Allowed

Bank of Maharashtra v. M/S. Sri Ghuma Ghumalu Hotel

DRT23 Feb 2024OA/216/2023

Case brief

AI extract

What is this about?

In OA.No.216 of 2023, the Debts Recovery Tribunal at Hyderabad allowed an originating application filed by Bank of Maharashtra for recovery of Rs. 3.31 crores outstanding as a term loan default by a partnership firm and its partners, setting aside the foreclosed mortgaged properties. Defendants were absent; bank evidence was accepted.

What did the court decide?

Defendants ordered to pay Rs.3,31,70,730 with future interest; applicant bank entitled to proceed against mortgaged properties and personal assets of defendants.

Bank of Maharashtra versus M/S. Sri Ghuma Ghumalu Hotel — Company and Corporate | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD DATED THIS THE 23RD DAY OF FEBRUARY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.216 of 2023

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Between:

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Bank of Maharashtra, SAM branch, Bank street, Koti, Hyderabad, TS. Represented by its authorised signatory

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Applicant

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VERSUS

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M/s. Sri GhumaGhumalu Hotel Plot no.6/A & 6/8, fourth floor, AS Raju nagar, VVN colony, Kukatpally, Hyderabad.

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Mr. LokeshDuddala, s/o JagannathDuddala, male, H. no.B-4 -30/ 3, VasaviBrindavana Near Glass factory, T.No.4, Fatehnagar, Balan agar I

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Ranga Reddy district, TS.

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Mr. LokeshDuddala,

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s/o JagannathDuddala, male, aged 50 years, H.No.7-t-3OZ/4, flat no.202, second floor, Sai Baba residency, BK Guda, SR nagar, Hyderabad.

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Mrs. SandatiVaralakshmi, w/o Mr. LokeshDuddala, female, aged 49 years, H.no.B-4-30/3, VasaviBrindavana

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Near Glass factory, T.No.4, Fatehnagar, Balanaga r,

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Ranga Reddy district, TS.

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(OA.No.216 of 2023)

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H.No.7-t-302/4, flat no.2O2, second floor, Sai Baba residency, BK Guda, SR nagar, Hyderabad.

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Defendants

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Counsel for the Parties: For the Applicant

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For the Defendants

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M/s. Momin Mohammed Rafiq 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.3,3L,7O,130/- (Rupees Three crores Thirty one Lakhs seventy Thousand seven Hundred and Thirty only) with future interest @ 10.60% p.a with monthly rests arong with penar interest @ 20lo p.afrom date of apprication tiil the date of realization and in default for sale of mortgaged properties as described in the schedule ..A &8,, to OA.

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2' As per the averments in the apprication, the Appricant Bank states that defendant No.1 is a partnership firm represented by partners defendants 2 and 3 availed term loan of Rs.2,69,00,000/_ on 23.07.2020. To secure due re

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immovabte properties:more r,3tty ouStrffi& in ji schedule to OA and

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(OA.No.216 of 2023)

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deposited the titre deeds in favour of Appricant Bank. After avairing the loan facilities, the defendants failed to comply the terms of sanction, hence the appricant bank was constrained to crassify the account as NpA and issued demand notice dated 02.11.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants 1 to 3 called absent and set exparte on 22.02.2024.

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Shri Pravin Kumar Mahto, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are

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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

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entitled for the claim made in the OA against the Defendants as

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prayed for?

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Defendants ca'ed absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited as Ex.A1 to A.19. In has established and hence the

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(oA.No.216 of 2023)

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Applicant Bank is entiHed 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 Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.3,31,7O,73O/_ (Rupees Three Crores Thirty One Lakhs Seventy Thousand Seven Hundred and Thirty only) with future interest @ 10.600lo p.afrom date of application till realization.

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The Applicant bank is entitled to proceed against the mortgaged

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properties as described in schedule "A &B" to OA towards realization

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of the debt due.

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11' the Appricant Bank is arso entitred to proceed against the person and properties of defendants No.2 & 3 and properties of defendant no,1 firm towards realization of the debt due.

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

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The Appricant shail fire a cost memo within two weeks from the date of receipt of order.

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Issue Recovery certificate

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(oA.No.21G of 2023)

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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 23d day of Feb, 2024)

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sdl-

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(G. GOPTCHAND) PRESIDING OFFICER

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Bank of Maharashtra v. M/S. Sri Ghuma Ghumalu Hotel

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. M/S. Sri Ghuma Ghumalu Hotel

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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Case details

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