Allowed

Bank of Maharashtra v. M/S. Surgical Staplers India

DRT23 Feb 2024OA/235/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Bank of Maharashtra to recover loan dues from a firm and its proprietor/guarantor, finding the bank's claim substantiated by documentary evidence.

What did the court decide?

Defendants ordered to jointly and severally pay Rs.1.08 Crore with 18% p.a. interest, allow sale of mortgaged property, and issue recovery certificate.

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

¶1

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

¶2

PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

¶3

OA.No.235 ol 2023

¶4

Between:

¶5

Bank of Maharashtra, Sultan Bazar branch, Hyderabad. Represented by its Chief Manager

¶6

Applicant

¶7

VERSUS

¶8

M/s. Surgical Staplers India, 1"' floor, H.No.5-5-35/ L54/ A, Prashant Nagar, Kukatpally, Hyderabad, Telangana - 72.

¶9

Mr. DevakinandanKoduri, s/o Late Koduri raja Rao, aged 49 years, occ: business, (Proprietor of M/s. Surgical Staplers India) R/o flat no.206, Sri Rama Towers, Sangeethnagar, OppGovt Junior College, Kukatpally, Hyderabad, Telangana - 72. 3. Mrs. Koduri Siva parvathi, w/o DevakinandanKoduri, aged 43 years, occ: business, R/o flat no.206, Sri Rama towers, Sangeethnagar, OppGovt Junior College, Kukatpally, Hyderabad, Telangana - 14.,:, Defendants ,' , . ,d:.:,,iJ: i;r Counsel for the^parties For the Applicant 2 3 ilg z[ilricl, rian Kiran Raj For the Defendants

¶10

(OA.No.235 of 2023)

¶11

ORDER

¶12

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.1,08,33,012.27ps (Rupees One Crore Eight Lakhs Thirty three thousand and twelve and paise Twenty seven only)

¶13

( Rs.53,87,194/- under Term loan account + Rs.46,41,126/_ under cash credit account + Rs.9,04,692.27ps under GECL) with future interest @ 18o/o p.a with monthly rests from the date of filing of application till the date of realization and in default for sale of mortgaged property and hypothecated movables as described In the schedule to OA.

¶14

As per the averments in the application, the Applicant Bank states that defendant No.1 is a firm represented by its proprietor/ defendant no.2 who avaired term roan of Rs.40.00 rakhs for working capital vide sanction letter dated t4,oL.2o2o. Defendant no.3 stood as guarantor to the loan availed by defendants land 2. The defendants availed capital term loan (GECL) of Rs.10,95,000/_ on 07.07.2020 and the defendants executed demand promissory note and necessary documents. The defendants created mortgage of schedule property as described in.,.ble,s:qpedule to OA. Defendant no.3 deposited the titte Oetids 245/2020 at SRO,

¶15

Saroornagar dated 08.01l ZOZO in favo'ur of nt Bank. After * fii z r FEB 2fJ2q

¶16

(OA.No.235 of 2023)

¶17

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 notices. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this oA.

¶18

Defendants 1 to 3 called absent and set exparte on 02.0L.2024.

¶19

Shri Sri Pravin Kumar Mahto, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.21.

¶20

Heard the Ld. Counsel for the Applicant Bank.

¶21

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?

¶22

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.21. In view of the above, I h nt Bank has established their claim made in nts and hence the

¶23

(OA.No.23s of 2023)

¶24

Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

¶25

In the result, the present OA is allowed with costs, as under:

¶26

The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.1,08,33,O12.27ps (Rupees One Crore Eight Lakhs Thirty three thousand and twelve and paise Twenty seven only)

¶27

( Rs.53,87,194/- under Term loan account + Rs.46,41,126/_ under cash credit account + Rs.9,04,692.27ps under GECL) with future interest @ 18o/o p.a from the date of filing of application till the date of realization;

¶28

a) The Applicant bank is entitled to proceed against the mortgaged property and hypothecated movables as described in schedule to oA towards realization of the debt due.

¶29

b) the Applicant Bank is also entitled to proceed against the person and properties of defendant No.2 & 3 and properties of defendant no,1 firm towards realization of the debt due.

¶30

c) The Applicant Bank is entifled to the costs of the OA.

¶31

d) The Applicant shail weeks from the date

¶32

of receipt of order.

¶33

(oA.No.235 of 20231

¶34

e) Issue Recovery certificate accordingly.

¶35

f) Communicate a copy of the order to the parties concerned.

¶36

(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 23'd day of Feb' 2024)

sdl-

(G. GOPTCHAND)

PRESIDING OFFICER

z 3 r[B HEt

;";:, v.'tA D RT- I, H l"-ca-.?x :i..i 5.

Bank of Maharashtra v. M/S. Surgical Staplers India

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. M/S. Surgical Staplers India

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

All orders in this case

Similar cases

Pulluri Vani versus Union Bank of India

State Bank of India versus M/S. Aradhya Polymers

Union Bank of India versus M/S. Lahari Industries

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

Sri Akku Srinivas Rao versus Union Bank of India

Canara Bank versus M/S. Oasis Interior