Allowed

State Bank of India v. M/S . Pranavi Agencies

DRT6 Dec 2023OA/70/2022

Case brief

AI extract

What is this about?

In this Debts Recovery Tribunal order, the applicant bank sought recovery of accrued loan dues totaling approximately Rs. 67.68 lakhs along with interest. The tribunal examined the application and written statements, finding the defendant liable. The court allowed the application, holding the defendant liable for the principal amount, interest, and costs, and authorized proceedings against both th

What did the court decide?

Defendant directed to pay Rs.67,68,135/- with interest @ 21.05% p.a. Bank entitled to proceed against mortgaged property and defendant's personal assets.

State Bank of India versus M/S . Pranavi Agencies — Money Laundering | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 6TH DAY OF DECEMBER, 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.7O of 2022

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Between:

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, rSRTC Commuter Amenity Centre, Bus Terminal Complex, Koti, Hyderabad - 95. Represented by its chief Manager

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Applicant

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VERSUS

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M/s. Pranavi Agencies, Represented by its Proprietor, Sr! CholletiShyamsundara Chary, s/o Bala Brahma Chary, H.No.6-1-64918, 1s' floor, Gayathri complex, Clock tower, Beside SBI, Ramagiri road, Nalgonda - 508 001. TS.

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Defenda nt

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Counsel for the Parties:

For the Applicant

Sri C. Prabhakar

For the Defendant

Sri A. Pavan Kumar Yadav

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(OA.No.70/202))

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ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.67,68,135/- (Rupees Sixty Seven Lakhs Sixty eight Thousand One hundred and Thirty five only) with further interest @ 21.05o/o p.a with monthly rests from date of application till the date of realization and in default for sale of mortgaged property as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that the defendant is a proprietary concern represented by its Proprietor Sri cholletishya mSu nda ra chary availed cash credit loan of Rs.6.00 lakhs for running its business vide retter of arrangement dated 01'10'2014. To secure due repayment of aforesaid cash credit loan of Rs.6.00 lakhs, the defendant executed agreement of loan cum hypothecation dated 01.10.2014. The defendant created equitabre mortgage on 29.09.2014 by way of deposit of sale deed No.3480/2003 dated 21,.06.2003 in respect of OA schedule property. The said cash credit facirity was enhanced to Rs.24.00 rakhs through letter of arrangement dated 27.7.20t5 and executed supplemental agreement of loan cum hypothecation dated 29.O7.2015.

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rt is submittea of peticani\k that rhe Defendant has availed the said teat'/ f/^t::: €ara facilities -- afr4 .ppif"a -,4'..i\ to keep up the

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(OA. No.70l202 2 )

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repayment schedule, as such the account was classified as NPA and issued letal notice dated 23.02.2022. Inspite of demands made by Applicant the defendant did not regularize the account, The total claim of Applicant against defendant isRs.67,68,135/- (Rupees Sixty Seven Lakhs Sixty eight Thousand One hundred and Thirty five only) with further interest @ 21.05o/o p.a with monthly rests from date of applicationtill realization. Hence the OA,

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The Defendant filed written statement. The defendant denied about mortgage by deposit of title deeds to create charge over the properties. It is submitted that the Applicant bank took signatures of defendant on unfilled bunch of documents. It is further submitted that the defendant was regular in paying the loan but due to financial troubles, could not repay the amount. Hence prayed for dismissal of OA.

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The Applicant Bank in support of its claim, filed evidence affidavit duly sworn in by SriK. Govind Raju, Manager as AW.1 and through hinr marked 20 documents as Ex.A.1 to A,20. As against this, the defendant did not choose to adduce any evidence on his behalf in support of his contentions and also did not choose to cross examine the AW.I to -.^{- :::: l:}

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conlrovert the Chief Evidence.'

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(oA.No.7012022)

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Heard Applicant side arguments. No arguments submitted by defendant.

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I have perused the documents placed on record,

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Now, the points that arise for consideration are:

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i) Whether the Applicant Bank has proved its claim as made in OA aga inst the defendant ?

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ii) To what relief ?

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Point No.i)r

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As per the documents filed by the Applicant Bank and also as per the admissions made by the defendant in the Written statement, it is very clear that the defendant has availed cash credit limits from the Applicant Bank, but failed to repay the amount. All the amounts paid by the defendant are clearly mentioned in the statement of account filed by Applicant Bank. The defendant has not placed any material documents to show his bonafides for establishing the contentions.

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AW.1 is not cross examined by the counsel for defendant. The defendant has not come forward to give evidence to substantiatc that the liability is less amount mentioned in the OA and no that he has not availed

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(oA.No.701202 2 )

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coupled with recitals Ex.A.1 to A.20 stood unchallenged and unrebutted. The Applicant bank clearly established that the defendant is liable to pay the OA amount to the Applicant bank.

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Point No,ii)

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B. in the result, the present Original application is allowed with costs as u nd er:

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i) The Defendant is liable to Applicant Bank a total sunr Rs.67,68,135/- (Rupees Sixty Seven Lakhs Sixty eight Thousand One hundred and Thirty five only) with further interest @ 21.05o/o p.a from date of applicationtill the date of rea lization .

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ii) The Applicant Bank is entitled to proceed against the mortgaged schedule property towards realization of the debt due.

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iri ) the Applicant Bank is also entitled to proceed against the person and properties of defendant towards realization of the debt due.

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

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(OA.No.70/2022)

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9. Issue Recovery certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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(Dictatcd to the P.A., transcribed by her, corrected, sagned and pronounced by me in the open court on this the 6th day of Dec, 2023)

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sd^lr- (G. GOP TcHAND) PRESIDING OFFICER

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¶49

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¶50

DRT.I, IlYDERABAD.

State Bank of India v. M/S . Pranavi Agencies

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S . Pranavi Agencies

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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