Allowed

Bank of India v. Sabari Mineral Water Plant

DRT20 Feb 2024OA/390/2022

Case brief

AI extract

What is this about?

The Tribunal held that the Applicant Bank established its claim via documentary evidence. The order allowed the OA, making the defendants jointly and severally liable to pay the principal, future interest, and costs, and permitting realization against secured and unsecured properties.

What did the court decide?

Directed payment of Rs. 25,83,399/- with future interest; entitlement to proceed against hypothecated/mortgaged properties and other properties for realization; issuance of recovery certificate.

Bank of India versus Sabari Mineral Water Plant — DRT (2024) — LawSathi Research

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 2OTH DAY OF FEBRUARY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

OA.No.39O ot 2022

Between:

Bank of India,

Bhimaram Branch, Warangal district, Telangana Represented by its Constituted Attorney

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Applicant

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VERSUS

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Sabari Mineral Water Plant,

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Prop: MunavathNeela, Major,

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Occ: business, R/o House survey No.517lB, Besides Vikas High School, Rayaparthy village, Rayaparthymandal, Warangal district - 506 314.

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Mrs. MunavathNeela, Wo^{Sri Munavath Ravi,} aged about 37 years, R/o H.No.2-15, Ganesh KuntaThanda, RagannaGudem Village, Rayapathimandal, Warangal - 506 314.

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Defendants

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Counsel for the Parties:

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For the Applicant Sri K.V. Nageswara Rao
For the Defendants Expa rte
s.

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(OA.No.390 of 2022)

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ORDER

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The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.25,g3,399/- (Rupees Twenty Five Lakhs Eighty three thousand Three hundred and Ninety Nine only) i.e.,

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a) a sum of Rs.r4,67,426/- under term roan-I with future interest @ 160lo p.aexcluding penal interest @ 2olo penal interest with monthly rests from date of application till the date of realization

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b)a sum of Rs.11,09,719l- under term loan_Ilwith future interest @ 160lo p.a with monthly rests from date of application Ull the date of realization;

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c) a sum of Rs.6,254/-under current account with interest @

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lB.75o/o p.a with monthly rests from date of application till the date of realization;

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

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As per the averments in the application, the Applicant Bank states that defendant No.1 is a proprietorship concern represented by proprietor defendant no. rm loan of Rs.15,00,000/- each in the form or termioan"-fi uoi'ri' ndants availed loans and executed loan agreement dated 22.os.2ols ov .itirgZ &"6a Wlnrr of movables as :/\ /l

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(OA.No.390 of 2022)

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described in the schedure I to oA. Defendant no.2 being absorute owner offered the schedule B property by way of equitable mortgage and deposited the titre deeds on 22.og.2ors. After avairing the roan facilities, the defendants faired to compry the terms of sanction, hence the applicant bank was constrained to crassify the account as NPA and issued demand notice dated 10.01.2019. Inspite of several requests and demands, the defendants did not crear the outstanding. Hence this OA.

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Defendants 1 and 2 called absent and set exparte on 07.08.2023.

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4' Shri P. JeevanBabu, Manager of the Appricant Bank examined himserf as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1to A.24.

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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 Defendants as

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prayed for?

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To substantiate the case Applicant Bank was el Ex.A1 to A.24. In ?,

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(OA.No.390 of 2022)

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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 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.25,83,399/- (Rupees Twenty Five Lakhs Eighty three thousand Three hundred and Ninety Nine only)

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i.€.,

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a) a sum of Rs.14,67,426/- under term loan-I with future interest @ 160/o p.afrom date of application till the date of realization

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b) a sum of Rs.11,09,7L9/- under term loan-Ilwith future interest @ 160lo p.afrom date of application till the date of rea lization ;

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c) a sum of Rs.6,254l-under current account with interest @ 18.75o/o p.afrom date of application till the date of realization;

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The Applicant bank is entitled to proceed against the hypothecated movables and mortgaged properEuffi{ibed in schedules "A & B"

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to oA to wa rd r r"u,,. u,, o n l6#kPLoU<br>j toffB?D-t *
:;Er
,F' -i
4

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(OA.No.390 of 2022)

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

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t2. The Applicant Bank is entitled 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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L4. 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 2Oth day of Feb'2024)

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sdl(G. GOPTCHAND) PRESIDING OFFICER

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#'!;%DRr4, H;;y;X.;i,

Bank of India v. Sabari Mineral Water Plant

Case brief

What is this about?

What did the court decide?

Bank of India v. Sabari Mineral Water Plant

Case brief

What is this about?

What did the court decide?

What the court decided

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