Allowed

Union Bank of India v. M/S. Laxmi Prasanna Trading

DRT21 Mar 2024OA/345/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an Originial Application filed by a bank for recovery of loan outstanding from firm defendants and individual guarantors, holding the bank established its claim via documentary evidence.

What did the court decide?

Defendants ordered to pay total sum of Rs. 29,78,072.89 with future interest; Recovery Certificate issued to Applicant.

Union Bank of India versus M/S. Laxmi Prasanna Trading — Execution and Attachment | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 21ST DAY OF MARCH' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.345 of 2022

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Between:

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Union Bank of India, Ramanthapur Branch, D.No.2-3-506/A & B, Amberpet Main Road, Ramanthapur, Hyderabad - 500 013. Represented by its Branch Manager

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Applicant

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VERSUS

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M/s. Laxmi Prasanna Trading Company, office D.No. 10-63, Gokhale Nagar, Ramanthapur, Hyderabad - 500 013. Represented by its proprietor Sri K. PrasannaLaxmi

¶10

Mrs. Koma rve lliLa x m iPra sa n na, d/o Y. Manohar, aged 37 years, occ: Business, female, D.No. 10-63 Gokhalenagar, Ramanthapur, Hyderabad - 500 013.

¶11

Mr. Y. Shiva Kumar,
s/o Y. Manohar, aged 36 years,
occ: business, gender Male,
D.No.2-3-512 / A/7, Chenna Reddy Nagar,
Amberpet, Ramanthapur, Hyd d- 13. .... . Defendants
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Counsel for the Pa rties:
For the Applicant 14.: avan Kumar
2 1 ilap 2nffi D.13
I trl .-^-i
For the Defendants
(&,"#ry
%B,'l

¶12

(oA.No.345 of 2022)

¶13

ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.29,lg,Ol2.g9ps (Rupees Twenty Nine Lakhs Seventy Eight thousand and Seventy two and paise Eighty Nine only) i.e.,

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a) A sum of Rs.22,69,200.50ps in respect of loan account No.523505110000102 with future interest @ 10.55o/o p.a with monthly rests from date of the application till the date of realization;

¶16

b) A sum of Rs.2,34,612.39ps in respect of loan account No.523506390002009 with future interest @ 10.00o/o p.a with monthly rests from date of the application till the date of realization;

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c) A sum of Rs.4,74,260/- in respect of loan account No.523506990000003 with future interest @ 9.50% p.a with monthly rests from date of the application till the date of realization;

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and in default for sale of mortgaged property and hypothecated movables as described in the schedules^,'A & 8,, to OA.

¶19

As per the averments the Applicant Bank states fi' -,: -' /^.rli t" -'"i i.$ that defendant ,,ftpresenpr,f! no.1 firm along with tl t defendant no.: (gu-ii.iantof)^{.availedffirm} of Rs.20.00 lakhs and i:^,,.. :!:'.1

¶20

(OA.No.345 of 20221

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executed demand^{promissorynote. Defendantno'3 executed} guarantee agreement^{dated 08.08.2018. The loan facilitiesavailed} by defendants^{was secured by collateral security in respect of} Application^{Schedule"A" property and defendant no'3 deposited the} sale deed^no.15089 l2}t6^{dated 2B.Ll.2OL6.The defendants availed} additional^{term loan of Rs.2.00 lakhs vide sanction letter dated} 30.05.2020^{and executed term loan agreement dated 09'06'2020'} on 29.05.2020,^{the defendants availed additional loan of Rs'4'00} lakhs under^{covid-20 scheme. After availing the loan facilities'the} defendants^{failed to comply the terms of sanction, hence the} applicantbankWaSconstrainedtoclassifytheaccountasNPAon 31.03.2021^{and issueddemandnotice dated 09'04'202t'Inspite} of several^{requests and demands,the defendantsdid not clear the} outstanding.^{Hencethis OA'}

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3.Defendantscalledabsentandsetexparteon05.02.2024,

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sri^{VangalaSanathKumar Reddy, Managerof the ApplicantBank} examined^{himselfas AW.1and exhibited relevant documents', which} are marked^{as Ex'A'1to A'40'}

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Heard^{the Ld. Cou}

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(OA.No.34s of 2022)

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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 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.40. 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.

¶28

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

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.29,78to72.89ps (Rupees Twenty Nine Lakhs Seventy Eight thousand and Seventy two and paise Eighty Nine only) i.e.,

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a) A sum of Rs.22,69,200.50ps in respect of loan account No.523505110000102 with future interest @ 10.55olo p.a from date of the application till the date of realization;

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b) of loan account No.52350639000 @ 10.00o/o p.a from date of the appl tion;

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(OA.No.34s of 2022 )

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c) A sum of Rs.4,74,260/- in respect of loan account No.523506990000003 with future interest @ 9.50o/o p.a from date of the application till the date of realization;

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The Applicant bank is entiued to proceed against the mortgaged immovable property and hypothecated movabres as described in schedule to OA towards realization of the debt due.

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the Applicant Bank is also entiued to proceed against the person and properties of defendant No.2 and 3 and properties of defendant no.1 firm towards realization of the debt due.

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The Applicant Bank is entifled 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 21st day of March, 2024)

¶41

sdl-
(G. GOPTCHAND)
PRESIDING OFFICER

¶42

?'i tit.rt

¶43

TRUE CORY
c,s{"*6

Union Bank of India v. M/S. Laxmi Prasanna Trading

Case brief

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Union Bank of India v. M/S. Laxmi Prasanna Trading

Case brief

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