Allowed

Indian Bank v. Renar Enterprises

DRT19 Oct 2023OA/67/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application for recovery of outstanding loan amounts, including principal, future interest, and costs, along with authority to enforce security and recover dues from person and properties.

What did the court decide?

Defendant liable to pay Rs. 49,01,018/- with future interest; bank entitled to proceed against hypothecated vehicle, person, and properties for realization; costs awarded.

Indian Bank versus Renar Enterprises — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 19th DAY OF OCTOBER, 2023

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PRESENT: SH. MMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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Original Application No: 67 OF 2023

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Indian Bank, Srinagar Colony Branch, Hyderabad. Rep. by its Chief Manager. Versus

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.....Applicant.

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M/s. Renar Enterprises, Rep. by its^proprietor , N. R. Renu Sree D/o. Rudra Babu, Aged: 34^years, H. No. 23611,^plot No. 18, R.K. Nagar, Anandbagh, Malkajgiri, Hyderabad-500047 .Defendant

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Counsel for the Applicant : Mr. B. Damodar Reddy Defendants : Exparte

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:: ORDER:;

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The Applicant Bank filed the present OA for the recovery a total sum of Rs. 49,O1,O18/- i.e. a sum of Rs. 36,86,508/-, Rs. 56,529/-, Rs. 4,48,O071- and Rs,7,O9,9L4/- under Term Loan, OD Loan, FITL and Ind-GECLS-COVID from the defendant with AY**

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oa.No,5712023

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future interest thereon @ 8.55o/o @ l2.2Oo/o, @ 7.85yo and @ 9.25o/o p.a. respectively monthly rests from 30.11.2022 ti the date of realisation along with costs and in default for sale of OA hypothecated vehicle.

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The Defendant was set exparte on 06.O7 -2023 as called absent and no representation.

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The Applicant Bank examined l4opuri Subba Rao, Service, as AW-1 and marked 25 documents through him as Ex. A.1 to Ex. A^.)q

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Ld. Counsel for the Applicant Bank reported orders may be passed on merits. Perused the material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA hypothecation vehicle?

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As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A. 25 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.6712023 is allowed as under: -

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i) The Defendant is liable to pay to the Applicant Bank a sum of Rs.49,O1,O1g/- i.e. a sum of Rs. 36,86,508/-, Rs. 56,529/-, Rs.

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oa.No.6z2023

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4,4a,OO7/_ and Rs. 7,O9,g74/- under Term Loan, OD Loan, FITL and Ind-GECLS_COVID from the defendant with future interest @ 7.85o/o simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecation of vehicle described in the schedule annexed to the OA and the applicant bank is entiued to proceed against the same realise its debt;

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iii) the applicant bank is also entiued to proceed against the person and properties of defendant for realization of its dues;

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iv) the applicant bank is entiHed for the costs.

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The Applicant Bank is directed to flle Cost Memo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certificate accordingly,

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Cofimlnicate a copy of this order to the parties concerned. lucrared to the steno/ corrected, signed .nd pronounc;d by me in the op"n iou.t on this the 19'day of october,2023).

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H6,, MESHWAR KOTHE) PRESIDING OFFICER

Indian Bank v. Renar Enterprises

Case brief

What is this about?

What did the court decide?

Indian Bank v. Renar Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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