Allowed

Union Bank of India (Erstwhile Andhra Bank) v. M/S Savan Green Energy Solutions Ltd.

DRT16 Aug 2024OA/112/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by Union Bank of India under S. 19 RDB Act for recovery of loans from M/s. Savan Green Energy Solutions and seven other individual/representative defendants to pay the sum with interest and permit enforcement proceedings.

What did the court decide?

Directing respondents to pay the adjudicated sum with future interest at 12.75% p.a. and authorizing attachment and sale of properties and issue of recovery certificate.

Union Bank of India (Erstwhile Andhra Bank) versus M/S Savan… — Banking and Recovery | DRT (2024)

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"ORIGINAL'

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IN THE DEBTS RECOVERY TRIBUNAL-II^{AT HYDERABAD}

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DATED THIS THE 16TH DAY OF AUGUST,²⁰²⁴

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PRESENT: SH. RAMESHWAR KOTHE,^{B.COM, L.LB. (HONS.), M.A.} PRESIDING OFFICER

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ORIGINAL APPLICATION^{NO: 772 OF 2022}

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Between:

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Union Bank Of India (Erstwhile Andhra Bank), Cherlapally Branch, Plot No.29, Near EC Nagar, Phase - II, IDA Cherlapally, Hyderabad - 500051. Rep. by its Authorized Officer.

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....APPlicant.

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Versus

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M/s.Savan Green Energy Solutions^Ltd., ( Formerly Savan Electronics) Rep by its lvlanaging Partner Mr.Chalasani Venkata Narasimha Rao,

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Plot No.2, Block No.2, Phase^V, INCF Area, IDA Cherlapally, Hyderabad - 500051.

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Mr.Chalasani Venkata Narasimha Rao, S/o.C. Radha Krishna Rao, Aged about 57 Years, Occ: Business, R/o.Flat No.2202, Manjeera Trinity Homes, KPHB, Behind Cine Polis, Hyderabad - 5OOO72.

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Golechha Shailaja, D/o.lanardhan Rao Katar,

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Aged about Major, Occ: Business, R/o.Plot No.6, After Audi Work Shop, Guttala Begumpet, Madha^pur, Hyderabad - 500081.

Ms'"

oA.tt2l2022

Mr.Srivivasan Ganesan,

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S/o.V. Srin ivasa n, Aged about Major, Occ: Business, R/o.12, Aranya Apartments, 138 Elcot Avenue, Sholinganallur, Chennai - 600119.

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Mr.Abdul Majeed, S/o.Abdul Rahim, Aged about Major, Occ: Buslness, H.No.6-1-13/C/5/ A/ t, Street No. 10, Next to Balaram Building, Padmarao Nagar, Secunderabad - 500025.

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6, Mrs.Chalasani Shailaja, Wo.C.Narsimha Rao,

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Aged about 56 Years, Occ: Business, R/o.Plot No.6, After Audi Work Shop, Guttala Begumpet, Madhapur, Hyderabad - 500081.

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Kamisetty Subramanyam, S/o. Late K.Satyanarayana,

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Aged about 51 Years, Occ: Business, R/o.H.No. 18-521, BKM Street, BKM, Cuddapah Dsitrict, A.p.

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.... Defendants

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Counsel for the Applicant Counsel for D-1,2 & 6 Defendants 3,5 & 7

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Mr.V.Sethu Madhava Rao Mr. D. Rag havu lu Ex parte

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:: ORDER::

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The Applicant Bank filed the present OA u/s 19 of The Recovery of Debts & Bankruptcy Act, 1993 for recovery of a total sum of Rs.12,33,06,281,28ps i.e., a sum of Rs.5,02,10,248.07ps under OCC A/c.No.124913100001565 with subsequent interest @ 13,55o/o /M,.<'\ (./'tU"

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oA.112/2022

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(71'50/o + 20/o penar) p.a., a sum of Rs.6,66,7g,726.47ps under Term Loan A/c. No.124930100020755 with subsequent interest @ 12.15% (10 15olo * 2o/o penar) p.a., and a sum of Rs.64,17,306.74ps under SGNEI A/c. No.1249301t o0012011 with subsequent interest 6u 13 15070 (77-7so/o+ 2% penar) from the defendants jointly and severaliy together at monthly res tto' the date of application till the date of reatisation along with .ot t s s and sale OA schedule properties.

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The averments of a ," o"r"ro-,^{'0".,r.:;;."00'o""t bank as per the} oA. briefty, are rhat oetendants, avaitea loanl firm represented by its partners 2nd g 6tr, the appricant bank rrom time to time. Derendants , ;r'; ";: :j:"m derendant,_ ;:;;;,,i: to the roan avaired by 1st :::.j:,:" original titie deeds in resD^{-' e ettu /} created moftoano r :::, "" ". Derenda n ts ;""_llrr^"::::,," r.r"'i"'," "'.'.:::::X,T appiicant ount irro.meo tr,""".-11- lu*..r., loan docur 1"1:::1 " "^^{;;;:",;".ff:::i:} :1 ";; "*TjJjl;^Jli uemands and recal notice^ . "wttttnltt€d default desr outstandinsr,".,;"r,."fi ;fi ,:r;":..............:.,.";;;":":'::#;l

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The Defendants 3. a " as caried rr."r. "ro-r"^."-r;il#:t" set ex-pafte on fi.1t.2022

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*i[*,,ffiffi;;r##J

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i;, Ilj lTli::, ilff:ilTm, 1q1,,":1.,:n_

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OW''"na"'l

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oa-172/2022

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The^{Defendants1, 2 and 6 reportedno evidence'}

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7.^{Heard the learned counselappearing for the applicantbank'} whereasDefendantsl,2and6rightofadvancingargumentswas forfeited^{on 26'O7'2024'Perusedthe materialplaced on record'}

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8.^{The point that arisesfor considerationis:-}

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whetherthel!'':';"7:::,;:"::::f^oo:;"::;"t'i claim^againsj.the

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Pro7etties?

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Pro7etties? o According^{to the applicant bank' after availingloan facilities the} :**l:::rilfi :#lHlTiT,:,"'i;.'Tr:[iT: il^{j:"":l.jlJ:;l T;':',::;;."'i'[ars'iherein}

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::,^{T, :::l.'ii:} i ilT:',LTI*T#J.:^{"T, ffi} rffi severallY^{liable to PaYtnr}

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'::'"1" :":",:rt' the present orieinar^{App*cation No 112/2022is} allowed^{as under: -}

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DefendanE^{1 to 7} i) I"i::H;[;il"':: liable^{to PaYa sum} Iun*^{u'onn with future} to^{the aPplicant} /Nn*-^

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oA.t72/2022

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interest @ 12.75o/o p.a. simple from the date of application till the date of realization;

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ii) the applicapt bank is entifled to proceed l^yh lr! (--f<-I .r-.-\ .,.J.i. *.J llkD..ztir\ against thelpleylgdd ilernS desctitjed in'the (.-L,...kaA .,. schedure annexed to the oA and person and Jl:..f"1Ii".., properties of defendants for realization of its o +. tt.-Lo't\ dues; and dt$urn

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iii) the applicant bank is entitled for the costs.

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The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certificate accordingly.

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t4. Communicate a copy of this order to the parties concerned and upload in Web Portal.

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(Dictated to the steno, signed and pronounced by me in the open court on this the 16th day of August, 2024. )

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I \tt*n_, .rd , r J-!!"1 i ' t'v" 1/ (RAMESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India (Erstwhile Andhra Bank) v. M/S Savan Green Energy Solutions Ltd.

Case brief

What is this about?

What did the court decide?

Union Bank of India (Erstwhile Andhra Bank) v. M/S Savan Green Energy Solutions Ltd.

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

Coram

Case details

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