Allowed

State Bank of India v. M/S. Nakka Muthyam Transport

DRT24 Sept 2024OA/295/2024

Case brief

AI extract

What is this about?

Sri Gummadi Gopichand allowed an Original Application filed by State Bank of India for recovery of Rs.37.46 lakhs along with future interest against Sri Nakka Muthyam for default in repayment of term loan and cash credit.

What did the court decide?

Directing the respondent to pay Rs.37.46 lakhs with future interest at 12.40% p.a. from 06.07.2024 and authorizing the bank to proceed against hypothecated movables and properties.

State Bank of India versus M/S. Nakka Muthyam Transport — Maintenance and Alimony | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 24TH DAY OF SEPTEMBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.295 ot 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC bus Terminal Complex, (Commuter Amenity Centre), Koti, Hyderabad, Telangana State. Represented by its Chief Manager

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Applicant

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VERSUS

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Sri NakkaMuthyam, Represented by its Proprietor, SmtNakka Muthyam, w/o Sri NakkaShireenBabu, aged 34 years, occ: business, Plot no.113 S/P, Sai township, Mannegua, Ranga Reddy - 501 101.

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Defendant

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Counsel for the Parties:

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For the Applicant

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For the Defendant

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Ms. D. SangeetaJaiswal

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Expa rte

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ORDER

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The Applicant present OA against Defendant for recovery o! ,L34/-^{(Rupees Thirty Seven} Lakhs ndred and Thirty Four only) ''1'f3tp"fi#, i.e., A suA susu .No.40463208551 and a sum of

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i.e., A suA susu

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(OA.No.29s of 2024)

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Rs.2,23,529/- in A/c.No.40494462L79 with future interest @

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14.4Oo/o p,a with monthly rests (inclusive of 2o/o^penal interest) from 06.07.2024 till the date of realization and in default for sale of hypothecated movables as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states

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that defendant availed Term loan of Rs.41.00 lakhs and cash^{credit of} Rs.2.00 lakhs vide letter of arrangement dated 22.09.2021.^The defendant executed agreement of loan cum^{hypothecationdated} 22.09.2021 and hypothecated the vehicle Eicher Pro6028MCB24FIBS6DW bearing registration^No.TS 07UK4356^and stocks and book debts. After availing the^{loan facilities, the} defendant failed to comply the terms of sanction,^hencethe applicant bank was constrained to classify the^{account as NPAon} 21.1L.2023 and issued legal notice dated 07.07.2024.^Inspiteof several requests and demands, the defendant^{did not clear the} outstanding. Hence this OA.

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Defendant called absent and set exparte on^11.09.2024.

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Sri A. G. Satyaprasad, Ma nt Bank examined herself as AW.1 and ents, which are ffiffiffi:,. N marked as Ex.A.1 to A. 10. 2 4 sEP mzr Il: 5. e Applicant BAnh'ij

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(OA.No.295 of 2024)

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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 Defendant as prayed for?

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Defendant 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.10, In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendant and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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In the result, the present OA is allowed with costs, as under: The Defendant is liable to pay to the Applicant Bank a total sum of Rs.37,46,L34/- (Rupees Thirty Seven Lakhs Forty Six Thousand One hundred and Thirty Four only) i,e., A sum of Rs.35,22,605/- in A/c.No.40463208551 and a sum of Rs.2,23,529/in A/c.No.40494462t79 with future interest @ 12.40% p.a from 06.07.2024 till the date of realization.

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The Applicant bank is e n tit led to proceed against the hypothecated movables as described in A towards rea lization of s

,,r'd.

the debt due. u$

(oA.No.29s of 2024)

The Applicant Bank is also entitled to proceed against the person and properties of defendant 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 24th day of Sept, 2024)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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State Bank of India v. M/S. Nakka Muthyam Transport

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Nakka Muthyam Transport

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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