Allowed

Bank of India v. Dr. Bheemagani Lakshmi Narayana

DRT26 Jul 2024OA/108/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an office application filed by Bank of India for recovery of a term loan and current account dues totaling Rs. 27,03,371.88 along with future interest and costs against Dr. Bheemagani Lakshmi Narayana.

What did the court decide?

Defendant to pay total sum of Rs.27,03,371.88 with future interest; Applicant Bank entitled to proceed against hypothecated movables, person and properties; Recovery certificate issued.

Bank of India versus Dr. Bheemagani Lakshmi Narayana — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

¶2

DATED THIS THE 26TH DAY OF JI,LY' 2024

¶3

PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

¶4

OA.No.1O8 ot 2023

¶5

Between:

¶6

Bank of India, Warangal Main branch, Warangal district, Telangana State. Represented by its Chief Manager

¶7

Applicant

¶8

VERSUS

¶9

Dr. Bheemagani Lakshmi Narayana s/o Sri Kattaiah Bhimagani, aged 59 years, occ: doctor R/o H.No. 1 1-22-435, padmataya Hospital, besides Siddiaiah hotel, Kashibugga, Warangal - 506 OO2.

¶10

Defendant

¶11

Counsel for the^parties:

¶12

For the Applicant

¶13

For the Defendant

¶14

Sri K. V. Nageswara Rao

¶15

Sri K.R. Sunil Kumar

¶16

ORDER

¶17

The Appricant Bank fired the present oA against Defendant for recovery of a total sum of Rs.27,OS,371.ggps (Rupees Twenty

¶18

Seven Lakhs Five Thousand Seventy One and

¶19

paise Eighty eight onty ) {";t- -ffi 1N ;2 26JUtry{ a5 r tii ot ^^l-:1, t:-o \s.ffi$$9"'\ -+':.1::^r',

¶20

(OA.No.108 of 2023 )

¶21

a) A sum of Rs.27,o3,oo1.BBps towards term roan with future interest @ 9.10o/o p.a excluding @2% p.a penal interest with monthry rests from date of apprication ti[ the date of rearization;

¶22

b) A sum of Rs.2,370/- towards current account with future interest @ 18.75olo p.a and penal interest @2olo p.a with monthly rests from date of application till the date of realization ; and in defaurt for sare of hypothecated movabres as described in the schedule to OA.

¶23

As per the averments in the apprication, the Appricant Bank states that defendant availed term loan of Rs.24.00 lakhs on 29.L2.2017. The defendant executed common hypothecation cum roan agreement by creating charge of hypothecation of movables vide agreement dated 29.r2.2077. After avairing the roan facirity, the defendant failed to compry the terms of sanction, hence the appricant bank was constrained to crassify the account as NpA on 01.05,2021 and issued demand notice dated 0L.70.2022. Inspite of severar requests and demands, the defendant did not crear the outstanding. Hence this oA.

¶24

Ld counsel for but not filed written

¶25

statement. 2⁶ JUt^7112t

¶26

(OA.No.108 of 2023)

¶27

Shri B. Srinivas, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.16.

¶28

Heard the Ld. Counsel for the Applicant Bank.

¶29

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

¶30

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

¶31

prayed for?

¶32

7 ' Ld counser for defendant fired vakarath but not fired ws. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited rerevant documents as Ex.Al to 4.16. In view of the above, I hold that the Applicant Bank has estabrished their craim made in the oA against the Defendant and hence the Appricant Bank is entired to recover the claim made in the OA with future interest and costs.

¶33

B. In the result, the present OA is allowed with costs, as under: The Defendant is liable to pay to the Applicant Bank a total sum of Rs.27,OS,371.ggps (Rupees Twenty Seven Lakhs Five

¶34

Thousand Three One and paise Eighty eight

¶35

only ) i,e.,

¶36

(oA.No.108 of 2023)

¶37

a) A sum of Rs.27,03,001.8gps towards term loan with future interest @ 9.10o/o p.a from date of application till the date of rea lization ;

¶38

b) A sum of Rs.2,370/- towards current account with future interest @ 18.75olo p.a from date of application till the date of realization;

¶39

The Appricant bank is entired to proceed against the hypothecated movabres as described in the schedure to oA towards rearization of the debt due.

¶40

The Appricant Bank is arso entitred to proceec, against the person and properties of defendant towards rearization of the debt due.

¶41

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

¶42

The Appricant shaI fire a cost memo within two weeks from the date of receipt of order.

¶43

Issue Recovery certificate accordingly.

¶44

14' Communicate a copy of the order to the parties concerned.

¶45

court (Dictated to or!!I.iEl&;3 the p.A., transcribed 6th day of )uty,2024)bytrer, corrected, signed and pronounced by me in the open

¶46

'a sd/-
ffi".-"
ll $ [ (G. GOPTCHAND)
il
PRESIDING OFF]CER
i !
,ti: 2 6 JUL ?rzt ?
''!.t
- .;;.
' ;" 4s.
DRT.I, T4YDENNIJ'A}.
-,$.qtj;
q*y"rfiSili;h':ins1;,i' 4
:.::.572'

Bank of India v. Dr. Bheemagani Lakshmi Narayana

Case brief

What is this about?

What did the court decide?

Bank of India v. Dr. Bheemagani Lakshmi Narayana

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

All orders in this case

Similar cases

State Bank of India versus Mr. G. Devender

Karur Vysya Bank versus Sri Ammapalli Gurunatham

State Bank of India versus Mr. Mouli Ravitla

Jambula Ravi versus State Bank of India

Sri Bhavesh Kumar Gupta versus Uco Bank

Ms Durga Pharma versus Uco Bank