Allowed

Union Bank of India v. M/S. Dasari Vijayalaxmi Works Contractor

DRT12 Mar 2024OA/1/2024

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's application for recovery of Rs. 46.45 Lakhs. After hearing and examining bank officials who produced documentary evidence, the bench held that the bank established its claim. The order authorized recovery, future interest, and lien on hypothecated and other properties.

What did the court decide?

Recovery of Rs. 46.45 Lakhs with future interest; authority to proceed against hypothecated vehicles, other properties, and the person of the defendant.

Union Bank of India versus M/S. Dasari Vijayalaxmi Works… — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD DATED THIS THE 12TH DAY OF MARCH' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.l ot 2024

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Between:

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Union Bank of India, (E- Andhra Bank) Huzurnagar branch, Suryapet district Telangana - 508 204. Represented by its Branch Manager...

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Applicant

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VERSUS

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M/s. DasariVijayalaxmi Works Contractor, Proprietor : Mrs DasariVijayalaxmi , W/o Venkataramana, major, femate, H. No. 7-16, Mattapally village, Mattapally Mandal, Suryapet district - 508 2O4.TS.

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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 Srinivasa Rao Chakrala Exparte

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ORDER

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The Applicant Bank filed resent OA against Defendant for recovery of a total sum of Rs.46, 445.8ops (Rupees Forty Six Lakhs One thousand Four hundre Forty Five and paise Eighty

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onty) with ruture ,.,"#ff oi ,o.o'i p.a from 09.L2.2023 tilt the

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(oA.No.1/2024)

date of realization and in default for sale of hypothecated movables 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 vehicle loan of Rs.97.05 lakhs for purchase of two branch new Ashok Leyland tippers on 31.03.2021. The defendant executed credit information form, AD-O2A Acceptance, letter of continuity, demand promissory note SD-21, SD-19 term loan agreement and letter of undertaking etc. The defendant submitted GST Tax invoice dated 27.04.2021, invoice No.MVII66021O0OOO17 and MVII660210000018 and vehicle registration details, 07.O7.ZO2l RC details TS29TAB782 and 07.07.2021 RC Details TS29TAS7B3 and hypothecated two tippers to the Applicant Bank as a security of the vehicle loan. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA on 29.09.2023 and issued recall notice dated 30.09.2023. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this oA.

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Defendant called absent and i arte on 27.02.2024.

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(oA.No.1/2024)

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Shri B. Balakrishna, Senior Branch Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.19.

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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 Defendant as prayed for?

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Defendant 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 relevant documents as Ex.A1 to A.19. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendant 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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The Defendant is liable to pay to the Applicant Bank a total sum of Rs.46,OLA45. Six Lakhs One thousand hundred Foity Five Eighty only) with future

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interest @ till the date of realization.

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(oA.No.1/2024)

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The Applicant bank is entitled to proceed against the hypothecated vehicles as described in schedule 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 defendant towards realization of the debt due.

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t2. 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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L4. 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 12th day of March' 2024)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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Union Bank of India v. M/S. Dasari Vijayalaxmi Works Contractor

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S. Dasari Vijayalaxmi Works Contractor

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

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