Allowed

Union Bank of India v. M/S. Green Aggri Implements

DRT16 Jul 2024OA/7/2024

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed a money recovery application filed by Union Bank of India against its borrowers. The court held the bank established its claim via documents and ordered recovery of the principal amount, interest, and costs.

What did the court decide?

Defendants directed to pay Rs.21,12,817/- with future interest and costs; bank entitled to proceed against hypothecated assets and properties for realization.

Union Bank of India versus M/S. Green Aggri… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 16TH DAY OF JULY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.O7 ot 2024

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Between:

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Union Bank of India, Collectorate branch, Khammam, Khammam Distrlct, Telangana state Represented by its Sr. Br. Manager

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Applicant

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VERSUS

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M/s. Green Aggri Implements, Situated at Chirumarri village, Mudhigondamandal, Khammam District, Khammam, Telangana state - 507 002. Represented by its sole Proprietor Mr. Sampangi Ramesh

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Mr. Sampangi Ramesh, s/o Veeraiah, aged 29^years, occ: business, r/o H.No.11-11-208, vaddera colony, Ramannag utta, Khammam district, Telangana -507 002. Sole proprietor of M/s. Green Aggri Implements. Defendants

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Prasad :;:;il;::;.:,r8.. ,n. For the Defendanrs i -- 1 6 .lttt : 7fl71 Exp -lIL,"

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lo^A.No.7 /20241

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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.21,12,817l- (Rupees Twenty One Lakhs Twelve thousand Eight hundred and Seventeen onty)

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with future interest @ 12.5olo p.a with monthly rests from the date of application till the date of realization and in default for sale of hypothecated assets as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant No.1 is a firm represented by its sole proprietor defendant no.2 availed term loan of Rs.23,75,000/- for purchase of equipment, machinery and furniture for agricultural implements of defendant no.1 firm. The defendants executed term loan agreement (hypothecation of movables) and demand promissory note dated 29.06.2021. 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 and issued demand notice dated 19.02.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants No.1 and 2 on 27.02,2024.

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(OA.No.7/2024)

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Sri DharavathBabu, Manager of the Applicant Bank examined himself as AW.1 and exhibited releva nt documents, which are marked as Ex.A.1to A.7.

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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 relevant documents^{as Ex.A1 to A'7' In} view of the above, I hold that the^{Applicant Bank has established} their claim made in the^{OA against the Defendantsand hence the} Appllcant Bank is^{entitledto recover the claim madein 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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q The Defendants are jointly and severally liable to^pay to^the Applicant Bank a total sum of Rs.21,12,817l-^{(Rupees Twenty} One Lakhs Twelve ndred and Seventeen .(r only) with future^interest,@ e date of application till the date of realization. 1^ffim E JUL

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(oA.No.7/2024)

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The Applicant bank is entitled to proceed against the hypothecated assets 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 No.2 and^properties of^{defendant no.1} firm 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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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,signedand pronounced by mein the open} court on this the^{16thday of luly, 2024)}

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sd/_ (G. GOPICHAND) PRESIDING OFFICER

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i(r 1 5 JUI
'[21
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Union Bank of India v. M/S. Green Aggri Implements

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S. Green Aggri Implements

Case brief

What is this about?

What did the court decide?

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