Allowed

Bank of Maharashtra v. M/S. Benex Industries

DRT14 Sept 2023OA/72/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal awarded ex-parte relief to Bank of Maharashtra, directing respondents to repay outstanding loans, interest, and allow recovery from hypothecated/mortgaged properties. Costs and recovery certificate issued.

What did the court decide?

Direct respondents to pay principal sums with interest and costs; permit proceedings against mortgaged and hypothecated properties; issue recovery certificate.

Bank of Maharashtra versus M/S. Benex Industries — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 14TH DAY OF SEPTEMBER'2023

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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OA.No.72 of 2OZg

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Between:

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Bank of Maharashtra, Kachiguda branch, H.No.3-2-843, Kulkarni Building, Veer Sawarkar Marg, Kachiguda, Hyderabad - 27. Telangana State.

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Applicant

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VERSUS

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M/s. Benex Industries,

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A pa rtnersh ip firm Represented by its pa rtners, Plot no.40 & 41, phase-IV, IDA cherlapally, Hyderabad - 501 301 Medchal, Malkajgiri district.

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ii. D.No.8-3-222/t/C, Madhura nagar,^yousufguda Main road, Hyderabad - 038.

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Shri Suresh Panchariya, s/o Sri Kishore Kamal^panchariya, aged major, occ: business, H.No.8-3-678 /42/E/ 6,7,8/ A, ftat no. 413, My home Apartments, Navodaya colony,^{yellareddyguda,} Hyderabad - 500 073.

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PA.No.72/20231

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Shri Yesdhuvardhan Dasari, S/o Sri Mallappa Dasari, Aged major, occ: business, H.No. 17-2-31 4/ I/ A/ I, ptot noi. 1, Kurmanguda, Saidabad, Hyderabad - 500 059. Defendants

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Counsel for the Parties: For the Applicant Sri Dishit Bhattacharjee For the Defendants Expa rte

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ORDER

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1' The Applicant Bank fired the present oA against Defendant for recovery of a total sum of Rs.3r97,gl,1O2l- (Rupees Three Crores Ninety seven Lakhs Eighty one thousand one hundred and two only) i.e., a sum of Rs.L,15,79,495/_ under cash credit with interest @ 14.90olo p.a with monthly rests; a sum of Rs.39,21,O76/_ with interest @ 11.25olo p.a with monthly rests and a sum of Rs.28,27,529/- with interest @ 14.900/o p.a with monthly rests; a sum of Rs.1,63,33,193/- under WCTL loan with interest @ 11.20olo p.a and a sum of Rs.51,19,809/- under FITL loan with interest @ 10.20olo p.a with monthry rests from 0g.01.2023 tiil the date of rearization and in default for sale..,:::Q,f,ttrypoinitat$..,Qpa rnortgaged properties as described in rhe sthedutes"iA and B. io OA.

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.--.^..-'-.-.J,.''

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(OA.No.72120231

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2' As per the averments in the apprication, the Appricant Bank states that the defendant No.1 is a partnership firm represented by defendant no.2 is a Managing partner and defendant no.3 is partner availed cash credit facility of Rs.2,50,00,000/_ against the hypothecation of charge on stock and book debts and equitabre mortgage of immovable properties belonging to defendant no.3 and personal guarantee of defendant no.2 & 3. Defendants 2 & 3 executed guarantee agreement on 27.09.2019. Defendant no.3 deposited their ti'e deeds with intention to create equitabre mortgage in respect of schedule of property on 20.09.2019. The defendants avaired ad-hoc facirity of Rs.25.00 rakhs on 27.04.2020. The defendants availed working capital term loan of Rs.40.00 lakhs on 26.06.2020. The defendants executed demand promissory note for a sum of Rs.250 lakhs on 27,Og.2}tg. To secure the loan facility extended to defendant no.1, the defendant no.3 deposited their tiUe deeds on 27.Og.2OIg. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the appricant bank was constrained to crassify the account as NpA dated 02.09.2018. Inspite of sevg,qaf requests and demands, the defendants did not clear the-b+rtst-!;ai*d. I.fen.e this OA.

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lOA.No.72/20231

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Defendants were called absent and set exparte on IO.07.2023.

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Shri Pravin Kumar Mahto, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which

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are marked as Ex.A.1 to A.40.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant Bank is

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entitled for the claim made in the OA against the Defendants as

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prayed for?

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The defendants were called absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.40. In view of the above, I hord that the Appricant Bank has estabrished their claim made in the OA against the Defendants and hence the Applicant Bank is entiued to recover the craim made in the oA with future interest and costs.

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B. In the result, the OA costs, as u nder:

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14SiP
.'tqj.:-'

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(OA,No.7212023)

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9' The Defendants are jointry and severaily riabre to pay to the Appricant Bank a total sum of Rs.3,97rgL,LO2/_ (Rupees Three Crores Ninety seven Lakhs Eighty one thousand one hundred and two only) i.e., a sum of Rs.1,15,79,495/_ under cash credit with interest @ 14.90o/o p.a; a sum of Rs.39,21,076/_ with interest @ 77.25o/o p.a ; a sum of Rs.28,27,529/- with interest @ 14.90o/o p.a; a sum of Rs.1,63,33,193/- under WCTL loan with interest @ 11.20% p.a and a sum of Rs.51,19,809/- under FITL loan with interest @ 70.2Oo/o p.a from 08.01.2023 till the date of realization;

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the Applicant bank is entiued to proceed against the hypothecated and mortgaged properties as described in the schedures,'A & B,, to oA towards realization of the debt due.

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the Applicant Bank is arso entitred to proceed against the person and properties of defendants no.2 & 3 and properties of defendant no.1 firm towards realization of the debt due.

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The Applicant Bank is entiiled to the costs of the OA.

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weeks from the date of

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(OA.No.72/20231

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Issue Recovery certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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(Dictated to the p.A., transcribed by-h er,. corrected, signed and pronounced by me in the open court on this the 14th day of Sept, 2023)

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sd/-

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(G. GOPTCHAND) PRESIDING OFFICER

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TTd,UE^C'OPY tg Cgi-j' ^tar.m^{r'i'/lfPiBAD'}

Bank of Maharashtra v. M/S. Benex Industries

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. M/S. Benex Industries

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

Parties & counsel

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