Allowed

State Bank of India v. M/S. K. K. Enterprises

DRT12 Mar 2024OA/392/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal, Hyderabad, allowed the bank's Original Application for recovery of outstanding loans totaling Rs. 53.82 lakhs with interest and costs, declaring joint and several liability and permitting action against mortgaged and hypothecated properties.

What did the court decide?

Declaration of joint and several liability to pay Rs. 53,82,804/- with interest; permission to recover from mortgaged/hypothecated properties; recovery certificate issued.

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

¶1

IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD

¶2

DATED THIS THE ,.2TH DAY OF MARCH' 2024

¶3

PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

¶4

OA.No.392 ot 2022

¶5

Between:

¶6

State Bank of India, Stressed Assets Recovery Branch, znd floor, TSRTC Bus Terminal Complex (Commuter Amenity Centre) Koti, Hyderabad, Telangana State. Represented by its Chief Manager

¶7

Applicant

¶8

VERSUS

¶9

M/s. K.K. Eenterprises, Represented by its Proprietor, R/o H .No.7 -47, Rayapatnam Road, Madhira, Khammam District - 507 203.

¶10

Also at

¶11

H.No.9-20, Rayapatnam road, Madhira, Khammam - 507 203.

¶12

S mtKetepa I I iS ri laxm i, W/o Sri K. Krishna Kumar, major, Female, R/o H.No.7-47,

¶13

Rayapatnam road, Madhira, Khammam district - 507 203.

¶14

Also at

¶15

H.No.9-20, Rayapatnam road, Madhira, Khammam - 507 203.

¶16

Sri K. Krishna Kumar,

¶17

s/o Sri K. Sangameswara Rao, major, male, R/o H .No.7-47, Rayapatnam road, Madhira, Khammam district - 507 203.

&
'/;p
12 frw-I:Wl

(oA. No.392/2022)

Also at

H.No.9-20, Rayapatnam road, Madhira, Khammam - 507 203.

¶22

Defendants

¶23

Counsel for the^parties:

¶24

For the Applicant

¶25

For the Defendants

¶26

Sri P.V. Satyanarayana Exparte

¶27

ORDER

¶28

1' The Appricant Bank fired the present oA against Defendants For recovery of a total sum of Rs.53,g2,go4l- (Rupees Fifty Three Lakhs Eighty Two thousand Eight hundred and four onty) i.e.,

¶29

a) A sum of Rs.2,7g,508/_ for Home loan with future interest @ 11olo p.awith monthly rests from date of application till the date of rea lization;

¶30

b) A sum of Rs.40,16,205/_ for cash credit loan with future interest @ 17.75o/o p.a with monthly rests from date of application till the date of realization;

¶31

c) A sum of Rs.5,4L,240/_ for home top up loan with future

¶32

interest @ 10.20% p.awith monthly rests from date of application

¶33

till the date of realization;

¶34

d) A sum of Rs.5,46,851/_ loan with future interest @ 10.80o/o p.a with application till the

¶35

(o A.No.392/2ozzl

¶36

and in default for sale of mortgaged property and hypothecated

¶37

movables as described in the schedule.'A &8,, to OA.

¶38

As per the averments in the application, the Applicant Bank states that defendant No.2 is the proprietor of defendant no.1 and along with defendant no.3 availed housing loan of Rs.5.00 lakhs and funding of home insurance cover limit of Rs.10,000/-on 26.0g.2010. Defendant no.2 executed memorandum of roan agreement for sBI Easy/ advantage home loan dated 26.0g.2010. Defendant no.3 stood as guarantor and executed guarantee agreement dated 26.08.2010. Defendant no.2 deposited regd sale deed no.4497 /2009 dated 03.12.2009 and created mortgage by deposit of title deeds against the schedule mentioned property. Subsequenfly the defendants availed sME cc loan of rs.10.00 rakhs on 21.03.2013 and executed agreement of loan cum hypothecation dated 21.03.20t3. Again the CC limit was renewed and the CC limit was enhanced to Rs.15.00 lakhs on 25.tL.20L4. SubsequenUy the CC limit was renewed with enhancement upto Rs.24.00 lakhs vide arrangement letter dated 25.10.2016. Thereafter the defendants availed GECL loan of Rs,6.50 lakhs on 08.06.2020. After availing the loan facilities, the defendants failed to comply thg terms of sanction, hence the applicant bank was conftrained to ctas$r tne account as NpA on \ 11.05.2022 and issugd demand notice djted\S.OO.ZOZZ. Inspite of i ' IuAFr'^'

¶39

(oA.No.392/2022)

¶40

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

¶41

Defendants 1 &2 called absent and set exparte on 06.06.2023 and defendant no.3 was set exparte on 29.0g.2023.

¶42

Smt K. Geetha Lakshmi, Manager of the Applicant Bank examined herself as AW.1 and exhibited relevant documents, which are

¶43

marked as Ex.A.1 to A.50.

¶44

Heard the Ld. Counsel for the Applicant Bank.

¶45

The point that arise for consideration is whether the Applicant Bank is

¶46

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

¶47

Defendants called absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and she exhibited rerevant documents as Ex.A1 to A.50. In view of the above, I hord that the Appricant Bank has estabrished their claim made in the OA against. the Defendants and hence the - .::4,

¶48

Applicant Bank is entifle-d to recover *fu iiui, made in the oA with future interest and costs. n;. l

¶49

, \

¶50

(OA.No.392/2022)

¶51

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

¶52

The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of ofRs.53,82,804/- (Rupees Fifty Three Lakhs Eighty Two thousand Eight hundred and four only) i.e.,

¶53

a)A sum of Rs.2,78,508/- for Home loan with future Interest @ llo/o p.a from date of application till the date of realization;

¶54

b)A sum of Rs.40,16,205/- for cash credit loan with future interest @ tl.75o/o^p.a from date of application till the date of realization;

¶55

c) A sum of Rs.5,41,240/- for home top up loan with future interest @ 10.20olo^p.a from date of application till the date of realization;

¶56

d)A sum of Rs.5,46,85t/- for GECL loan with future interest @ 10.80o/o p.a from date of application till the date of realization;

¶57

The Applicant bank is entitled to proceed against the mortgaged property and hypothecated vehicles as described in schedule "A &B" to OA towards realization of the debt due.

¶58

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

¶59

_ -''1- "i .i,i ,

¶60

12, The Applicant Bank is entitled to the costs of the OA. -i

¶61

¶62

The Applicant shall fiie a cost memo with'?h two weeks from the date :

¶63

or receipt of order. "^{i DffA;i;l}

¶64

¶65

(oA.N0.392 12022\

¶66

Issue Recovery certificate accordingly.

¶67

communicate a copy of the order to the parties concerned.

¶68

(Dictated to the P'A-., transcribed by her, corrected, signed and pronounced by me in the open court on this the 12th day of March, 2OZ4)

¶69

sd/(G. GOPTCHAND) PRESIDING OFFICER

¶70

,#r#;#i'

State Bank of India v. M/S. K. K. Enterprises

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. K. K. Enterprises

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

Similar cases

Vajra Paraboiled Rice Mills Private Limited versus State Bank of India

State Bank of India versus Mr. Ravinder Rangu

City Union Bank Limited versus M/S. Vigneshwara Transport

Union Bank of India versus M/S. Dasari Vijayalaxmi Works Contractor

M S Om Sri Bhavani Industries versus Punjab and Sind Bank

M S Sri Durga Bhavani Polymers versus Punjab and Sind Bank