Allowed

Union Bank of India v. M/S. Classic Alluminium Profile Industry

DRT27 Mar 2024OA/179/2023

Case brief

AI extract

What is this about?

In Debt Recovery Tribunal proceedings, the Bank's application for recovery of dues from borrowers and guarantors was allowed after the Bank established its claim under oath, directing payment with interest and a recovery certificate.

What did the court decide?

Applicant directed to receive total sum of Rs. 66,44,969.92 with future interest and costs; Recovery certificate issued; Applicant entitled to sell mortgaged property.

Union Bank of India versus M/S. Classic Alluminium Profile… — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERYTRIBUNAL.I AT HYDERABAD

¶2

DATED THIS THE 27TH DAY OF MARCH' 2024

¶3

PRESENT: SRI GUMMADI GoPICHAND, PRESIDING oFFICER

¶4

OA.No.179 ot 2023

¶5

Between:

¶6

Union Bank of India, Chikkadpally branch, H.No.1-1-230111, Chikkadpally main road, Chikkadpatty, HyOeraba!- 20. Represented by its Branch manager

...

Applicant

VERSUS

M/s. Classic Alluminium^profile Industry, 24-ll, Ranga Reddy nagar, Gandhi nagar, Balanagar, Hyderabad, Telangana - 500 037. Rep by its Proprietor Mr. Mahanandi Raja Reddy.

¶11

Mr. Mahanandi Raja Reddy, s/o Mahanandi Jaya Rama Reddy, aged 43 years, occ: business, male, R/ o H.no.47 -013 / tB/ 2/ A, Sri Sai Colony, Quthbullapur, Chintal, HMT Township, Hyderabad, TS - 500 010.

¶12

Mrs. Thakur Karuna Bai, W/o Thakur Deendayal Singh, Aged 45 years, occ: housewife, Female, R/o H.No.24-42, Ranga Reddy nagar, Near Techno, Qutubullapur, Medchal, Malkajgiri Hyderabad - 500 037.

¶13

Mr. KommuriSubramandyam Reddy, s/o Kommuri Reddy, aged major, occ: business, male C/o 24-lt, Ranga Reddy nagar, Gandhi nagar, Balanagar, Hyderabad - 37.

¶14

tf--g
z * 27 t4AB2n4 *
i;+," *o t,
ti;gr'frP

¶15

(oA. No.11s/2023)

¶16

Counsel for the parties: For the Applicant For the Defendants

¶17

Sri D.S. Pavan Kumar Exparte

¶18

ORDER

¶19

1' The Appricant Bank fired the present oA against Defendants for recovery of a total sum of Rs.66,44,g6g,g2ps (Rupees Sixty Six lakhs Forty Four thousand Eight Hunctred Sixty Eight and Paise Eighty Two only) i.e.,

¶20

a) A sum of Rs.43,g9,361.10ps in respect of loan A/c. No.448806390063109with current and future interest @ 13.25% p'a with monthry rests arong from date of apprication ti, the date of realization;

¶21

b) A sum of Rs.5,70,915/_ in respect of loan A/c. No.448806310063011with current and future interest @ L2.75o/o p'a with monthry rests arong from date of apprication ti, the date of realization;

¶22

c) A sum oF Rs.46,916.92ps in respect of loan A/c. No.448806390063 124with current terest @ loo/o p.a with monthly rests along ll the date of T,& realization; *

¶23

d) A sum of Rs.6,44,919i9b,i A/c. q"t {at,pli Jj loa n ,+, No.448806390063 1 25with @ L0o/o

¶24

(oA.No.11sl2023)

¶25

p.awith monthly rests along from date of application till the date of realization;

¶26

e) A sum of Rs.9,92,756/- in respect of loan A/c. No.448806990000005with current and future interest @ 9.50o/o p.a with monthly rests along from date of application till the date of realization;

¶27

andindefault for sale of mortgaged^property as described in the schedule to OA.

¶28

As per the averments in the application, the Applicant Bank states that defendant No.1 is an Industry run by^proprietor/ defendant^no.2 and defendants 3 & 4 stood as^guarantors availed^loan of^{Rs.45 lakhs} and Rs.5.00 lakhs on 12.09.2018. The defendants^executed composite hypothecation deed SD 20, supplementary deed, letter^of undertaking, letter of confirmation and letter of^guaranteeon 12.09.2018. The loan facilities availed by defendants are^secured with collateral security as described in the Schedule A to OA. The defendants availed additional loan of Rs.6.00^{lakhs and Rs.50,000/-.} Once again the defendants availed Rs.9 lakhs and^executed composite hypothecation deed SD 20 for Rs.65.00 lakhs.^After availing the loan facilities, the defendants^failed to^{complythe terms} of sanction, hence the ap I ned to classify the account as NPA on 31. nol ', rFS^.; ued'f! Inspite of ,i,24 .-1t".l:l'ry .'

¶29

(OA.No.11s/2023)

¶30

several requests and demands, the defendants did not clear the outstanding. Hence this OA.

¶31

Defendants 1 to 4 called absent and set exparte on 22.12.2023.

¶32

4' shri LokeshAvilala, Manager of the Applicant Bank examined himself as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.32.

¶33

Heard the Ld. Counsel for the Applicant Bank.

¶34

The point that arise for consideration is whether the Applicant Bank is

¶35

entitled for the claim made in the OA against the Defendants as prayed for?

¶36

Defendants carred 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.32. In view of the above, I hord that the Appricant Bank has estabrished their claim made in the oA against the Defendants and hence the Applicant Bank is entitled to e in the OA with

¶37

Future interest and costs.

¶38

B. In the result, the present OA with costs,'a under:

¶39

(oA. No.11s/2023)

¶40

The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.66,44,868.g2ps (Rupees Sixty Six lakhs Forty Four thousand Eight Hundred Sixty Eight and paise Eighty Two only) i.e.,

¶41

a) A sum of Rs.43,89,361.10ps in respect of loan A/c. No.4488063900631O9with current and future interest @ 13.25o/o p.aalong from date of application till the date of rea lization ;

¶42

b) A sum of Rs.5,70,915/- in respect of loan A/c. No.448806310063011with current and future interest @ 12.75o/o p.aalong from date of application till the date of rea lization ;

¶43

c) A sum of Rs.46,916.92ps in respect of loan Alc. No.448806390063124with current and future interest @ 10o/o p.aalong from date of application till the date of realization;

¶44

d) A sum of Rs.6,44,919.80ps in respect of loan A/c. No.448806390063125with current and future interest @ 10o/o p.aalong from date of application till the date of realization;

¶45

e) A sum of Rs.9,92,756/- in respect of loan A/c. No.44880699000000Swith current and future interest @ 9.50o/o

¶46

p.aalong from date of ll the date of realization;

¶47

ij
rl:i
*
tlll

¶48

(oA.No.115/2023)

¶49

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

¶50

the Applicant Bank is also entitled to^proceed against the^person and properties of defendants No.2 to 4 and properties of defendant no.1 firm towards realization of the debt due.

¶51

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

¶52

The Applicant shall file a cost memo within two^{weeksfrom the} date of receipt of order.

¶53

L4. Issue Recovery certificate accordingly.

¶54

15, Communicate a copy of the order^{to the parties concerned.}

¶55

(Dictated to the P.A., transcribed by her, corrected, signed^{and pronounced by mein the open} court on this the 27th day of March'2024)

¶56

sdl_ (G. GOPTCHAND) PRESIDING OFFICER

¶57

,qssr. pn.l.t, xyokxaana

Union Bank of India v. M/S. Classic Alluminium Profile Industry

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S. Classic Alluminium Profile Industry

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Union Bank of India versus v. S. Constructions and Developers

Smt Meera Thakur versus Central Bank of India

City Union Bank Limited versus M/S. Kunda Transformers Private Limited

Indian Bank versus Mr. Konkati Ramakrishna

State Bank of India versus M/S. Akhila Gardens

State Bank of India versus M/S. Bhavani Shanker Steel and Furniture