Allowed

Bank of India v. M/S. Bhadrakali Industries

DRT8 Feb 2024OA/121/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an OA filed by Bank of India against three defendants for recovery of Rs.49,46,959.36 along with future interest and costs, holding that the bank established its claim against the defaulters and mortgaged property.

What did the court decide?

Recovery of Rs.49,46,959.36 with future interest; sale of mortgaged property; sale of personal properties; issuance of recovery certificate.

Bank of India versus M/S. Bhadrakali Industries — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THrs rHE 8rH DAy oF FEBRUARY, zo24

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.121 ol 2O23

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Between:

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Bank of India, Warangal Main Branch, Warangal district, Telangana State. Represented by its Constituted attorney

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Applicant

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VERSUS

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M/s. Bhadrakali Industries, Prop. Mrs PathriKavitha, w/o PathriNarasimhaSwamy,

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aged about 32 years, occ: business, H.No.46-5-748, sy.No.265, Enumamula, Near Koti Lingala Temple, Warangal, Telangana.

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Mrs. KavithaPathri, w/o PathriNarasimhaSwamy, aged 35 years, occ: business, R/o H.No.46-3-1 5, batajinagar, Enumamula, Warangal, TS.

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2 Mr. PathriPeddaKommalu, s/o Narsaiah, aged 59 years, occ: business, H.No.46-3-15, Balajinagar, Enumamula, Warangal, Telangana State. Defendants

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Co-v u nsel rrEr for ther(Jt Lt rE rdt Ltc^>- a,-,,.i,^{i .gffi</sup> For the A pplicantpplicant .^t .ti...'^Ahri Sri K.V, Nageswara ,;,i lb For the Defendbrl$s Expa rte i; oBFFB2rn, : &.,,,,-,-r*#' HW}

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(oA.No.12112023)

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ORDER

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1' The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.49,46,969.36ps (Rupees Forty Nine Lakhs forty Six thousand Nine hundred Sixty Nine and Paise thirty six only) i.e.,

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a) A sum of Rs.40,47,160.03ps towards Term roan account with future interest @ 11.20olo p.a and penal interest @ 2olo p,a with monthly rests from date of apprication tiil the date of rearization;

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b) A sum of Rs'8,97,709.37ps towards cash credit account with future interest @ 11.20olo p.a and penal interest @ 2olo p,a with monthly rests from date of apprication tiil the date of rearization;

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c) A sum of Rs.2,099.96ps towards current account with future interest @ 18.75olo p.a and penal interest @ 2o/o p,a with monthry rests from date of apprication tiil the date of rearization; and in defaurt for sare of mortgaged property as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant No.1 is a Proprietary firm represented by defendant

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no.2 as proprietor no.3 stood as g ua ra ntor.

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Defendants land 2 32.00 lakhs for purchase

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of machinery and The defendant no.1

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(oA.No.121l2023)

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executed hypothecation cum roan agreement dated 13.04.201gg in favour of applicant bank and also executed demand promissory note on 13.04'2018 in respect of term roan and cash credit roan. Defendant no.3 executed deed of guarantee dated 2g,01.2021 guaranteeing the repayment of term loan of Rs.32.00 lakhs. Defendants 1 to 3 created equitable mortgage of schedule mentioned property and deposited the tiue deeds on 13,01.2016. After avairing the loan facilities, the defendants faired to compry the terms of sanction, hence the appricant bank was constrained to crassify the account as NPA on 31.03.2021 and issued demand notice dated 03.04.2021. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on 04.09.2023.

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Shri N. Seeta Ram, Asst. General Manager of the Applicant Bank examined himserf as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.25.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for co whether the Applicant Bank is entitled for the claim made ). ainst the Defendants as \l prayed for? *1 i lt ;

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(oA.No.121l2023)

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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 rerevant documents as Ex.A1 to A,25. 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 entiued to recover the claim made in the oA with future interest and costs.

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

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The Defendants are jointry and severaily riabre to pay to the Appricant Bank a total sum of Rs.49,46,959.36ps (Rupees Forty Nine Lakhs forty six thousand Nine hundred sixty Nine and paise thirty six only) i.e.,

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a) A sum of Rs.40,47,160.03ps towards Term loan account with future interest @ 11.20% p.afrom date of application till the date of realization;

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b) A sum of Rs.8,97,709.37ps towards Cash Credit account with future interest @ 11.20olo p.afrom date of apprication tiil the date of realization;

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c) A sum of Rs.2,099.96ps nt account with future interest @ 18.75% ication till realization.

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(oA.No.12112023)

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The Applicant bank is entitled to proceed against the mortgaged property as described in the schedure to oA towards realization of the debt due.

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11' the Applicant Bank is arso entiued to proceed against the person and properties of defendants No.2 & 3 and properties of defendant no.1 firm towards realization of the debt due.

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

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13' 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 8th day of Feb, 2024)

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sdl(G. coPtcHAND) PRESIDING OFFICER

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Bank of India v. M/S. Bhadrakali Industries

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S. Bhadrakali Industries

Case brief

What is this about?

What did the court decide?

What the court decided

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