Allowed

Central Bank of India v. M/S. Cold Care Warehousing and Logistics

DRT13 Nov 2024OA/156/2024

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed an Originating Application filed by Central Bank of India against nine respondents for recovery of loans. The respondents appeared ex parte. The Tribunal held the bank's claim established on evidence and awarded a total sum with future interest.

What did the court decide?

Awarded recovery of Rs. 2,01,99,635.21 plus future interest; issued recovery certificate; costs awarded to applicant.

Central Bank of India versus M/S. Cold Care Warehousing and… — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD DATED THIS THE 13TH DAY OF NOVEMBER'2024

¶2

PRESENT: SRI GUMMADI GOPICHAND, PRESTDING OFFICER

¶3

OA.No.156 ot 2024

¶4

Between:

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Central Bank of India, Hyderabad Main branch Bank street, Koti, Hyderabad - 500 001. Represented by its Constituted Attorney

¶6

Applicant

¶7

VERSUS

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M/s. Cold Care Warehousing & Logistics, A partnership firm represented by is Managing partner Sri p. Upender Rao 4-10,408, plot no.3, survey no.96/l/a, Block no.35, Autonagar, ApIIC Industrial Area, Hayatnagar village And Mandal, Ranga Reddy district.

¶9

Mr. PochampallySrinivasa Rao, S/o PochampallySudhakar Rao, Plot no.13, HIG Hill Colony, Near ganesh temple, Vanasthalipuram, Hayatnagar, RR district, Hyderabad - 70.

¶10

Mr. P. Upender Rao, s/o Sri P. Sudhakar Rao,

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aged about 55 years, occ: business, Plot no.13, HIG Hill Colony, Near ganesh temple, Vanasthalipuram, Hayatnagar, RR district, Hyderabad - 70.

¶12

Mr. PochampallyJanardhan Rao, S/o PochampallySudhakar Rao,

¶13

t ros.
,.---;ilsry

¶14

(OA.1s6 of 2024)

¶15

Plot no.13, HIG Hill Colony, Near ganesh temple, Vanasthalipuram, Hayatnagar, RR district, Hyderabad - 70.

¶16

Smt P. Soujanya, w/o Sri Srinivas Rao, aged 40 years, occ: business, Plot no.13, HIG Hill Colony, Near ganesh temple, Vanasthalipuram, Hayatnagar, RR district, Hyderabad - 70.

¶17

Smt P. Laxmi, w/o Sri P. Upender Rao, aged about 50 years, occ: business, Plot no.13, HIG Hill Colony, Near ganesh temple, Vanasthalipuram, Hayatnagar, RR district, Hyderabad - 70.

¶18

Sri Ch. LaxmiNarasimha, s/o Sri Ch. Chidambar Rao, aged about 52 years, occ: business, H.No.12-22, road no.1, Plot no.99, SriramaKrishnapuram, Kothapet, Hyderabad.

¶19

B. Smt P. Gayatri Rao, w/o P, Sudhakar Rao, aged about 75 years, occ: business, Plot no.13, HIG Hill Colony, Near ganesh temple, Vanasthalipuram, Hayatnagar, RR district, Hyderabad - 70.

¶20

M/s. Cold Care Agritech,
A registered partnership firm
Represented by its Managing partner
Office situated at 8-345, 2nd floor,
Vanasthalipuram, Hyderabad - 7 Defendants
Counsel for the Parties:
For the Applicant ii:t ,',{ B eswa ra Rao
For the Defendants 1 3 :N0V ?fElpa'te
iiir
t.::'.
\r:,ii=r'r*"S

¶21

(OA.1s6 of 2024)

¶22

ORDER

¶23

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.2,O1,98,635.21ps (Rupees Two Crores One Lakh Ninety Eight Thousand Six Hundred Thirty Five and paise Twenty one only) i.e,,

¶24

a) A sum of Rs.1,60,49,568/- under cash credit with further interest @ 9.50o/o^p.a with monthly rests & 2o/o p.dovet due interest and 2o/o penal interest from date of filing of OA till the date of realisation;

¶25

b) A sum of Rs.29,19,471.93ps under WCTL term loan with further interest @ !2.70o/o p.a with monthly rests & 2olop.aover due interest and 2o/o penar interest From date of filing of oA till the date of realisation;

¶26

c) A sum of Rs.12,29,595.28ps under GECL account with further interest @ 9.25% p.awith monthly rests & 2,/op.dovef due interest and 20/o penar interest from date of firing of oA tifl the date of realisation;

¶27

and in default for sale of hypothecated movabres and mortgaged properties as described in the schedule to OA.

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As per the averments in states that defendant No.1 is a 4 are its partners availed cash tit ot 4sp.gp1or'otes fd ng up a cold

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(OA.1s6 of 2024)

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care warehousing and Logistics. The defendant no.1 executed composite hypothecation agreement and created charge on schedule A property to OA. The defendants availed WCTL of Rs.35.00 lakhs and executed GECL loan agreement dated 18.07.2020. Defendants 2 to B executed guarantee agreement. Defendant no.9 firm and defendants 2,3,4 and 7 deposited the title deeds of B and C schedule properties. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued demand notices. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

¶31

Defendants No. 1 to 9 are called absent and set exparte on 06.08.2024.

¶32

Sri B. Raghuveer, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.42.

¶33

Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for ether the Applicant Bank is
entitled for the claim G OA nst the Defendants AS
!:
prayed for? j; +
ir 3 il0\l ?n2i
<br>

¶35

(OA.1s6 of 2024)

¶36

Defendants remained 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.42. 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 entitled to recover the claim made in the oA with future interest and costs.

¶37

In the result, the present OA is allowed with costs, as under: The Defendants are joinUy and severally liable to pay to the Applicant Bank a total sum of Rs.2,O1,99,635.21ps (Rupees Two crores one Lakh Ninety Eight rhousand six Hundred rhirty Five and paise Twenty one only) i.e.,

¶38

a) A sum of Rs.1,60,49,568/- under cash credit with further interest @ 9.50% p.a from date of filing of OA till the date of reallsation;

¶39

b) A sum of Rs.29, 19,471.93ps under WCTL term loan with further interest @ r2.7oo/o p.a from date of firing of oA til the date of realisation;

¶40

c) A sum of Rs.12,29,595.28ps under GECL account with
further interest @ 9.2 date of filing of OA till the
date of rea lisatio qb)
.$. s
!:.. &s
*
11N0l, 702t

¶41

(oA.1s6 of 2024)

¶42

The Applicant bank is entitled to proceed against the hypothecated assets and mortgaged properties as described in schedule to oA towards realization of the debt due.

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The Applicant Bank is also entiiled to proceed against the person and properties of defendants No.2 to B and properties of defendant no.1 and 9 firms 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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12' 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 13th day of Nov, 2024)

¶49

sd/ - (G. GOPTCHAND) PRESIDING OFFICER

¶50

$Fw <i7,tl'?'\ lr.a. Ao)btnr ,Qr.t, ,tvniiiE'ao,

Central Bank of India v. M/S. Cold Care Warehousing and Logistics

Case brief

What is this about?

What did the court decide?

Central Bank of India v. M/S. Cold Care Warehousing and Logistics

Case brief

What is this about?

What did the court decide?

What the court decided

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