Allowed

Indian Bank v. M/S. J.C.Infra

DRT15 Apr 2024OA/186/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant Bank's Original Application (OA) for recovery of dues against five respondents. After hearing evidence and examination of a bank official, the Presiding Officer held that the Bank had established its claim. The respondents were held jointly and severally liable to pay the principal sum, future interest, and costs, with the Bank entitled to proceed against secured

What did the court decide?

Respondents jointly and severally liable to pay total sum of Rs.2,88,34,996.12 plus future interest; Bank entitled to proceed against mortgaged/hypothecated assets and personal properties.

Indian Bank versus M/S. J.C.Infra — Insolvency and Bankruptcy | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 15TH DAY OF APRIL'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.186 OF 2023

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Between:

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Indian Bank, SAM Branch, koti, Hyderabad. Represented by its GPA Holder/ Asst. General manager

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Applicant

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VERSUS

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M/s. J.C. Infra, A partnership firm,

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Represented by its Managing Partners, H. No.B-2-293 /82/ J llll 564/A31, road no.92, opp Lotus Pond, Jubilee Hills, Hyderabad-33 And flat No.G4, Plot no.476, street No. 11, PrabhatApts, East Marredpally, Secunderabad - 500 026.

¶11

Mrs.Gaddam Priscilla Susan Beulah, w/o G. R. Ramesh Babu, aged about 46^years, occ: business, female, R/o flat no.G4, Plot no.476, street No. 1 1, PrabhatApts, East Marredpally, Secunderabad - 500 026.

¶12

? SmtKoramutlaSwarnaKumari, w/o K. Srinivasulu, aged about 48 years, female, r/o H.No.5-30, Reddivaripalli MPP School, Kodur Mandal, Kadapa dist - 516 001.

¶13

Mrs. K. Vinodini, w/o V.J.C.K. Kumar,

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(OA.No.186 of 2023)

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aged about 66 years, occ: business, female, R/o Flat no.116, Spandana towers, Upparapalli road, Behid Mahila University, Tirupathi- 5t7 502 And D.No.9/87, S.V. Nagar, M.R. Palli, Tirupati -2. Chittoor district.

¶16

Mr. TupakulaNarasaiah, s/o T. Rangaiah, aged about 56 years, male, R/o tO-l2B/19/6, V.V. Nagar, Tiruchanoor, Tirupathi, Chittoor - 517 503.

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Defendants

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Counsel for the Pa rties: For the Applicant For the Defendants

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Sri T. Sridhar Reddy Exparte

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ORDER

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The Applicant Bank filed the present oA against Defendants for recovery of a total sum of Rs.2,88,34,9g6.12ps (Rupees Two crores Eighty Eight lakhs Thirty Four thousand Eight Hundred Eighty Six and paise Twelve only) with future interest @ 16% p.a with monthly rests from 20.05.2023 till the date of realizationand in default for sale of movable assets and mortgaged propertiesand hypothecated goods as described in the schedules^,.A to C., to OA.

¶22

As per the averments Applicant Bank states that defendant No.1 nted by defendants

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no.2 and 3 as its .lJoBF&lB{,, stood as g ua rantors

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(OA.No.186 of 2023)

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availed SOD limit of Rs.38 lakhs vide sanction letter dated 23.1L.2017. the defendants 4 and 5 are mortgagors in respect of Schedule A and B properties. The defendants executed demand promissory note, agreement for open cash credit, agreement of guarantee, agreement of hypothecation of movables dated 23.11.2017 and partnership reconstitution deed dated 07.Og.2OI7. the defendant no.4 executed Regd Memorandum of deposit of title deeds dated 25.tL.20t7 bearing document no.52g6/2017 in respect of A schedule property by creating mortgage in favour of applicant bank. On request, the Applicant bank enhanced the credit limits from Rs.38.00 lakhs to Rs.250.00 lakhs and executed necessary documents. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 31.032.2021 and issued demand notice dated 13.09.2021. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

¶26

Defendant No.s 1 to 5 called absent and set exparte on 21.tL.2023. 4. Sri Nag Mani, Chief Manager of the Applicant Bank examined himself AS AW.1 and exhibited rel which a re ma rked as Ex.A.1 to A.26. #ffi"ffi;ffi red a sum of {l . {iE fi;;^{1s !,PBM}

¶27

(oA.No.186 of 2023)

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Rs.96,50,0001- by way of sale of schedule A property and a sum of Rs.20.00 lakhs as per OTS.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant Bank is entitled for the claim made in the OA against the Defendants as prayed for?

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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.26. 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 entifled to recover the claim made in the oA with future interest and costs.

¶32

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

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.2,gg,34,gg6.12ps (Rupees Two crores Eighty Eaght lakhs Thirty nd Eight Hundred

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Eighty Six and paise p.afrom 20.05.2023 tiil I^lstPBI0{

¶35

(OA.No.186 of 2023)

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96,50,000/- and Rs.2O,OO,00O/- recovered through sale of A

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schedule property and OTS.

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The Applicant bank is entitled to proceed against the mortgaged immovable property and hypothecated assets as described in schedule "B & C" to OA towards realization of the debt due.

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The Applicant Bank is also entitled to proceed against the person and properties of defendants No.2 to 5 and properties of defendant no.1 firm towards realization of the debt due.

¶40

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

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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, co-rrected, signed and pronounced by me in the open court on this the 15th day of Aptil'2024)

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sdl-
(G. GOPTCHAND)
PRESIDING OFFICER
1 5 llPR 2021
AtTUE,goP<br>CI 9.rt-J Iv
A#f. Regtstrar
I]RT.I, HYDENABAD.

Indian Bank v. M/S. J.C.Infra

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/S. J.C.Infra

Case brief

What is this about?

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