Allowed

Indian Bank v. M/S Aarthi Enterprises

DRT1 Jan 2024OA/394/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's recovery application against the sole proprietor of Aarthi Enterprises. The bank established its claim through witness evidence and documents, resulting in an order for payment of the outstanding dues along with future interest and costs.

What did the court decide?

Ordered payment of Rs. 45,25,270.82 with interest and costs. Authorized realization against hypothecated movable property and general properties/person.

Indian Bank versus M/S Aarthi Enterprises — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 1ST DAY OF JANUARY' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.394 of 2O22

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Between:

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Indian Bank, Himayathnagar branch, Hyderabad, Telangana State Represented by its authorised officer

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Applicant

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VERSUS

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M/s. Aarthi Enterprises, Repr_esented by Sole proprietor Aarthi, y/o l1luppu. aged 28 years, femate, R/o.H.No.3-2-29g, chappa I bazar, Moti market, Kachiquda, Hyderabad.

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Defendant

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Counsel for the parties:

For the Applicant

For the Defendant

Smt P. Revathi

Exparte

ORDER

The Appl t OA against Defendant for recovery of 27o.828ps (Rupees Forty 2U2{ ,tl:

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(oA. No.394/2022)

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Five Lakhs Twenty Five thousand Two hundred Seventy and paise Eighty two onty) i.e.,

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a) A sum of Rs.37,69,70g.621 in respect of term loan account with subsequent interest @ 15.50% p.a ;

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b) A sum of Rs.3,11,711,23ps in respect of FITL account with subsequent interest @ 10.10olo p.a ;

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c) A sum of Rs.3,79,161.3g3ps in respect of GECLS account with subsequent interest @ 10.10olo p.a ;

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d) A sum of Rs,64,6g9.594ps in respect of OD IndhanVahana account with subsequent interest @ 10.10% p.a with monthly rests from L4'17'2022 ti, the date of rearization and in defaurt for sale of hypothecated movable property as described in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that the defendant availed term loan of Rs.30,97,595/_; bank guarantee of Rs.4.00 lakhs and clean OD of Rs.1.00 lakh on 19.11.2018. The defendant availed .,Indhanvahana,, facility and executed a' security documents in favour of the Appricant Bank for securing the loan amounts. After availing the loan facilities, the defendant failed to compl s of sanction, hence the applicant bank was co e account as NpA and issued tegat notice .datEd 10.09;i022. te of several req uests

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(OA.No.394/2022)

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

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Defendant called absent and set exparte on 08.06.2023.

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Sri Nakkala Suresh, Branch Manager of the Applicant Bank

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examined himself as AW.1 and exhibited relevant documents, which

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are marked as Ex.A.1 to A.28.

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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

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entitled for the claim made in the OA against the Defendant as

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prayed for?

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7' 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.2g, In view of the above, I hord that the Appricant Bank has established their claim made in the OA against the Defendant and hence the Appricant Bank is enti'ed to recover the craim made in the oA with future interest and costs.

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B. In the result, the

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costs, as under:

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(oA.No.39al2022)

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The Defendant is liable to pay to the Applicant Bank a total sum of Rs.45,25,27o.g2gps (Rupees Forty Fave Lakhs Twenty Five thousand Two hundred Seventy and paase Eighty two only) i.€.,

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a) A sum of Rs.37,69,708.621 in respect of term roan account with subsequent interest @ 15.50o/o p.a ;

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b) A sum of Rs.3,11,711.23ps in respect of FITL account with subsequent interest @ 10.10olo p.a ;

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c) A sum of Rs.3,79,161.383ps in respect of GECLS account with subsequent interest @ 10.10olo p.a ;

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d) A sum of Rs,64,6g9.594ps in respect of OD IndhanVahanaaccount with subsequent interest @ 10.10o/o p.a from 14.LL.2o22till the date of realization;

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The Applicant Bank is entiued to proceed against the hypothecated

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movable property as descrlbed in the schedule to OA towards

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realization of the debt due.

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11' the Appricant Bank is arso entired to proceed against the person and properties of defendant towards rearization of the debt due.

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72, The Applicant of the OA.

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(0A.No.3s4/2022)

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The Applicant shall file a cost memo within two weeks from the

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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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:1.j1"".J".T""trX;jiiii.ij"l.rlli€r,^{corrected, sisned and pronounced} by me in the open

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sd/-

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(G. GOPTCHAND) PRESIDING OFFTCER

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TRUE COP}
cl sr{^:ka^
DAr"1.

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'{}?FRtaaD.

Indian Bank v. M/S Aarthi Enterprises

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/S Aarthi Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

All orders in this case

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