Allowed

Union Bank of India v. M/S. Gemes Spine and Pain Care

DRT13 Nov 2024OA/252/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's overdue payment application against a physiotherapy clinic and its proprietor. The court held that the bank established its claim and granted recovery of the principal sum, accrued interest, and enforcement against assets.

What did the court decide?

Joint and several liability to pay Rs.39,23,744.80 with 8.35% interest; entitlement to proceed against hypothecated assets and personal properties; recovery certificate issued.

Union Bank of India versus M/S. Gemes Spine and Pain Care — Insurance | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 13TH DAY OF NOVEMBER'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.252 ot 2023

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Between:

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Union Bank of India, Kothagudem branch, 7-89, Singarenicolleries Buildings, MG Road. Bhadradri Kothagudem district, Kothagudem - 507 101. Telangana State Rep by its Chief Manager

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Applicant

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VERSUS

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M/s. Gemes Spine and Pain Care Physiotherapy Center, situated at H.No.5-12-146/ 748, Sankatpa Hospital Lane, Kothagudem, Bhad radriKothag udemd ist Telangana State - 507 101 Rep by its sole proprietor Sri J. Venkanna

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Mr. J. Venkanna, Male, Aged major, R/o MEC-36, Writer basthi, Kothagudem, Bhad rad riKothag udem District- 507 101, TS

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Defendants

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Counsel for the Par

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For the Applicant
For the Defendants
*
1 3 ir0\l 1t?t

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(OA. No.2s2l2023 )

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.39,23,744.80ps (Rupees Thirty Nine Lakhs Twenty three Thousand Seven hundred Forty Four and paise Eighty only) with future interest @ 8.35olo^p.a from date of filing of OA till the date of realization and in default for sale of hypothecated assets as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant No.1 is a firm represented by its sole proprietor/ defendant no.2 who availed term loan of Rs.42.00 lakhs for purchase of equipment, machinery and furniture of Physiotherapy clinic on 15.L2.2021. The defendant no.1 executed General term loan agreement, demand promissory note, term loan agreement (hypothecation of movables) on 15.12.2021. After availing the

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loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued demand notice dated 02.t2.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called a

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0t.2024.
;&.,;
13 N0\l rflTl

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(OA. No.2s212023)

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Sri G. Devaraju, Senior Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.7.

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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 exhiblted relevant documents as Ex.A1 to A.7. 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 of Rs.39,23 ,l44.gOps (Rupees Thirty Nine Laksh Twenty three Thousand Seven Hundred Forty Four

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and with future interest @ 8.35olo p.a from dat tgJ Out" of reatization;

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(OA. No.2s212023)

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

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The Applicant Bank is also entitled to proceed against the person and properties of defendants 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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t2. 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 13th day of Nov, 2024)

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sdl_ (G. GOPTCHAND)

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PRESIDING OFFICER

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Union Bank of India v. M/S. Gemes Spine and Pain Care

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S. Gemes Spine and Pain Care

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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