronounced by me in the open
/g s \h. IRUE COPY sd/-
dP &$
* (G. GOPTCHAND)
;; ?tr? ? PRESIDING OFFICER
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5
oU16P:
1 issue framed by the court
Whether the Applicant Bank is entitled to the claim made in the OA against the Defendants?
The Karur Vysya Bank Limited
M/s. Atop Copper Wires
Jain Hitesh Ramesh Kumar
Jatin Ramesh Jain
Gummadagopichand
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
