Allowed

Bank of India v. M/S. Dlk Bio Briquette

DRT31 Jul 2024OA/110/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's Original Application for recovery of a term loan debt totaling Rs. 52,76,633.66 ps plus interest. The court declared the defendants jointly and severally liable and ordered a recovery certificate including rights over hypothecated movable properties.

What did the court decide?

The OA is allowed; Defendants jointly and severally liable to pay Rs. 52,76,633.56 plus interest; recovery certificate issued.

Bank of India versus M/S. Dlk Bio Briquette — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 31ST DAY OF J''LY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.11O ot 2024

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Between:

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Bank of India, Sultan bazar branch, D.No.4-3-169,539 & 540, Ground floor, Hanuman tekdi, Sultan bazar, Hyderabad - 500 001. Rep by its constituted attorney Sri T. Jagannadham

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Applicant

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VERSUS

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M/s. DLK Bio Briquette, Represented by its Proprietor, Sri DumpalaLaxmankumar, Sy. No.359AA/2/1, Nelapatla village, Kusumanchi Mandal, Khammam - 507 159.

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Sri DumpalaLaxman Kumar, S/o DumpalaArun Kumar, Aged 35 years, occ: business, R/o H.No.37-93/138, road no.4, Madhuranagar, Neredmet X road, Rama krish napu ram, Hyderabad - 500 056.

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Defendants

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Counsel for the Pa rties:

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For the Applicant

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For the Defendants

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31 JUt mt
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Wffiq#'

¶16

(oA. No.110/2024)

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ORDER

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The Applicant Bank filed the present oA against Defendants for recovery of a total sum of Rs.52,76,633.66ps (Rupees Fifty Two Lakhs Seventy six thousand Six hundred thirty three and paise Sixty six only) with subsequent interest @ 12.35olo p.a with monthly rests plus 2o/o penal interest from date of application till the date of realization and in default for sale of hypothecated movables as described in the schedule to OA.

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2' As per the averments in the apprication, the Appricant Bank states that defendant No.1 is a proprietary concern represented by defendant no.2 availed term loan of Rs,4g,00,000/_ on 20.6.2019. The defendants executed demand promissory note and term roan agreement and letter of hypothecation dated 04.09.2020. After availing the loan facility, the defendants failed to comply the terms of sanctlon, hence the applicant bank was constrained to classify the account as NPA on 29.05.2023 and issued legal notice dated L2.0L.2024. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants No.l and e on 01.07.2024.

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31 ,rt!l 2m

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(oA. No.110/202a)

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sri N, JogiReddy, officer of the Appricant Bank examined himserf as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.18.

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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 prayed for?

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Defendants 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.1g. 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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In the result, the present OA is allowed with costs, as under: The Defendants are joinUy and severally liable to pay to the Applicant Bank a total sum of Rs.52,76,633.56ps (Rupees Fifty Two Lakhs Seventy six thou thirty three and @ 12.35o/o p.a from date of application till'the ' date of rea lization : t- .,,.r 2\il

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(oA. No.110/2024)

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The Applicant bank is entitled to proceed against the hypothecated movables as described in schedule to oA towards realization of the debt due.

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The Applicant Bank is also entitled to proceed against the person and properties of defendant No.2 and properties of defendant no.1 firm towards realization of the debt due.

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

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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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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 3lst day ot )uly,2024)

¶37

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(G. GOPTCHAND)
PRESIDING OFFICER
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Bank of India v. M/S. Dlk Bio Briquette

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S. Dlk Bio Briquette

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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