Allowed

Indian Bank v. Mrs. N. Visalakshi

DRT2 Feb 2024OA/100/2023

Case brief

AI extract

What is this about?

In OA No. 100 of 2023 between Indian Bank and Mrs. N. Visalakshi, the Tribunal adjudicated a recovery matter. Finding the bank established its claim through evidence and the defendant's absence, the Tribunal allowed the application and ordered the defendant to pay the principal sum, future interest, and costs.

What did the court decide?

Defendant to pay Rs. 77,01,042/- with future interest and costs; Applicant to proceed against defendant's properties; Issue of Recovery Certificate.

Indian Bank versus Mrs. N. Visalakshi — Execution and Attachment | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD DATED THrs THE 2NDDAy oF FEBRUARy, 2024

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PRESENT: SRI GUMMADI GoPICHAND, PRESIDING OFFICER

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OA.No.1O0 of 2023

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Between:

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Indian Bank, Narayanaguda branch, Panchavati mall, H. No.3-5-943, first floor, Hyderabad. Represented by its Authorised officer

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Applicant

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VERSUS

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Mrs. N. Visalakshi, y/o ry. Praveen, major, female, o_c_c: business, block 21, flat_8, LIG quarters, Behind Baghlingampally, Behind Sundariah vignanBhavan, Hyderabad _ 5OO 044.

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Defendant

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Counsel for the parties:

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For the Applicant

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For the Defendant

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Sri B. Prabhakara Rao

Exparte

ORDER

present OA against Defendant for 77,OL:o42/- (Rupees Seventy nd forty two only) i.e., a sum of

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(OA.No.100/2023)

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Rs.66,37,300/- under term loan Indhanvahanwithinterest @ 9.93olo p.a; a sum of Rs.7,76,377/- under Term loan FITL with interest @7.85o/o p,a and a sum of Rs.2,87,365/_ under GECLS with interest @ 9.95olo p.a with monthly rests from date of filing of OA till the date of realization.

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As per the averments in the application, the Applicant Bank states that the defendant availed term loan of Rs.61,95,190/; bank guarantee of Rs.8,00,000/- and clean OD of Rs.2,00,000/ on 14.11.2018. The defendant executed demand promissory note, medium term loan agreement, agreement of hypothecation of movabres, agreement of hypothecation of vehicres and agreement for open cash credit on 1S.11.201g. The defendant also availed Rs.7.00 lakhs towards working capital facility (GECL) on 31.10.2020 and executed demand promissory note for the same. After availing the roan facirities, the defendant faired to compry the terms of sanction, hence the applicant bank was constrained to crassify the account as NPA and issued legal notice dated 01,0g.2022. Inspite of severat requests and demands, the defendant did not clear the outstanding.

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Hence this OA.

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Defend exparte on 14.09.2023. ;^02FtR7s2{ 5ra*

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(OA.No.100/2023)

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Sri K. Anantharaman, Asst. General Manager of the Applicant Bank examined himserf as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.20.

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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 Defendant as

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prayed for?

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7' Defendant cailed 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.20. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendant and hence the Appricant Bank is entired to recover the craim made in the oA with future interest and costs.

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B. In the result, the present OA is allowed with costs, as under:

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The Defendant is liable to pay to the Applicant Bank a total sum of

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Rs.77,OL,O4 Seven lakhs One thousand

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and Rs.66,37,300/- under term loan

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Indha p.a; a sum of Rs.7,76,377/_

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u nder @7.85o/o p.a and a sum of

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Qh,h.'

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(oA.No.100/2023)

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Rs.2,87,365/under GECLS with interest @ 9.95olo p.afrom date of filing of OA tiil the date of realization;

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the Applicant Bank is also entiiled to proceed against the person

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and properties of defendant towards realization of the debt due.

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

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The Applicant shall file a cost memo within two weeks from the

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date of receipt of order.

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Issue Recovery certificate accordingly.

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t4. Communicate a copy

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of the order to the parties concerned.

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(Dictated to the p.A., transcribed to""tt"o' signed and pronounced bv me in the open court on this the 2nd day of Feb, lJr];t

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sd/-

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(G. GOPTCHAND) PRESIDING OFFICER

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TRUE^COPy1^/., (tt .6;ff6d

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Assl, Registrar DR7'.1, IlYDERABAO.

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Indian Bank v. Mrs. N. Visalakshi

Case brief

What is this about?

What did the court decide?

Indian Bank v. Mrs. N. Visalakshi

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

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Case details

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