Allowed

State Bank of India v. M/S. Vishwa Apparel

DRT28 Feb 2024OA/191/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Applicant Bank's recovery suit for a loan and interest. The Bank was held jointly and severally liable to recover the principal along with future interest on defaulting loan accounts and was authorized to proceed against hypothecated movables.

What did the court decide?

Recovery certificate issued for total sum of Rs.30,85,494.65/- including future interest and liability to dispose of hypothecated movables.

State Bank of India versus M/S. Vishwa Apparel — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 28TH DAY OF FEBRUARY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESTDING OFFICER

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OA.No.191 ot 2023

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Between :

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC Commuter Amenity Centre, Bus terminal complex, Koti, Hyderabad - 500 095. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. Vishwa Apparel, Prop: Mrs AlleJyothi, Aged major, female, Plot no.372 & 373, Subhash Nagar, IDA, leedimetla, Hyderabad - 500 055.

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SmtAlleJyothi, Aged major, female, r/o H.No.3-705, market road, venkateshwara colony, balajinagar, Jawaharnagar, Kapra, Medchal, Hyderabad.

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And also at

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1-16-133, quthbullapur Main road, Bhagyalaxminagar, Quthbullapur,^Hyderabad - 55.

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And also at

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Office : H.No.6-56, Venkateswara Colony, Balajinagar, lawahar Nagar, Near Hanuman Temple Market road, Shameerpet, RangaReddy -500 097,

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? 0 FEB 202+ nltr

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(OA.No.191 of 2023)

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Counsel for the Parties:

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For the Applicant

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For the Defendants

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Sri C. Sreedhar Expa rte

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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.3o,g5,494.65ps (Rupees Thirty Lakhs Eighty Five thousand Four hundred Ninety Four and paise Sixty five only) i.e,,

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a) A sum of Rs.14,72,867/- under loan account no.40361g2644g with further interest @ 14.65% p.a with monthly rests from date of application till the date of realization ;

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b) A sum of Rs.16,12,627.65ps under loan account no.4O36tB29l76 with further interest @ I4.4Oo/o p.a with monthly rests from date of application till the date of realization ;

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and in default for sale of hypothecated movablese as described in the schedule to OA.

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th E the Applicant Bank states a firm represented by its

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proprietor/ defendant it loan of Rs.15 lakhs and term loan of Rs. m of Rs.30.10 lakhs vide arrangement due repayment of

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(oA.No.191 of 2023)

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aforesaid facilities, the defendants execute agreement of loan cum hypothecation dated 10.08.2021. 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.t2.2022 and issued legal notice dated 25.04.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants 1 and 2 called absent and set exparte on 04.t2.2023.

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Shri Dhanunjaya Panda, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.9.

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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 e Applicant Bank was examined and he ts as Ex.A1 to A.9. In view of the nt Bank has established

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(OA.No.191 of 2023)

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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.

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

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9' The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.3o,85,494.65ps (Rupees Thirty Lakhs Eighty Five thousand Four hundred Ninety Four and paise Sixty five only) i.e.,

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a) A sum of Rs.14,72,867/- under loan account no.40361g26448 with further interest @ 14.650/o p.afrom date of application till the date of realization ;

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b) A sum of Rs.16,12,627.65ps under loan account no.40361829176 with further interest @ 14.40o/o p.afrom date of application till realization.

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c) The Applicant bank is entifled to proceed against the hypothecated movables as described in schedule to OA towards realization of the debt due.

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d) against the person and properties of defendants of defendant no.1 firm towards realization

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e) The Applicant Bank p.n titr Jo^Ptott[B 2&tts oA.

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(OA.No.191 of 2023)

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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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s) Issue Recovery certificate accordingly.

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h) 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 28th day of Feb'2024)

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(G. GOPTCHAND)

PRESIDING OFFICER

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¶53

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State Bank of India v. M/S. Vishwa Apparel

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Vishwa Apparel

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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