Allowed

State Bank of India v. M/S Goura Plastics

DRT11 May 2023TA/4/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's Transfer Application TA.4/2022. The court ruled the respondents are jointly and severally liable to pay the principal sums of Rs.21,26,000/- along with interest and costs, based on the evidence placed by the bank in the ex-parte proceedings.

What did the court decide?

Respondents directed to pay Rs.21,26,00/- with interest; bank directed to proceed against assets and properties; Recovery Certificate issued.

State Bank of India versus M/S Goura Plastics — Money Laundering | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT^HYDERABAD DATED THIS THE 11IH DAY OF MAY, 2023 PRESENT: SH. RAMESHWAR KOTHE, B.Com, L.LB.^{(Hons.), M.A.} PRESIDING OFFICER

¶2

TA. NO. 4 0F 2022

¶3

State Bank of India (Erstwhile S.B.H,) SMECC Branch Door No. 5-9-22 Sa rova r Complex Secretariat Road Saifabad, Hyderabad-500 063 Rep. by its Chief Manager.

¶4

....Applica nt.

¶5

Versus

¶6

M/s. Goura Plastics A Prop. Concern, Rep it's Prop. Goura Nageshwar Rao Plot No. 753, Rami Reddy Nagar Near Phase-V, leedimetla Ranga Reddy District-500 055.

¶7

Sri Goura Nageshwar Rao Aged: Major, Occ: Business Plot No. 753, Rami Reddy Nagar Near Phase-V, leedimetla Ranga Reddy District-Soo 055.

¶8

.....Defendants.

¶9

Counsel for the Applicant : Ms. S. Indira Devi. Defendants : Exparte.

rA.4l2O22

:: ORDER^::

The Applicant^{Bank filed the present OA filed before DRT-1'} subsequently^{transferredto this Tribunaland numberedas} fA.4/2022 for the^{recovery of asum of Rs'21,26,000/- i'e''} Rs.16,60,000/-^{towards Cash Credit A/c No'62322059L4t'} Rs.1,11,000/-^{towards Term Loan-I A/c No'39339572646and} Rs.3,55,000/-^{towardsTerm Loan-II A/c No'39485305489} jointly and severally from defendants^{with future interest} @8.05o/o^{p.a. with monthly rests, from 03'02'2022till the date} ofrealisationalongwithcostsandsaleofoAscheduleaSsets.

¶14

The summons of defendants^{returned unclaimed,hence} deemed to be^{served'The defendantswere set exparteon} LB.OB.2022 as^{called absentand no representation'}

¶15

The^{Applicant Bank examined K'S' Vinay Kumar'Manager as} AW-1 and^{marked 17 documentsthrough him as Ex' A'1 to Ex'} A.17.

¶16

4,HeardtheLd.CounselfortheApplicantBankandperusedthe material Placed^{on record'}

¶17

The^point that^{arises for consideration is:-}

¶18

Whether the^{Applicant Bank is entitled} for the claim^{made in the TA against} the Defendants^{and TA schedule} assets as PraYed^for?

¶19

As stated^{suPra, the Defendants} remained ex-Parte'^The recita ls in^{the documents} Evidence^{Affidavit coupledwith the}

¶20

TA.4l2O22

¶21

viz., Exs. A.1 to A.17 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are^jointly and severally liable to pay to the Applicant Bank the their respective claim made in the TA with future interest and costs.

¶22

In the result, the present Transfer Application No. 4/2022 is allowed as under: -

¶23

i) the Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.21,26,000/- i.e., Rs.16,60,000/- towards Cash Credit A/c No.62322059 14 1, Rs. 1, 1 1,000/- towards Term Loan-I A/c No.39339572646 and Rs.3,55,000/- towards Term Loan-II A/c No. 39485305489 along with interest @8.05o/o^p.a. simple from the date of application till the date of realization;

¶24

ii) the TA claim is secured by way of hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entitled to^proceed against the same to realise its dues;

¶25

ii) The Applicant Bank is also entitled to^proceed against the person and^properties of defendants for realization of its dues; and

¶26

iii) The Applicant Bank is entitled for the costs. frw

¶27

rA.4|ZO2Z

¶28

¶29

B. The Applicant Bank is directed to file Cost Memo within 2^weeks from the date of receipt of this order,

¶30

Issue Recovery Certificate accordingly.

¶31

Communicate a copy of this order to the^parties concerned. (Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 11th day of May, 2023).

¶32

i{.* MESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. M/S Goura Plastics

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S Goura Plastics

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Icici Bank Limited versus Shailfali Verma

Icici Bank Limited versus Rebecce Chettri

B S Chauhan and Ors. versus Indian Bank

Indian Overseas Bank versus Ms Milchen Foods Private Limited

Punjab National Bank versus G Prasad

Ms Shree Ganesh Packaging Industries versus Punjab National Bank