Allowed

Bank of Baroda v. M/S. a and a Marketing

DRT22 Nov 2024OA/221/2024

Case brief

AI extract

What is this about?

In OA.No.22 of 2024 before the Debts Recovery Tribunal-I at Hyderabad, the Bank of Baroda sought recovery of a term loan. The Tribunal allowed the OA, holding that the bank established its claim against the defendants via a production officer and documents, ordering payment of the principal sum with future interest and costs.

What did the court decide?

Defendants ordered to pay Rs. 24,67,973 with future interest at 13.75% p.a. from the date of filing OA. Recovery certificate issued.

Bank of Baroda versus M/S. a and a Marketing — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 22NDDAY OF NOVEMBER' 2024

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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OA.No.22l ot 2024

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Between:

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Bank of Baroda, Mehdipatnam branch, Mehdipatnam, Hyderabad Telangana State. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. A and A Marketing,

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Represented by its^proprietor Mrs Aruna Kumari Abburi, Plot no.97, Ayyappa society, Besides CGR International School, Madhapur, Serilingampally,

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Hyderabad - 500 081.

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Mrs Aruna Kumari Abburi,
W/o Sri Abburi Hanumaiah,
Aged 58 yrs, R/o \3-6-436/35,
Seetha Anisha Residency,
Lakshmi nagar Ring road,
Mehdipatnam, Hyderabad - 500 O2B. Defendants
Counsel for the Parties:
For the Applicant //d-^W dft6 Chitturu
For the Defendants
tF
g) Erpj
2 2 ll0\l 202[
1. The Applicant Bank
against Defendants for

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recovery of a total sum of Rs.24,67,973/(Rupees Twenty Four

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(oA.No.22Il2o2a)

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Lakhs Sixty Seven Thousand Eight Hundred and Seventy Three only) with future interest @ 13.75o/o p.a with monthly rests from date of firing of oA tiil the date of rearization and in defaurt for sare of movable hypothecated property as described in the schedule to oA.

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2' As per the averments in the apprication, the Appricant Bank states that defendant No.1 is a proprietary concern represented by defendant no.2 as its proprietor availed term roan of Rs.24.00 lakhs on 27.02.2023. The defendants hypothecated plant and machinery more fuily described in the schedure to oA and executed Dp note, letter of instailment with acceleration crause, composite hypothecation agreement and poA in respect of book debts facirity, After availing the loan facility, the defendants failed to comply the terms of sanction, hence the appricant bank was constrained to classify the account as NpA on 20.LL.2023 and issued regar notice dated 09.03.2024. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants No.1 and pnd set exparte on t2.1t.2024.

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Sri P. Vikas, Bank examined himself as AW.1 and which are marked as Ex.A.1 to A,9.

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(o A.No.22Il2024)

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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 remained exparte. To substantiate the case of the Appricant Bank, AW.1, officiar of the Appricant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.g. In view of the above, I hold that the Applicant Bank has established their claim made in the oA against the Defendants and hence the Appricant Bank is enti,ed to recover the craim 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: The Defendants are jointly and severaily liable to pay to the Applicant Bank a total sum of Rs.24,67,g73l_ (Rupees Twenty Four Lakhs Sixty Seven Thousand Eight Hundred and Seventy Three only) with future interest @ 13.75olo p.a from date of filing of OA till the date of realization;

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fi^grflx 9. The Applicant ban ,1,8," ;l agalnst the movable property as descri oo ards realization of the '' Tf$tFrtt debt due.

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(oA.No.22t/2024)

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The Applicant Bank is also entiiled to proceed against the person

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and properties of defendant No.2 and properties of defendant no.1

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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

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of receipt of order.

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Issue Recovery certiFicate accordin g ly.

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Communicate a copy of the order to the pa rties concerned. (Dictated to the p.A., transcribed by her, corrected, signed and pronounced by me ln the open

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court on this the 22"dday of Nov, 2024)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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Bank of Baroda v. M/S. a and a Marketing

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. M/S. a and a Marketing

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Parties & counsel

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