Allowed

Bank of Baroda v. M/S. Nitin Infra Projects

DRT26 Sept 2024OA/274/2024

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application filed by Bank of Baroda against three defendants for recovery of an adjoined term loan. The court held the bank's claim established and granted recovery of principal, interest, and costs, along with lien on hypothecated vehicle.

What did the court decide?

Defendants ordered to pay Rs.56,31,656.42 with future interest @11.90% p.a., sale of hypothecated vehicle and costs granted.

Bank of Baroda versus M/S. Nitin Infra Projects — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 26TH DAY OF SEPTEMBER'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.274 ol 2024

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Between :

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Bank of Baroda, Malakpet branch, Malakpet, Hyderabad. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. Nitin Infra projects,

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Represented by its partners,

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H. No. 17- 1-32 B/N/20 ,

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Flat no.403, CNR plaza,

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Nagarjuna colony, Champapet,

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Hyderabad - 500 079.

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Mr. Gudigandla Sai Kumar Reddy, s/o Mr. GudigandlaNarasimha Reddy, aged 27 years, male

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Occ: business, H.No.17-1- 3Zg/N/20,

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Flat no.302, CNR plaza,

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Nagarjuna colony, champapet, Hyderabad - 500 079.

¶18

,ffi\

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Mr, GudigandlaNarasimha Redd S/o Sri Gudigandla Neel Redd Aged 49 years, male, occ: b H.No. 1- 16212, Azxadnagar, Makthal, Mahabubnagai -

¶20

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¶21

Counsel for the parties:

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For the Applicant

For the Defendants

(oA.274 of 2024]|

ORDER

1' The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.56,31,656.42ps (Rupees Fifty Six Lakhs Thirty One Thousand Six Hundred Fifty Six and paise Forty two only) with future interest @ 11.90% p.awith monthly rests from date of application till the date of realization and in default for sale of hypothecated vehicle as described in the schedule to OA.

¶27

As per the averments in the apprication, the Appricant Bank states that defendant No.1 is a partnership firm represented by defendants 2 & 3 as its partners avaired term roan with a rimit of Rs.50.00 rakhs on 31.07.2023 and executed letter of partnership, letter of installment with accereration clause, roan cum hypothecation cum guarantee agreement. The defendant availed the term loan for purchase of JCB 215LC Machine and hypothecated the vehicre in favour of Applicant bank. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA on 30.72.2023 and issued notice !.^{Inspite of several} requests and demands, th r the outstanding. Hence this OA. J^z6sEPm4 : rii. .. r!1 ^^:l %,,r",n"#

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(OA.z74 of 20241

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Defendants No.1 to 3 called absent and set exparte on 04.09.2024.

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Sri Ch. Ramesh Kumar, Chief 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 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.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 jointly and severally liable to pay to the Applicant Bank a lotal surytfi-3fu5.6R{56.42ps (Rupees Fifty Fifty six and six Lakhs rhirty on: j,,'f J.h{;B sil."d ':* -.tt \l ;i, ii? 1^{6 oSFP rrrl1P1 /uzr} 5l. il tr',. : o-$-Ur9'

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lOA.274^{of z124l}

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paise Forty two only) with future interest @ 11.90olo p.a from date of application till the date of realization;

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The Applicant bank is entitled to proceed against the

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hypothecatedvehicle 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

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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

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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 26th day of Sept, 2024)

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sdl(G. GOPTCHAND) PRESIDlNG OFFICER

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Bank of Baroda v. M/S. Nitin Infra Projects

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. M/S. Nitin Infra Projects

Case brief

What is this about?

What did the court decide?

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