The Debts Recovery Tribunal allowed the Original Application filed by Bank of Baroda against several Defendants for recovery of a loan facility including amount due, future interest, and costs.
Defendants ordered to pay total sum of Rs.3,69,99,047.18 plus future interest; applicant entitled to proceed against mortgaged/hypothecated properties.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 19TH DAY OF AUGUST' 2024
PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER
OA.No.12 oJ 2023
Between:
Bank of Baroda, Bank street branch, (E- Dena Bank) Bank street, Koti, Hyderabad Represented by its Chief Manager
Applicant
VERSUS
1 $ tt,rg mf
And also at:
Flat no.902, Coral, My Home
(oA.No.12l2023)
Jewel Apartments, Madinag, Hyderabad - 500 036.
And also at DRDO office, HAL campur DRDO City, Balanagar, Hyderabad _ 42.
Aged major, occ: business, R/o H.No.3-97, Gouthamnagar Colony, Near Hanuman temple, Patancheru, Medak dist _502 3i9.
Defendants
Counsel for the parties:
For the Applicant
For the Defendants
Sri N. Manohar Reddy Exparte
ORDER
- The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.3,69,98,0 47.tgps ( Rupees Three Crores Sixty Nine Lakhs Ninety Eight thousand and forty seven and paise l.e;r, a SUm of Rs.3,22,78,178.42ps with 50% p.a and a sum of
Rs.47,19,86g.66ps with ,fr" ;; p.a with monthly rests from date of appiicati(ngtilUttrrffiatel realization and in
(oA.No.12l2023)
defaurt for sare of mortgaged properties and hypothecated movabres as described in the schedule..A & 8,, to OA.
2' As per the averments in the apprication, the Appricant Bank states that defendant No.1 is a private Limited company represented by its directors Defendants 2 & 3 avaired cash credit roan of Rs.4.00 crores on 27.Lt.20t7. The defendants executed demand promissory note, agreement of hypothecation deed dated 14.t2.20L7, power of Attorney, generar undertaking and retter of continuity dated L4.L2.20L7. The defendants No,2 to 5 stood as guarantors by extending their personar guarantee and executed retter of guarantee dated 14.12.2017. The defendants no.2 & 4 created mortgage over their immovabre property in favour of the Appricant bank towards security for repayment of loans availed by defendant no.1 by depositing originar tire deeds registered sare deed No.6022/2004 dated 01.10.2004 regd at SRO Kukatpally belonging to defendant no.2and registered gift setUement deed no.2539/2008 dated 02.04.2008 registered at RO Ranga Reddy dist belonging to defendant no'4' The defendant no.1 avaired fresh term roan facirity of Rs.60.00 lakhs under GECL scheme on 24.07.2020. After avairing the roan facirities, the defendants faired to compry the terms of sa nction, h nk was constrained to classify the account as notice dated 02.07.2022 and ite of several requests and Possession lT* .f,fii8fi ffi02&
(oA.No.12l2023)
demands, the defendants did not clear the outstanding. Hence this oA.
entiiled for the claim made in the OA against the Defendants as
prayed for?
(oA.No.12l2023)
Applicant Bank is entifled to recover the claim made in the oA with future interest and costs.
B. In the result, the present OA is allowed with costs, as under:
The Defendants are jointry and severaily riabre to pay to the Applicant Bank a total sum of Rs.3,69,9g,047.1gps (Rupees Three Crores Sixty Nine Lakhs Ninety Eight thousand and forty seven and paise Eighteen only) i.€., a sum of
Rs.3,22,78,778.42ps with future interest @ 13.50o/o p.a and a sum of Rs.47,19,868.66ps with future interest @ 9.40olo p.a from date of application till the date of realization LESS a sum of Rs.33,72,OOO/- recovered by sate of item no.1 and Rs.2,28,22,OOO/- for item no.2 of schedule mortgaged properties.
(OA.No.12l2023)
of receipt of order.
:il'i':""'J?.tir""ti6;; I!Ti!,^?,i1 3lJo1, .o..u.."d, sisned and pronounced by me in the open
sdl(G. GOPTCHAND) PRESIDING OFFICER
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1 issue framed by the court
Whether the Applicant Bank is entitled to recover the claimed amount against the Defendants from the date of application till realization?
Bank of Baroda
M/s. Harihara Pack private Ltd
Mr. Raghuram Kancharlapalli
Mr. Bala Prasad Sreeramula
Mrs. A. Renuka
Mrs Sreeramula Durga
Gummadigopichand
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
