Allowed

State Bank of India v. M/S. Potay

DRT9 May 2024OA/335/2023

Case brief

AI extract

What is this about?

The DT confirmed the Applicant Bank's claim for Rs.53,90,675/- along with interest on two loan accounts held defaulted by the Defendant. The Bank was also allowed to proceed against hypothecated assets and properties for debt realization in الميت OA.No.335/2023.

What did the court decide?

Allowed OA with costs; Defendant to pay Rs.53,90,675/- with future interest; Bank entitled to proceed against assets.

State Bank of India versus M/S. Potay — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 9THDAY OF MAY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.335 of 2023

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Between:

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State Bank of India, Stressed Assets Recovery Branch (SARB-II) 1-B-563/1, RTC Cross roads, Opp Sandhya theatre, 1't floor, Chikkadpally, Hyderabad - 500 O2O. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. Potay, Represented by its^proprietrix, Smtlonavath Satya Kumari, H.No.37-18/24/ t, ptot no.2B, Defence colony, Sainikpuri, Opp Indian Overseas Bank, Tirumalgiri, Secunderabad -94.

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Defendant

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Counsel for the Parties:

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For the Applicant For the Defendant

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Sri C. Prabhakar Exparte

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ORDER

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The Applicant Bank filed the present OA against Defendant for v.nf;if -'-'.i.* ffitBrr^{'Y*.}</sup> of Rs.53,9O,675/- (Rupees Fifty Three Ninqt9, rnoufl{h Six hundred and Seventy Five only) ,BB,2l5/- under loan account}

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(OA.No.335 of 2023)

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No.40078316405with further interest @ 12.65010 p.a with monthly rests from date of filing of oA till the date of realization and a sum of Rs.9,02,460/- under loan account no.40g24146048 with further interest @ 9.25% p.a with monthly rests from date of filing of OA till the date of realization and in default for sale of hypothecated assets as described in the schedule^,'I & II,, to OA.

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As per the averments in the apprication, the Appricant Bank states that defendant smtlonavath Satya Kumari is the proprietrix of M/s. Potay availed cash credit of Rs.0.60 lakhs and term roan of Rs.47.00 lakhs totaling a sum of Rs.47.60 lakhs vide letter of arrangement dated 08.03.2021. To secure due repayment of roan facirities, the defendant executed agreement of loan cum hypothecation dated 08.03.2021 and hypothecated alr the movabre assets more fuly described in the schedule I to oA. Later the Applicant bank revised the term loan of Rs.45,47 lakhs and sanctioned GECL loan of Rs.7.B0 lakhs totaling a sum of Rs.53.27 rakhs vide letter of arrangement dated 03.03.2022. to secure due repayment, the defendant executed supplemental agreement of loan cum hypothecation dated 03.03.2022 and hypothecated the vehicle, goods carrier_LMV more fully described in the Schedure II to oA. After avairing the roan facilities, the defgd'a6(6leg"fromply the terms of sanction, 1/e hence the uppti{*frun;ffi Jfu$hd ro crassiry the account as 1i NPA and issueid-]egafirptirygOffid 23!Ii.2023. rnspite of severat

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(OA.No.335 of 2023)

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requests and demands, the defendant did not clear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 16.04.2024.

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Shri Jeeban Mishra, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.9.

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Heard the Ld. Counsel for the Applicant Bank.

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6' 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.9. 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 6eS

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6eS
ffit
d-ll
IT AY

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(oA.No.33s of 2023)

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B. In the result, the present OA is allowed with costs, as under:

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The Defendant is liable to pay to the Applicant Bank a total sum of Rs.53,90,675l- (Rupees Fifty Three Lakhs Ninety Thousand Six hundred and Seventy Five only) i.e., a sum of Rs.44,BB,2l5/under loan account No.40078316405 with further interest @ 12.650/o p.a from date of filing of OA till the date of realization and a sum of Rs.9,02,460/- under loan account no.40824146048 with further interest @ 9.25olo p.a from date of filing of OA till the date of realization.

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The Applicant bank is entitled to proceed against the hypothecated assets / movables as described in schedule^..I & II" to OA towards realization of the debt due.

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the Applicant Bank is also entifled to proceed against the person and properties of defendant towards realization of the debt due.

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The Applicant Bank is entiued 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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(oA.No.33s of 2023)

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15. 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 9th day of May'2024)

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(G. GOPTCHAND)

PRESIDING OFFICER

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I'Rt'E cotlY

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Issf. Regrstrnr DRT-|, HYD.:r.:.i.8.8!

State Bank of India v. M/S. Potay

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Potay

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Parties & counsel

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