Allowed

Union Bank of India ( Formerly Andhra Bank) v. M/S. Mirror Advertising Agency

DRT21 Sept 2023TA/2/2022

Case brief

AI extract

What is this about?

DrT at Hyderabad allowed a debt recovery application filed by Union Bank of India against five. Defendants are jointly liable to pay for Rs 1.2Cr.

What did the court decide?

Defendants jointly and severally liable to pay Rs 1,20,37,000 with interest @ 13.45% p.a.; Applicant entitled to proceed against mortgaged and other properties; Recovery certificate issued.

Union Bank of India ( Formerly Andhra Bank) versus… — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 21ST DAY OF SEPTEMBER'2023

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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TA.No.2 of 2022

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Between:

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Union Bank of India, (formerly Andhra Bank), Branch office at Masab Tank, 70-3-316/2, Masab tank, Asif nagar, Hyderabad - 500 028. Represented by its authorised officer

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... Applicant

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VERSUS

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M/s. Mirror Advertising Agency, Represented by its Managing partner, Mr. Mohammed Hamed,

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H.No. 10-3-309/B, Masab tank, Asif nagar, Hyderabad - 5OO O2B.

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Mr. Mohammed Hamed, s/o Mohammed Salar, aged major, occ: pvt employee, male, H.No. 10-3-309/8,

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Masab tank,

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Asif nagar, Hyderabad - 5OO O2B.

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Mr. Mohammed Sadiq,

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s/o Mr. Mohammed Hamed,

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H.No. 10-3-309/8, Masab tank, Humayun nagar, Hyderabad _ 5OO O2B.

¶16

¶17

med Hisham, Hamed, aged major, -3O9/8,

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Ma tank, yun naga r, Hy bad - 28.

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2^,tSIPMI

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lTA.No.2/2022J

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5. SmtHasmina Hamed, w/oMohammedHamed, agedmajor,female, H.No.10-3-309/8,Masabtank, Asif nagar, Hyderabad-5OO O2B.	Defendants
Counselfor the^partiesi
Forthe Applicant	Smt Tarangini^pisipati
FortheDefendants	Exparte

¶22

ORDER

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The Appricant Bank fired the present oA against Defendants for recovery oF a total sum of Rs.l,2O,37,OOOI_ (Rupees One Crore twenty rakhs Thirty seven thousand onry) together with future interest @ 13.45olo p.a with monthly rests From 14.07.2022 till the date of realization and in default for sale of mortgaged property as

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described in the schedule to OA.

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the averments in the application, the Applicant Bank states defendant No.1 is a partnership firm carrying on business of , media and outdoor marketing. Defendant no.1 is defendants 2 to 5 are guarantors. Defendant no.5 created of schedule property vide Regd. Memorandum of

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lr^A.No.2/20221

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deposit oF title deeds dated 29.oB.zor7 vide document no.3986 of 2077. The defendants availed working capital limit of Rs.100.00 lakhs vide apprication dated 05.08.2017. Defendants No.2 to 5 executed general form of guarantee dated 29.08.2017 for Rs.100.00 lakhs. After avairing the roan facirities, the defendants faired to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 29.07.2019 and issued notice dated 01.08.2019. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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? Defendants No.1 to 5 called absent and set exparte on 04.05.2023.

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Shri Abhimanyu Mudavath, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1to A.15.

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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 OA against the Defendants as

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, ?^lSEP?023

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(T A.No.2/2022J

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7 ' Defendants cafled absent and set exparte. To substantiate the case of the Applicant Bank, AW'1, officiar of the Appricant Bank was examined and he exhibited relevant documents as Ex.A1 to A.15. In view of the above, I hold that the Applicant Bank has established their claim made in the oA against the Defendants and hence the Appricant Bank is entitred to recover the craim made in the oA with future interest and costs.

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a In the resurt, the present oA is alowed with costs, as under:

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.1,2O,37,OOO/_ (Rupees One Crore twenty lakhs Thirty seven thousand only) together with future interest @ 13.45olo p.a from 14.O7,Z}22till the date of realization;

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the Applicant bank is entitled to proceed against the mortgaged

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property as described in the schedule to OA towards rea lization of the

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debt due.

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the Applicant Bank is also entitled to proceed against the person and properties of defendants no.2 to 5 and properties of defendant no.1 s realization of the debt due.

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''"'€1N

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The Appl icant efir\is entitled to the costs of the OA.

l* i 1sEPzm

(,*r'd'i

(r A.No.2/20221

The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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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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court( Dictated to bed by her, corrected, signed and pronounced by me in the open
$Qpt,2023)
1/6
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(G. GOPTCHAND)
PRESIDING OFFICER
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Union Bank of India ( Formerly Andhra Bank) v. M/S. Mirror Advertising Agency

Case brief

What is this about?

What did the court decide?

Union Bank of India ( Formerly Andhra Bank) v. M/S. Mirror Advertising Agency

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

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