Allowed

Indian Overseas Bank v. M/S. Susheela Authomotive

DRT9 Dec 2024OA/244/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed a money recovery application filed by Indian Overseas Bank against a firm and its guarantors for a debt of Rs. 36,96,380 along with interest, holding the claim established based on bank evidence.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 36,96,380 with interest; entitled to proceed against mortgaged properties and personal properties; recovery certificate issued.

Indian Overseas Bank versus M/S. Susheela Authomotive — Company and Corporate | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THrs rHE^grH DAy oF DECEMBER' zo24

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.244 ot 2024

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Between:

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Indian Overseas bank, Hanamkonda branch, D.No.2-5-614, D-Mart Side lane Subedari, Hanumakonda, Telangana State - 506 001.

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Represented by its Branch Manager

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Applicant

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VERSUS

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M/s. Susheela Automotive Represented by its^partners Sri KunduruVenkat Reddy and SmtKunduruNiveditha ReddY Having its office at D.No.23-6-206/1, New Shyampet Cross Roads Hunter road, Hanamkonda, Telangana - 506 001.

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Sri KunduruVenkat^Reddy, S/o Sri Vasudeva^ReddY, Aged 60 years, occ: business, R/o 5-10-7, KishanPura, Hanamkonda - 506 001.

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Sri KunduruNiveditha^ReddY, W/o Sri KunduruVenkat Reddy, Aged 57 years, occ: business, R/o 5-10-7, KishanPura, Hanamkonda - 506 001.

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0 s 0EC zul

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Counsel for the^Pa rties:

For the Applicant

For the Defendants

Sri M. Srinivas

Exparte

(OA.No.244/2024)

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.36,96,38O/- (Rupees Thirty Six Lakhs Ninety Six thousand Three hundred and Eighty only)

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with interest @ 15.75olo p.a(including penal interesl @ 2o/o p.a) from date of application till the date of realization and in default for sale of hypothecated and mortgaged properties as described in the schedule "A & B" to OA.

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As per the averments in the application, the Applicant^Bankstates that defendant No.1 is a Partnership firm^{represented by defendants} No.2 and 3 availed cash credit of Rs.1.00^{crore vide credit sanction} advise dated 23.06.2015. Defendants 2^{& 3 stoodas guarantorsand} executed deed of^guarantee dated 29.06.2016.^{Defendant no.2 also} executed aregd memorandum of deposit of^{title deeds dated} 07.lO.2Ot6 in favour of the^{Applicantbank by depositing the title} deeds of schedule^property to OA.^{Afteravailingthe loan facility,} the defendants failed to comply the terms^{of sanction,hence the} applicant bank was constrained to^{classify the accountas NPA on} 27.08.202t and issued legal notice'd.ated,Z0.12'2023.^{Inspite of} ,,.:i..,. itt wli,-\ several requests and not clear the outstanding. Hence this oAli^i't t S?I Qoh,'"*f$

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(oA.No.244/20241

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Defendants No.1 to 3 called absent and set exparte on 20.tL.2024.

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Sri A. Sai Kumar, Asst. Manager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.12.

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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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Counsel for 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.12. 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 jointly and severally liable to pay to the Applicant Bank a total sum 6t380l- (Rupees Thirty Six Lakhs Ninety Six red and Eighty only) with interest @ 15 plicationtill the date of realization. :^{tgoEc?r171 ;i;}

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k'u,-#'

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loA.No.244/20241

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The Applicant bank is entitled to proceed against the hypothecated and mortgaged properties as described in schedule^.'A &B,, to OA towards realization of the debt due.

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10, The Applicant Bank is also entitled 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 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 9th day of Oec,2024)

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(G. GOPTCHAND)
PRESIDING OFFICER

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Indian Overseas Bank v. M/S. Susheela Authomotive

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. M/S. Susheela Authomotive

Case brief

What is this about?

What did the court decide?

What the court decided

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