Allowed

State Bank of India v. M/S. Yuvaasna Foods

DRT4 Nov 2024OA/326/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Origin application filed by State Bank of India for recovery of dues totaling Rs. 39,06,043/- along with interest from two loan accounts and costs, with the respondent directed to pay the amount and face proceedings against hypothecated and personal properties.

What did the court decide?

Direction to pay Rs. 39,06,043/- with interest; right to realize debt from hypothecated and personal properties; issue recovery certificate.

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

¶1

IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD DATED THIS THE 4TH DAY OF NOVEMBER' 2c/24

¶2

PRESENT: SRI GUMMADI GOPICHAND, PRESTDING OFFICER

¶3

OA.No.326 ot 2OZ4

¶4

Between:

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State Bank of India, Stressed Assets Recovery Branch_II, L-8-563/ L , RTC Cross roads, Opp.Sandhya theatre, 1't floor, Chikkadpally, Hyderabad, Telangana State. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. Yuvaasna Foods, A proprieta ry concern, Represented by its proprietrix, SmtSwathi R, plot no.ti0, D. No. 3-9-585 / 4, Batajinagar, Sahara Estate Road, Mansoorabad, Hyderabad _ 5OO 068.

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Also at:

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Flat no. 501, VasaviBrundavanam Apartments, LB nagar, Enclave Road, Mansoorabad, Hyderabad.

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Defendant

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Counsel for the parUes:

For the Applicant

For the Defendant

Sri C. Prabhakar

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¶17

(OA.No.326 of 2024)

¶18

ORDER

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1' The Appricant Bank fired the present oA against Defendant for recovery of a total sum of Rs.39,06,O43l_ (Rupees Thirty Nine Lakhs Six Thousand and Forty Three only) i.e.,

¶20

a) A sum of Rs.27,BZ,4B3l_ under loan account No.38705996156 with further interest @ 13.40olo p.a with monthly rests from date of filing of OA till the date of realization ;

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b) A sum of Rs.g,80,987/_ under loan account No.40209893567 with further interest @ 9.25olo p.a with monthly rests from date of filing of OA till the date of realization ;

¶22

c) A sum of Rs.Z,42,573l_ under loan account No.39463355131 with further interest @ 9.25olo p.a with monthly rests from date of filing of OA till the date of realization ;

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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 is a proprietary concern represented by its proprietrix availed cash credit of Rs.6.00 lakhs and term loan of Rs.34.OO lakhs vide letter of arrangement dated 22.OB.ZOII. To secure due repayment of loans, the reement of loan cum

¶25

hyporhecation dated r1:g&;r;ffirnu"$ loan of Rs.4O.O0 lakhs was renewed u, qie to1r Rf ml?mt,ood n 29.06.2020 and iE rI $rP. ,r &;y*#"Q-S.

¶26

(OA.No.326 of 2024)

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executed supprementar agreement of roan cum hypothecation dated 29.06.2020. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA and issued regar notice dated 05.08,2024. Inspite of 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 t4.10.2024.

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4, Sri J. Rama Rao, ChiefManager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A. 14.

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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

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entitled for the claim made in the OA against the Defendant as prayed for?

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Defendant remained exparte. To substantiate the case of the Applicant Bank, AW.1, officiar of the Appricant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.14. In view of the above, I hold that the ank has established their claim {' made in the OA agaifpLtft hence the Applicant Bank is entitled to reco OA with future interest and costs.

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W,fu".#,

¶35

(OA.No.326 of 2024)

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B. In the result, the present OA is allowed with costs, as under: The Defendant is riabre to pay to the Appricant Bank a totar sum of Rs.39,06,O43l- (Rupees Thirty Nine Lakhs Six Thousand and Forty Three only) i.e.,

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a) A sum of Rs.27,g2,483/- under loan account No.38705996156 with further interest @ 13.40% p.a from date of filing of OA till the date of realization ;

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b) A sum of Rs.B,B0,9B7/- under loan account No.40209893567 with further interest @ 9.25olo p.a from date of firing of oA til the date of realization ;

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c) A sum of Rs.2,42,573l- under loan account No.39463355131 with further interest @ 9.25% p.a from date of firing of oA tiil the date of realization ;

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The Applicant bank is entitled to proceed against the hypothecated property 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 and properties of defendant towards realization of the debt due.

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¶43

e costs of the OA.

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*
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(OA.No.326 of 2024)

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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 pa rties concerned.

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(Dictated to the p.A., transcribed ^by-h.er,^{corrected,signedand pronounced by me in theopen} court on this the 4th day of Nov, 2024)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

¶52

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State Bank of India v. M/S. Yuvaasna Foods

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Yuvaasna Foods

Case brief

What is this about?

What did the court decide?

What the court decided

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