Allowed

Indian Overseas Bank v. M/S. Sri Deepthi Prints

DRT1 Jan 2024OA/114/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal adjudicated an Originating Application filed by Indian Overseas Bank for recovery of dues from a proprietorship concern and its proprietor. The respondents were absent. The Tribunal held that the bank proved its claim and allowed the application.

What did the court decide?

The application was allowed with costs. Defendants were directed to jointly and severally pay the claimed sum of Rs. 20,49,143.87 with future interest and costs.

Indian Overseas Bank versus M/S. Sri Deepthi Prints — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE lST DAY OF JANUARY' 2024

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PRESENT! sRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.114 ot 2023

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Between:

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Indian Overseas Bank, Marredpally branch, Secunderabad. Represented by its constituted Power of Attorney and Chief Manager

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Applicant

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VERSUS

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M/s. Sri Deepthi prints, Prop: Mr. Madhusudhan Reddy Thoka, No. 16-3-239, plot no. 12g,

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Road no.6, Vasanthnagar, Kukatpalty, Hyderabad - 500 037.

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Sri Madhusudhan Reddy Thoka, s/o ThokaVenkataSubba Reddy, aged major, male, plot no.376, HMTllills, Bhagya Nagar colony, Opp JNTU, Nagathi Nagar road, Hyderabad - 500 OB5.

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Also at

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Flat no.401, Aditya Classic Apartments, Near Madhapur Nagar Monkey Statue, Hyderabad - 500 090.

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Defendants

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Counsel for the^parties:

For the Applicant

Krish nam Raju

(oA. No.114l2023)

ORDER

l The Appricant Bank fired the present oA against Defendants for recovery of a total sum of Rs,2O,4g,143.g7ps (Rupees Twenty Lakhs Forty Eight thousand one hundred Forty three and paise Eighty Seven only) i.e., Rs.15,41,683/_ in cash credit and a sum of Rs'5,06,460'B7ps in term roan account with future interest @ 10.90% p.a with monthly rests from 16.01.2023 till the date of realization.

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As per the averments in the application, the Applicant Bank states that defendant No.1 is a proprietorship concern anct defendant no.2 is its proprietor avaired term roan of Rs.B.00 rakhs and crash credit of Rs.12.00 lakhs vide sanction dated 04.04.2077. The defendant No.2 executed demand promissory note, term loan agreement, letter of hypothecation etc' After avairing the roan facirities, the defendants failed to compry the terms of sanction, hence the appricant bank was constrained to crassify the account as NpA on 31,05,2021 and issued demand notice dated 05.06.2021. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this oA.

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Defendants called absen

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09.2023.

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(oA.No.114l2023)

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Shri M. Chalamprasad, SeniorManager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.16.

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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

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prayed for?

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7' Defendants cared 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. 16. In view of the above, I hord that the Appricant Bank has estabrished their craim made in the oA against the Defendants and hence the Appricant Bank is entited to recover the craim made in the oA with future interest and costs.

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B. In the resurt, the present oA is aflowed with costs, as under:

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The Defendants are joinuy and severally liaDle to pay to the Applicant Bank a total sum (Rupees Twenty Lakhs

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Forty Eight Forty three and paise in cash credit and a sum

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(oA.No.114/2023)

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of Rs.5,06,460.87ps in term loan account with future interest @ 10.90olo p.a from 16.0L.2023 till realization.

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i) 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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ii) The Applicant Bank is entiued to the costs of the OA.

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iii) 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., transcribe

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court on this th; 1;i ;;;;; ;;:i:!ri*,corrected,^{sisned and pronounced} by me in the open

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sd/(c. GoPtcHAND) PRESIDING OFFICER

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TRUE
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Indian Overseas Bank v. M/S. Sri Deepthi Prints

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. M/S. Sri Deepthi Prints

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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Case details

All orders in this case

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