Allowed

Bank of India v. M/s. Natural Fruit Juice Processor

DRT27 Nov 2024OA/307/2024

Case brief

AI extract

What is this about?

The DR-T allowed an application filed by Bank of India against M/s. Natural Fruit Juice Processor and proprietor Mohammed Sajjad Ali for recovery of outstanding dues under various loan accounts totaling approximately Rs. 54.67 lakhs with interest. The bank was granted a recovery certificate and directed to proceed against hypothecated assets.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 54,67,239.22 with interest; direction to proceed against hypothecated assets and defendant properties; recovery certificate issued.

Bank of India versus M/s. Natural Fruit Juice… — 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 27fH DAY OF NOVEMBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFIcER

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OA.No.3O7 ol 2024

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Between:

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Bank of India, Malakpet branch, Malakpet, Saidabad mandal, Hyderabad District - 500 036. Represented by its constituted Attorney Sri T. Jagannadham

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Applica nt

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VERSUS

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M/s. Natural Fruit luice Processor, Represented by its Proprietor Mr. Mohammed Sajjad Ali, Regd office D. No. 1B-1-350/ 72/ A196, Yousufain colony, chandrayaanagutta, Hyderabad - 500 005

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And also at:

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H.No. 1B-1-337 /C/ t9 / A, Sai Baba nagar, Hyderabad - 500 005.

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Mr. IYohammed Sajjad Ati, s/o Mohammed Ameer Ali, male, aged 35 years, occ: business, R/o H.No. 1B-B-589/75, LCH, Kumarwadi colony, Edi Bazar, Hyderabad - 500 023.

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Counsel for the Pa rties:

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For the Applicant

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For the Defendants

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Sri D. Brahma Reddy

Expa rte

(OA.307 of 2024)

ORDER

1' The Applicant Bank filed the present oA against Defendants for recovery of a total sum of Rs,S4,6Z,2gg.22ps (Rupees Fifty Four Lakhs Sixty Seven Thousand Two Hundred Thirty Eight and paise Twenty Two only) i.e.,

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a) A sum of Rs.36,67,L76/- under cash credit with interest @ 1,0.70o/o p.awith monthly rests plus 2o/o penal interest from date of application till date of realization;

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b) A sum of Rs.5,82,434.33ps under wcrL account with interest @ 9'250/o p.a with monthry rests prus 20/o penar interest from date of application till the date oF realization;

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c) A sum of Rs.7,20,304/- under FITL account with interest @ 9.650lo p'a with monthry rests prus 20k penar interest from date of application till the date of realization;

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d) A sum of Rs.4,97,323.g9ps under car roan account with interest @ 9.25o/o p.a with monthly rests plus 2o/o penar interest from date of application till the date of realization;

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And in defaurt for sare of hypothecated vehicre as described in the schedule to OA.to OA.OA. ,ffi per the averments the averments averments in the aOoiiiationr,ilfttffi,,*tthe aOoiiiationr,ilfttffi,,*taOoiiiationr,ilfttffi,,*t

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schedule to OA.to OA.OA.

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As per the averments the averments averments in the aOoiiiationr,ilfttffi,,*tthe aOoiiiationr,ilfttffi,,*taOoiiiationr,ilfttffi,,*t states 2I^llu\Jz that defendant No.1 is a by its proprietor/ defendant no.2 lakhs

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(oA.307 of 2024)

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on 14.03'2016 and executed demand promissory note, bearer retter, L-515, L-516 etc. The defendants once again availed working capital term loan of Rs.6.00 lakhs on 20.06.2020, FITL loan of Rs.6,97,000/- on 17.09.202L and car loan of Rs.5,95,OOO/_ on ll'07'20t8 and executed necessary documents. After avairing the loan facilities, the defendants faired to compry the terms of sanction, hence the appricant bank was constrained to crassify the account as NPA on 30.04.2023 and issued legal notice dated 07.07.2024. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants No.1 and 2 calred absent and set exparte on 05.rr.2024. 4. Sri D.C. Prashanth Babu, Credit Manager of the Applicant Bank examined herserf as AW.1 and exhibited rerevant documents, which are marked as Ex.A.l- to A.44.

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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 AS

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prayed for? 2^{7 }!o\l 7mt}

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Defendants No.1 and pa rte. the

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case of the Applicant Bank was

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(oA.307 of 2024)

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examined and she exhibited relevant documents as Ex.A1 to A.44. 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 entiiled 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 joinily and severally liable to pay to the Applicant Bank a total sum of Rs.54,67,23g.22ps (Rupees Fifty Four Lakhs sixty seven Thousand Two Hundred Thirty Eight and paise Twenty Two onty) i.e.,

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a) A sum of Rs.36,67,176/- under cash credit with interest @ 10.70o/o p.a from date of application till date of realization; b) A sum of Rs.5,82,434.33ps under WCTL account with interest @ 9.25o/o p.a from date of application till the date of rea lization ;

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c) A sum of Rs.7,20,304/- under FITL account with interest @ 9.65olo p.a from date of application till the date of realization; d) A sum of Rs.4,97,323.89ps under car loan account w ith

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interest @ 9.25o/o p.a from date of application till the date of
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realization;
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(oA.307 of 2024)

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9, The Applicant bank is entitled to proceed against the hypothecated

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vehicle as described in schedule to OA towards realization of the

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debt due.

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The Applicant Bank is also entiiled to proceed against the person

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and properties of defendant No.2 and properties of defendant no.1 firm towards realization of the debt due.

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The Appricant Bank is entiiled to the costs of the oA.

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The Appricant shail fire 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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Iflfti:"iislL"rlfu""ll;U"o^{bv her, correcred, sisned and pronouncedbv me} in rhe open courton

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sd/ - (G. GOP|CHAND) PRESIDING OFFICER

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rBug^coPY /!nk,?o, ,,/r'tDETiI,^{HYDEfi.4Ii..8'}

Bank of India v. M/s. Natural Fruit Juice Processor

Case brief

What is this about?

What did the court decide?

Bank of India v. M/s. Natural Fruit Juice Processor

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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Case details

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