Allowed

Union Bank of India v. M/s. Hari Priya Infra Projects

DRT30 Dec 2024OA/30/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Union Bank of India against two defendants for recovery of an outstanding loan of Rs. 51,00,019.70 along with future interest and costs of the proceedings.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 51,00,019.70 plus future interest at 14.05% p.a.; bank authorized to proceed against hypothecated vehicle and respondent properties; recovery certifi

Union Bank of India versus M/s. Hari Priya Infra… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 3OTH DAY OF DECEMBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.3O ot 2024

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Between:

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Union Bank of India, Sultan Bazar branch, Ground floor, Andhra Bank bu ilding, Koti, Hyderabad - 500 095. Represented by its Branch Manager

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Applicant

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VERSUS

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M/s. Haripriya Infra projects. Flat no.211, Aditya enclave, Annapurna Blocks, Ameerpet, Hyderabad, TS- 500 038. Rep by its^prop: Mr. Gangarpu Srinivas Rao.

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Mr. Gangarapu Srinivas, s/o GangarpuGangadhar Naidu, aged 40 years, male, occ:business, R/o flat no.105, #7-L-t4/25 &26, Kalyani Classics, poornima Nursing Home, Srinivasa colony East, Ameerpet, Hyderabad Telangana - 500 038.

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Defenda nts

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Counsel for the^parties:

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For the Applicant : Sri D.S. Pavan Kumar

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For the Defendants : Exparte ORDER E1

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Appticant k filed the present OA against Defendants for 3,."g"gEpr,gI" um of Rs.51,OO,O19.7Ops (Rupees Fifty One n and paise seventy only) with future interest vffi!;'3 "t

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(oA.No.30/2024)

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@ 14.05o/o p.a with monthly rests from date of application till the date of realization and in default for sale of hypothecated property as described in the schedule to OA.

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2' As per the averments in the apprication, the Appricant Bank states that defendant No.2 is the proprietor of defendant no.1 firm avaired loan of Rs.50.00 lakhs for purchasing JCB Vehicle repayable in 60 months @ 12.05o/o. The defendants agreed to the terms and conditions and executed hypothecation of vehicle, interest agreement, simple agreement, letter of continuity, demand promissory note and letter of undertaking. After avalling the loan facirities, the defendants Faired to compry the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 29.10.2023 and issued recall notice dated 02.LL.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on 24.07.2024.

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Sri P. Siva Kumar, Branch Manager of the Applicant Bank examined

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himself as AW.1 and exhibited relevant documents, which are

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e Applicant Bank.

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(OA.No.30/2024)

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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 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 exhibited relevant documents as Ex.A1 to A.13. 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 joinUy and severally liable to pay to the Applicant Bank a total sum of Rs.51,OO,O19.7Ops (Rupees Fifty One Lakhs and nineteen and paise seventy only) with Future interest @ 14.05o/o p.a from date of applicationtill the date of rea lization.

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The Applicant bank is entitled to proceed against the hypothecated

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property as ned in the schedule to OA towards realization of the

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(oA.No.30/202a)

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The Applicant Bank is also entiued to proceed against the person and properties of defendant No.2 and properties of defendant no.1 Firm towards realization of the debt due.

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The Applicant Bank is entiiled 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 30th day of Dec,2024)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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h,--E$$

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Union Bank of India v. M/s. Hari Priya Infra Projects

Case brief

What is this about?

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Union Bank of India v. M/s. Hari Priya Infra Projects

Case brief

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