Allowed

State Bank of India v. M/S. Tamogna Enterprises Private Limited

DRT29 Apr 2024OA/253/2023

Case brief

AI extract

What is this about?

This order affirms an application filed by SBI SARB to recover a loan. After examining bank documents and noting the default by borrowers and guarantors, the tribunal held the bank's claim established, allowing the OA for recovery of the principal and future interest.

What did the court decide?

Decree for recovery of Rs. 3,56,33,530/- with future interest; authority to proceed against mortgaged and hypothecated properties and properties of guarantors; recovery certificate issued.

State Bank of India versus M/S. Tamogna… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 29TH DAY OF APRIL'2024

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFICER

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OA.No.253 OF 2023

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Between:

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State Bank of India, Stressed Assets Recovery Branch, (SARB), 2nd floor, TSRTC Commuier Amenity Centre, Bus terminal complex, Koti, Hyderabad. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s, Tamogna Enterprises private Limited, represented by its Directors, the defendants 2 to 4 herein Regd office at survey no.1g35/UU, Nandigama village and mandal, Ranga Reddy district, Hyderabad - 509 216.

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Corporate office at H.No_8-3-1 100, ptot no.35, HDFC Bank Lane, Srinagar colony, Hyderabad - 500 073.

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Administrative office at plot no.24, D.No.B-3-1021, Krishna vihar, Srinagar colony, Hyderabad _73.

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ffi

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7s ll:l.lo 19!,^{1't froor,D.No.175lLB,} 776/2, t77/t78, SB Capitat,

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(oA.No.2s3l2023)

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Mangalagiri Bypass, Near Saibaba temple, Guntur Highway, Vijayawada - 522 503.

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Sri Kommineni Praveen Kumar, s/o Sri K. VenekataRamanappa, aged about 46 years, male, occ: business and director of 1't defendant company, R/o 17LH 102, Lanco hills, Manikonda, Hyderabad - 89.

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H. No.B-2- 120 /tt/496, Indira Nagar colony, Jubilee hills, Hyderabad - 500 034.

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SmtKommineniRoja Bharathi, D/o Sri Kolli Kali Vara Prasad, Aged about 40 years, female, Occ: business and d irecto r Of 1st defendant company, H. No.B-2- 120 /tt/496, Indira Nagar colony, Jubilee hills, Hyderabad - 500 034.

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SmtKommineniPrathima, w/o Sri M. Srinivas, aged about 44 years, female, Occ: business and director of 1't defendant company, ITLH 702, Lanco hills, Manikonda, Hyderabad - 89.

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1 Flat no.201, block A, Srinilaya^. Asian Manor, road no.2, :. Banjara h ills, Hyderabad - 34. &

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(OA. No.253/2023)

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Flat no.4O2, plot no. G-100, Madhuranagar, Ameerpet, Hyderabad - 500 016.

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Sri Kolli Kali Vara Prasad, s/o Sri KolliGangaiah, aged about 65 years, male, occ: business, H.No.117, 1tt main road, MLA layout, R.T. Nagar, Bangalore - 560 032.

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SmtKolliThayiKumari, w/o Sri Kolli Kali Vara Prasad, aged about 59 years, female, occ: business, H.No.117, 1't main road, MLA layout, R.T. Nagar, Bangalore - 560 032.

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Defendants

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Counsel for the Parties:

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For the Applicant

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For the Defendants

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Sri G. Prabhakar Sarma Expa rte

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ORDER

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1, The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.3,66,33,53O/- (Rupees Three Crores Sixty Six !akhs Thirty three thousand Five hundred and thirty only) i.e.,

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a) a sum of Rs.2,78,54,080/- due in term loan account with interest @ 17.25o/o p.a with from the date of application till the date of rea lization;

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b) a sum of Rs.87,79,450/- due in WCTL,account with interest @ , ,.. 1.

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18.10olo p.a with monthly rests from date of application till the

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(oA.No.2s312023)

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date of realization and in defaurt for sare of mortgaged properties and hypothecated property as described in the schedules ..A to D,, to OA.

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As per the averments in the apprication, the Appricant Bank states that defendant No.1 company represented by its Directors, the defendants no.2 & 3 avaired working capitar of Rs.3.00 crores, term loan of Rs.11 crores and bank guarantee of Rs.5 crores vide letter of arrangement dated 22.02.201g. To secure due repayment of overall loan facilities, the defendants no.1 & 2 executed agreement of loan for overall rimit, agreement of hypothecation of goods and assets, omnibus counter guarantee and retter regarding the grant of individual limits within the overail rimit. Defendants 2 to 6 stood as guarantors and guaranteed the repayment of roan facirities and executed deed of guarantee dated 30.03.201g. To secure due repayment of said over ail roan facirities of Rs.4.30 crores, the defendant no.1 company represented by directors/ defendants 3 & 4 executed supplemental agreement of loan, supplemental agreement of hypothecation of goods and assets, letter regarding the grant of individual limits. Defendants 2 to 6 guaranteed the repayment of said loan facilities and execute(" supplemental deed of guarantee dated 08.05.2021. subsqpqgn*ily on r gf the defendants the |'' , '\ Applicant renewed the existing term ioan or rs..Jv+ rakhs and working capitat term roan of Rs.92 rakhs "flovbiarr roan' facirities of Rs.366 ; .4

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(oA. N o.2s312023 )

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lakhs) vide letter of arrangement dated 19.01.2023. On 27.02.20tg and 12.04.2019, the defendants 4 and 6 created equitable mortgage and the same was extended on 08.05.2021 over immovable properties more fully described in the schedule .,A to C,, to OA. In terms of loan documents all the plant and machinery, stocks including tabs and finger print scanners, current assets, book debts etc of defendant no.1 company are hypothecated (more fully described in schedule D) infavour of Applicant bank as a security for due repayment.After 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 legal notice dated 28.06.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendantsl to 6 called absent and set exparte on 02.02.2024.

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Sri A.G. Satya Prasad, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.39.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for r the Applicant Bank is /7 r:' entiued for the crainy',fuiiire in st the Defendants as l! prayed for? ?g frpfl &,

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(OA.No.2s312023)

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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.39. 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:

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a, The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.3,56,33,53O1- (Rupees Three Crores Sixty Six lakhs Thirty three thousand Five hundred and thirty only) i.e.,

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a) a sum of Rs.2,78,54,080/- due in term loan account with interest @ 17.25o/o p.a from the date of application till the date of rea lization;

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b) a sum of Rs.87,79,450/- due in WCTL account with interest @ 18.10% p.afrom date of application till the date of realization.

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The Applicant bank is to proceed against the mortgaged immovable movables as described in :1, -

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ion of,,the debt due.

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APfl 202t^*i t }J

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(oA. No.2s3l2023)

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The Applicant Bank is arso entiued to proceed against the person and properties of defendants No.2 to 6 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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13, 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 2gthday of April,2024)

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sdl_ (G. GOPTCHAND) PRESIDING OFFICER

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try7.2Y Dli:;ffiff;^

State Bank of India v. M/S. Tamogna Enterprises Private Limited

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Tamogna Enterprises Private Limited

Case brief

What is this about?

What did the court decide?

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