Allowed

Indian Bank v. Mr. Konkati Ramakrishna

DRT27 Mar 2024OA/195/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by a bank for recovery of a loan against a defendant who failed to repay a sanctioned term loan, bank guarantee, and OD. The court deemed the bank's evidence sufficient, ordered repayment of the principal with future interest, and permitted action against hypothecated assets.

What did the court decide?

Recovery of total sum with future interest and right to proceed against hypothecated vehicle and personal properties granted; recovery certificate issued.

Indian Bank versus Mr. Konkati Ramakrishna — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 27TH DAY OF MARCH'2024

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PRESENT: SRI GUMMADI GoPICHAND, PRESIDING oFFIcER

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OA.No.19S of 2023

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Between :

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Indian bank, Narayanaguda branch, Hyderabad, TS. Represented by its Asst. General Manager

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Applicant

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VERSUS

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Mr. Konkati Ramakrishna, s/o Sri N. Yadaiah, aged major, occ: business, male, R/o H. No. 1-7 -603/ I/ 5, Gemini Colony, Ramnagar, Musheerabad, Hyderabad.

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Defendant

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Counsel for the Parties:

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For the Applicant

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For the Defendant

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Sri Rakesh Kumar Heda

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Exparte

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ORDER

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The Applicant Bank filed the present OA against Defendant for

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recovery of a total sum o ,076/-^(Rupees Forty Five Lakhs Nineteen Six only) i.e., a sum of Rs.41,00,870/- u * with re interest @ 9.35% 27 [An Urd \Y+"+,

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(OA.No.195 of 2023)

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p.afrom 14.06.2123till the date of realization and a sum of Rs.4,I8,206/-under FITL with future interest @ 7.85% p.a from

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14'06'2023 ti' the date of rearization and in defaurt for sare of hypothecated vehicle as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant availed term loan, bank guarantee, clean OD of Rs.30,97,595/_, Rs.4.00 lakhs and Rs.1.00 lakh respectively vide sanction letter dated 22.Ll.2OLB. The defendant executed demand promissory note, term loan agreement, agreement of hypothecation of movabres and hypothecation of vehicre.After avairing the roan facirities' the defendant faired to compry the terms of sanction, hence the appricant bank was constrained to crassify the account as NPA and issued regar notice dated 01.0B.2022.Inspite of severar requests and demands, -r, the r, ,(, uEr defendant c udnf otodid n r ot clear the outstanding. Hence this oA.

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Defendant called absent and set exparte on L6.01.2024.

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Shri K. Anantharaman, Asst. General Manager of the Applicant Bank
examined himself as AW. 1 and exhibited
ments, which
are marked as Ex.A.1 to A.15.
b<br>Heard the Ld.the Ld.Ld. Counsel for the Applfor the Applthe ApplAppl t Bj,L fiAn 1t124
iSrlll*otiiaT
V#il1qWryY

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Heard the Ld.the Ld.Ld. Counsel for the Applfor the Applthe ApplAppl

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(OA.No.195 of 2023)

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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 Defendant as prayed for?

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7' Defendant cared absent and set 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.15. In view of the above, I hold that the Applicant Bank has established their craim made in the oA against the Defendant and hence the Appricant Bank is entired to recover the craim made in the oA with future interest and costs.

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B. In the resurt, the present oA is ailowed with costs, as under:

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The Defendant is liable to pay to the Appricant Bank a totar sum of Rs,45,19,076l- (Rupees Forty Five Lakhs Nineteen thousand and Seventy Six only) i.e., a sum of Rs.4L,O0,B70/_ under term loan with future interest @ 9.35olo p.a from t4.06.2L23till the date of realization and a sum of Rs.4,lB,2O6/_ under FITL with future interest @ 7.85% p.a from 14.06.2023 till the date of realization.

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The Applicant ba proceed against the hypothecated vehicle as d in S"ir' OA towards realization of the e$ debt due. 27fiAnWU,t Arr /:,'"'ll-,-..:. ::', ;>rJ '[$.'.:;a

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(OA.No.195 of 2023)

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the Applicant Bank is also entitled to proceed against the person and properties of defendant towards realization of the debt due.

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

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13, 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 27th day of March'2024)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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¶42

Indian Bank v. Mr. Konkati Ramakrishna

Case brief

What is this about?

What did the court decide?

Indian Bank v. Mr. Konkati Ramakrishna

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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