Allowed

Union Bank of India (Andhra Bank) v. M/S. Ravus Farm Fresh Dairy Milk

DRT6 Aug 2024OA/345/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's Opposition Application for recovery of a loan amount of Rs. 40,08,594.32 with interest and costs, holding the bank had established its claim.

What did the court decide?

Joint and several liability to pay Rs. 40,08,594.32 with future interest at 11.40% p.a. and costs; authority to proceed against mortgaged and other properties.

Union Bank of India (Andhra Bank) versus M/S. Ravus Farm Fresh… — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL.I AT^HYDERABAD

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DATED THIS THE 6TH DAY OF AUGUST'2024

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PRESENT: SRI GUMMADI GOPICHAND,^{PRESIDING OFFICER}

OA.No.345 ot 2023

Between:

Union Bank of India,

Vijaya Plaza, Opp ZP High School, Sriramnagar colony,^Patancheru, Sanga Reddy, Telangana^State.

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Represented by its Sr. Branch^Manager

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Applicant

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VERSUS

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M/s. Ravus Farm Fresh^{DairY Milk,} Represented by its ProP:^{Sri U.P'V.} Satyayanarayana,^{villa no.12,} Eshwar villas, NizamPet, Hyderabad - 500 072.

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Sri U.P.V. SatyanaraYana, s/o Sri U. Amma^{Rao,aged 48} Yrs, occ: business,^{R/o villa no.12,} Eshwar villas, NizamPet, Hyderabad - 500 072.

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And

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H.No.3- t47 / 263/¹ 7A,^Balaji Nagar, Nizampet,^{road no.2,} Back side of Bata^{show room,} Nizampet, Medchal district.

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Counsel for the^Parties:

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For the Applicant

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For the Defendants

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Defendants
Sri AVSS
*
0 6 AUI ,fr2t
Expa rte

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(OA.No.345 of 2023)

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.4O,O8,594.32ps (Rupees Forty Lakhs Eight Thousand Six hundred Ninety four and^paise Thirty two only) with future interest @ 11.40olo^p.a with^monthly rests from date of filing of OA till the date of^realization andⁱⁿ default for sale of hypothecated and mortgaged^propertiesas described in the schedule to OA.

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As per the averments in the application,^{the ApplicantBankstates} that defendant No.1 being sole^{proprietaryfirm representedby} defendant no.2 as its sole^{proprietoravailed term loan of Rs.35.00} lakhs on 31.08.2018 on hypothecation^{of schedule mentioned} movables as detailed in schedule^{"A" to OA and againstequitable} mortgage of schedule^{mentionedproperty vide Regd sale deed} The Doc.No.1204O/2017 as detailed in^{Schedule "8" to OA.} defendants executed Demand^{promissorynote and composite} agreement dated 01.09.2018.^{After availlngthe loan facility, the} defendants failed to comply^{the terms of sanction, hence the} applicant bank was constrained^{to classify the account as NPA on} 31.03.2021 and issued demand^noti ce d a6Mflq.gffillN^{n s p ite of} several requests and demands,^th ;'r'"4".ffi,0?tlu", jt"^,n" *\ outstanding. Hence this^OA. ti :^rr6AUomt -.ir \i 'r -n a\ tr ;lt^r, I - r' .:' - r. Krii @sv'

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(OA.No.345 of 2023)

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Defendants No.1 and 2 called absent and set exparte on 04.06.2024.

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Sri V. Hanuman Kumar, Senior Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.B.

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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 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.B. 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

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(OA.No.345 of 2023)

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The Defendants are^{jointly and severallyliable to pay to the} Applicant Bank a total^{sum of Rs.4o,o8} $94.32ps^{(Rupees Forty} Lakhs Eight Thousand^{Six hundred Ninety four and paise} Thirty two only)^{with future interest @ 11.40o/op.a from date of} filing of OA titl the^{date of realization;}

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The Applicant^{bank is entitledto proceed againstthe hypothecated} and mortgaged^{properties as described in schedules"A & B" to OA} towards realization^{of the debt due.}

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The Applicant Bank is also^{entitled to proceed againstthe 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 entitledto the costs of the oA.}

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L2. The Applicant^{shall file a cost memo within two weeks from the date} of receiPt of order.

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Issue Recovery^{certificateaccordingly.}

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Communicate^{a copy of the order to the parties concerned'}

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by her, corrected,^{signedand pronounced by mein the open} 2024)

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sd/(G. GOPICHAND) PRESIDING OFFICER

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Union Bank of India (Andhra Bank) v. M/S. Ravus Farm Fresh Dairy Milk

Case brief

What is this about?

What did the court decide?

Union Bank of India (Andhra Bank) v. M/S. Ravus Farm Fresh Dairy Milk

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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