Allowed

Bank of Maharashtra v. M/S. Smr Tours and Travels

DRT19 Mar 2024OA/225/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by Bank of Maharashtra against a traveler business firm for recovery of term loans, working capital loans, FITL, and interest totaling Rs. 75.46 lakhs. The bank's claim was established through documentary evidence submitted by the Chief Manager.

What did the court decide?

Recovery of Rs.75,46,970.77 with interest; entitlement to proceed against hypothecated movables; entitlement to costs.

Bank of Maharashtra versus M/S. Smr Tours and… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 19TH DAY OF MARCH'2024

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PRESENT: SRI GUMMADI GoPICHAND, PRESIDING oFFICER

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OA.No.225 of 2023

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Between:

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Bank of Maharashtra, Secunderabad branch, Chandralok complex, MG road, Secunderabad. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. SMR Tours and Travels Represented by its proprietor Shri MekalaRavinder, S/o M. Mondiah, aged 41 years, Occ: business, R/o 5-g-L3S/5, Employees colony, yapral, Secunderabad, Telangana- 5OO OB7.

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Alternate address:

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13-212, shanti nagar, Ramakrishnapuram, Mandamarri Town and municipality, Mancherial district, Telangana - 504 231.

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Alternate address:

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3-3, Muddapuram village, Valigonda,^yadadri, Bhongir, Telangana. Defendant (rf^--- Counsel for the parti For the Applicant 9tr, fE! 1 g |ti,Efl. .S. Gopal & TSS Krishna For the Defendant W*

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(OA.No.225 of 2023)

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ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.7S,46,g7O.77ps (Rupees Seventy Five Lakhs Forty Six thousand Nine hundred Seventy and paise Seventy Seven only) i.e.,

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a) a sum of Rs.65,97,136/- in respect of term loan with current and future interest @ 14.35% p.a from date of apprication tiil the date of rea lization ;

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b) a sum of Rs.9,40,172l- in respect of wcrL roan with current and future interest @ 14.35olo p.a from date of application till the date of realization ;

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c) a sum of Rs.65,97,136/- in respect of FITLwith current and future interest @ 14.35% p.a from date of application till the date of realization;

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and in defaurt for sare of hypothecated movabres and vehicres 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 cash credit loan of Rs.53,B9,OOO/_ towards purchase of commercial vehicle and the defendant executed demand promissory note, deed of hypothecation, agreement of term I orship. Subsequently *. W ";T the defendant avai UWC+$ofims7g'p^orFE ,99,177/- and FITL of t,ti. T ll-'. <sup>. I ali. -..t () 'r:! /,t W;:S€l'

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(OA.No.225 of 2023)

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Rs.29,779/- and executed necessary documents. 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 3L.07.202I and issued notices. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 23.02.2024.

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shri Pravin kumar Mahato, chief Manager of the Appricant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.15.

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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 inthe 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

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examined and he exhibi as Ex.A1 to A. 15. In view of the above, Bank has established their claim made ndant and hence the

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(OA.No.225 of 2023)

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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.75,46,97o.77ps (Rupees Seventy Five Lakhs Forty Six thousand Nine hundred Seventy and paise Seventy Seven only) i.€.,

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a) a sum of Rs.65,97,136/- in respect of term loan with current and future interest @ 14.35olo p.a from date of application till the date of realization ;

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b) a sum of Rs.9,40,172l- in respect of WCTL loan with current and future interest @ 14.35o/o^p.a from date of application till the date of realization ;

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c) a sum of Rs.65,97,136/- in respect of FITL with current and future interest @ 14.35olo p.a from date of application till the date of realization ;

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

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against the^person and e debt due.

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(OA.No.225 of 2023)

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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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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 19th day of^March'2024)

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sdl(G. GOPICHAND)

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PRESIDING OFFICER

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Bank of Maharashtra v. M/S. Smr Tours and Travels

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. M/S. Smr Tours and Travels

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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