Allowed

Bank of India v. M/S. Svs Upvc Windows and Doors

DRT20 Jun 2024OA/111/2024

Case brief

AI extract

What is this about?

In this OA, the Debts Recovery Tribunal allowed the Bank of India's claim for recovery of a term loan and cash credit along with interest. The court held that the bank substantiated its case through documentary evidence and was entitled to recover the dues and proceed against the respondents' assets.

What did the court decide?

Directing respondents to jointly and severally pay Rs.83,05,375.86 with interest; allowing bank to proceed against hypothecated movables and properties for realization; directing bank to file cost mem

Bank of India versus M/S. Svs Upvc Windows and Doors — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

¶2

DATED THIS THE 2OTH DAY OF JUNE 2024

¶3

PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

¶4

OA.No.11t of 2024

¶5

Between:

¶6

Bank of India, Sultan Bazar Branch, D.No.4-3-169,539 & 540, Ground floor, Hanuman tekdi, Sultan bazar, Hyderabad - 5OO OO1. Represented by its Constituted Attorney

¶7

Applicant

¶8

VERSUS

¶9

M/s. SVS UPVC Windows and Doors Represented by its^proprietor SmtKorra Rama Devi, #plot no.20gl5, Phase-II, IDA, Cherlapally,

¶10

Medchal, Malkajgiri district - 501 301.

¶11

SmtKorra Rama Devi,

¶12

w/o Sri K. Chander, aged 45 years, occ: business, R/o plot no.234, road no.14, Madhavnagar, Bairamalguda, Saroornagar, Hyderabad - 5OO 079.

¶13

Defendants

¶14

Counsel for the Parties:

¶15

For the Applicant
For the Defendants
r%<br>* ?GrNm li
w

¶16

(OA. No.111/202a)

¶17

ORDER

¶18

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.83,O5,375.86ps (Rupees Eighty Three Lakhs Five thousand Three hundred Seventy Five and paise Eighty six only) (Term loan Rs.70,13,947.30ps+ Rs.l2,9l,42B.56ps under cash credit) with interest @ 12.35% p.a with monthly rests plus 2olo penal interest from the date of application till the date of realization and in default for sale of hypothecated movables as described in the schedule to OA.

¶19

As per the averments in the application, the Applicant Bank states that defendant No.1 is a^proprietary concern represented by defendant no.2 as its proprietor availed cash credit of R.10.00 lakhs and term loan of Rs.77.00 rakhs for its business requirements vide sanction letter dated 31.08.2020. The defendant no.1 executed demand promissory note, bearer letter, installment letter, L-515 and L-516, RBLR agreement and letter of undertaking etc. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 28.04.2023 and issued demand notice dated 02.05.2023. Inspite of $t4ffiiial ie d demands, the

¶20

defendants did not clear the outstan

¶21

Zl Jullm{

¶22

(OA.No.111/2024)

¶23

Defendants No.1 and 2 called absent and set exparte on 06.06.2024.

¶24

MrVangaBalu Sandeep, Officer of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.26.

¶25

Heard the Ld. Counsel for the Applicant Bank.

¶26

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

¶27

entitled for the claim made in the OA against the Defendants as prayed for?

¶28

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 rerevant documents as Ex.A1 to A.26. 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 Applicant Bank is entitled to recover the claim made in the oA with future interest and costs.

¶29

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

¶30

The Defendants are jointly erally liabtJ to pay to the Applicant Bank a total 86ps (Rupees Eighty dr' Three Lakhs Five hu Seventy Five and paise Eighty si .f",rA^{0 fi'i+.ffit road.ff ns.zo,13,e47.30ps+}

¶31

(OA. No.111/2024)

¶32

Rs.l2,gl,42B.56ps under cash credit) with interest @ 12.35o/o^p.a from the date of application till the date of rea lization ;

¶33

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

¶34

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.

¶35

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

¶36

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

¶37

L4. Issue Recovery certificate accordingly.

¶38

Communicate a copy of the order to the^parties concerned.

¶39

(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 2oth day of )une'2V24) sdl_ 6%\ rF 1l '^ PRESIDING (G. GOPTCHAND)OFFICER e zo Jrrnrrpr ; &vw* l{st. Rfilstar 'qs,--# ORT.I.^TIYDEPT.BAD.

Bank of India v. M/S. Svs Upvc Windows and Doors

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S. Svs Upvc Windows and Doors

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

Bank of India versus M/S. Sri Sai Balaji Pooja Samagri

Union Bank of India versus M/S Neeraja Constructions

Sri Shiva Sai Industries versus State Bank of India

State Bank of India versus Sri Myana Bhanu Vijayanand

Indian Bank versus M/S. Tpr Enterprises

State Bank of India versus M/S. Venkata Laxmi Agro Industries