Debts Recovery Tribunal allowed the bank's application for recovery of a loan of Rs.37.23 lakhs defaulting OR propert, with interest,. ordered joint and several liability of defendants and issuance of recovery certificate.
Recovery of Rs.37,23,050/- with interest @14.40% p.a. (failed to comply terms) issued recovery certificate.
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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 8TH DAY OF NOVEMBER' 2024
PRESENT: sRI GUMMADI GoPICHAND/ PRESIDING OFFICER OA.No.151 of 2024
Between:
State Bank of India, Stressed 1r^1lr Recovery Branch, z'* floor, TSRTC Commuter Amenity Centre, Bus Terminal Complex, Koti, Hyderabad - 5OO 095. TS. Represented by its Authorised officer
Applicant
VERSUS
Also at:
House No.5-7 _2Ot/B/ 51, I_unu,rgnnagar, road no.2, rapa k_a ba nda_Baza r, Kha m ma m, rerangana _ 507 002.
Srinagar colony, Std line, porva Godavari, Khammam, TS _ 507 002.
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(OA. No.1s 1/2024)
Also at
4-2-161, Sri Nagar colony, Rotary nagar, Khammam (urban) KhanapuramHaweli, Khammam, TS - 507 002. Defendants
Counsel for the Parties:
For the Applicant Smt Tarangini Pisipati For the Defendants Exparte
ORDER
and in default for sale of hypothecated and mortgaged properties as described in tne s.nedf,teist ,/i ^-'S .' .;' { *
(oA.No.1s1/2024)
lakhs vide letter of arrangement dated 24.02.2021. The defendants executed agreement of loan cum hypothecation dated 24.02.2021 and guarantee agreement dated 24.02.202r in favour of Appricant bank. The defendants hypothecated ail the prant and machinery, stocks etc more fully described in schedule A to OA. Defendant no.2 executed memorandum for recording creation of mortgage by deposit of title deeds i.e, Doc.No.2B73/lgg7 and doc.9021/2020 in respect of Schedule B property. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA on 07.08.2023 and issued legal notice dated 16.04.2024. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.
(oA. No.151/2024)
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1 issue framed by the court
Whether the Applicant Bank is entitled to recovery of the claimed sum and future interest against the defaulting borrowers and guarantor?
State Bank of India
M/s. NST Mart, Proprietorship firm
Nakirikanti Satish
Nakirikanti Chittemma
Gummadigopichand
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
