Allowed

Bank of Baroda v. BBs Kesana Foods

DRT22 Nov 2024OA/240/2024

Case brief

AI extract

What is this about?

The DRB allowed the applicant bank’s application for recovery of a term loan facility of Rs. 24 lakhs along with future interest and costs, holding that the bank established its claim due to the defendants' failure to comply with loan terms.

What did the court decide?

Ordered the respondents to pay Rs. 25,59,341/- with future interest at 13.75% p.a. and costs; allowed proceeds against movable and personal properties; recovery certificate issued.

Bank of Baroda versus BBs Kesana Foods — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 22ND DAY OF NOVEMBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.24O of 2OZ4

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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. BB's Kesana Foods, Represented by its prop:

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Mr. Kesana lanaki Raman, Sy. No.40 B/ AA/ L/ t/ 2, Vizan Road, Tellapur, Ramachandra Puram Mandalam,

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Sangareddydist, TS - 502 032.

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Mr. Kesana Janaki Raman, s/o Mr. MohanaVamshiKesana, aged 50 yrs, male, R/o H.No. 1 -60/30/ A/ L5, P. B. No. 303, Anjaia h nagar, Gachibowli, Serilingampally,, :

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Hyderabad - 500 032.

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Exparte

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Counsel for the Parties:

For the Applicant

For the Defendants

loA.No.2a0l2024l

ORDER

The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.25,59,341/_ (Rupees Twenty Five Lakhs Fifty Eight Thousand Three hundred and forty one only) with future Interest @ 13.75olo p.a with monthry rests from date of filing of oA till the date of realization and in default for sale of movable hypothecated property as described in the schedure to oA.

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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 avaired term loan of Rs.24.00 lakhs on 17.03.2023. The defendants hypothecated prant and machinery more fully described in the schedule to OA and executed Dp note, letter oF installment with acceleration clause, 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 applicant bank was constrained to classify the account as NpA on 09 anO issueO legal notice dated 09.03.2024. rnspire ..tsdfs6ial and demands, the defendants did not clear the outstandi Hence oA. 22 il0l,zm :

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on L2.17.2024.

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(OA. No.2a0l202a)

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Sri P. Vikas, Credit Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.B.

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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 remained 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.8. 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 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: The Defendants are^join severally liable to pay to the Applicant Bank a tota 341/- (Rupees Twenty ,,.$

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Five Lakhs Fifty Eigl$ Tho drh ndred and forty one only) with future intereftbtl}.Wtz" p. ,,fitjom date of filing of OA till the date of

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(oA.No.2aol2024)

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The Applicant bank is entiued to proceed against the movabre property as described in schedule to oA towards realization of the debt due.

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The Applicant Bank is also entifled 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 entifled 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 22nd day of Nov, 2024)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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,#un.:,: L)'_>lt, Jntu

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Bank of Baroda v. BBs Kesana Foods

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. BBs Kesana Foods

Case brief

What is this about?

What did the court decide?

What the court decided

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