Allowed

Bank of India v. M/S. Touch Leads

DRT11 Nov 2024OA/396/2022

Case brief

AI extract

What is this about?

Appeal in OA against M/s. Touch Leads and partners for recovery of Rs.44.34 lakhs outstanding under cash credit, FITL, vehicle loan, and credit card accounts, with interest and realization against hypothecated properties.

What did the court decide?

Petition allowed; respondents jointly and severally liable to pay Rs.44.34 lakhs with future interest; recovery certificate issued; proceedings against hypothecated properties allowed.

Bank of India versus M/S. Touch Leads — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THrs rHE 8rH DAy oF NovEMBER' 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.396 of 2022

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Between:

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Bank of India, Basheerbagh branch, H.No.53-5-822 and 3-5-822/ B, ground floor, Basheerbagh to King Koti route, Hyderabad - 500 029. TS. Represented by its Chlef Manager

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Applicant

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VERSUS

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M/s. Touch Leads, Pa rtnersh ip firm, represented By its partners, Mr. Somu Anil Kumar and

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Mrs E. Andalu @ Anusha H.No.2-4-48, street no. 13, Flat no.301, T. Dhanalakshmi, Plot no.39, Snehapuri colony, Nagole, R.R. district, Hyderabad - 500 035.

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Mr. Somu Anil Kumar, S/o SomuChowda Reddy, Aged about 39 years, partner of M/s. Touch Leads, R/o flat no.502, sth floor, Plot no.30C, ACE Green Hills Apartment, Road no.2C, Green Hills colony, Kothapet, Hyderabad - 500 035.

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Second address:

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D.No.3-48, Brahman Street, Kaligiri Post & Mandal,

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ffi%
i . $orro'lrul +i':,i
;'
@r,*

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(oA. No.396/2022)

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Nellore dist - 524 224. AP.

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Third address:

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Plot no.534, 1't floor, Street no. 15/2, Vasanthnagar, Kukatpally, Hyderabad - 500 102.

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Mrs. EroboinaAndalu (Alias) Bantu Anusha, w/o Eroboina Amruthraj, aged about 36 years, Partner of M/s. Touch Leads, H.no.2-2-186 / t7 /C/213, Bharathnagar, BaghAmberpet, Hyderabad - 500 013.

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Defendants

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Counsel for the Parties:

For the Applicant

For the Defendants

Smt P. Suseela

Sri P. Prakash Raju

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.44,34,2O2.43ps (Rupees Forty Four Lakhs Thirty Four Thousand Two hundred and Two and paise Forty Three only) i.e.,

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A) A sum of Rs.34,91,763.49ps under cash credit account with future interest @ 9.650lo p.a with monthly rests plus @ 2o/o p.a as penal interest from date of filing of OA till the date of realization;

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B) A sum of Rs.2,12,170.06ps under FITL account with future

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interest @ 10.50o/o p rests plus @ 2o/o p.o ds penal interest frorp.f$ the date of rea lization; !;^!*" "r?ir@ "r

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(oA. No.396/2022)

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C) A sum of Rs.5,59,707.89ps under Vehicle loan account with future interest @ 8.45olo p.a with monthly rests plus @ 2o/o p.a as penal interest from date of filing of OA till the date of realization;

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D) A sum of Rs.1,03,915.42ps under credit card account with future interest @ 36% p.m with monthly rests plus @ 2o/o^p.a as^penal interest from date of filing of OA till the date of realization;

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E) A sum of Rs.66,645.57ps with future interest @ 360lo^p.m with monthly rests plus @ 2o/o^p.a as^penal interest from date of^filing of OA till the date of realizatlon;

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and in default for sale of movable hypothecated^{movables and} hypothecated vehicle as described in the schedule to^OA'

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2, As per the averments in the application,^{the ApplicantBankstates} that defendant No.1 firm^{represented by its partners defendants No.2} & 3 availedcash credit for a^{sum of Rs.30.00lakhs on 06.02.2018.} The cash credit was sanctioned^{againstthe creation of chargeof} hypothecation of stock and^{equipmentas mentionedin the schedule} A to OA. The defendants^{executed promissorynote, bearer letter,} hypothecation cum loan agreement,^{letter ofdeclaration,} comprehensive agreement,^{MCLRagreement, partnership letterand} defendants availed^Fund tetter of declaration ,"r26ffiq" Interest rerm loan .,r,,q$l.oo rffis on"d\zozo.^{Defendant no.2} availed vehicle toaiitr trgt$flPffit^{on tlioe.zorTand executed} ...1 various necessary dobyments. Oefenga.qifo.2^{also availedcredit} r '' 'l' " J.l ': ., 1ry9f; ..-... .(,:,^P,i""!Z ::;; -^::-----

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(oA. No.396/2022 )

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card loan of Rs.50,000/- on 17.02.2018 and defendant no.3 availed credit card limit of Rs.25,000/- on 23.12.2018. After availing the loan facilities, 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 recall notice dated 02.03.2021 and notice dated 17.08.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Counsel for defendants filed vakalath but failed to file Written statement.

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Sri Pragya Pandey, Manager of the Applicant Bank examined^himself as AW.1 and exhibited relevant documents, which are^markedas Ex.A.1 to A.36.

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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 ApplicantBank is} entitled for the claim made in the OA against the^Defendantsas prayed for?

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lath but failed to file WS. To Bank, AW.1, official of the

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examr bited relevant documents r,i,,E#q+m I hold that the Applicant

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(oA. No.396/2022)

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Bank has established their claim made in the OA against^the Defendants and hence the Applicant Bank is entitled to^recoverthe claim made in the OA with future interest and costs.

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In the result, the^present OA^is allowed^{with costs, as under:} The Defendants are^jointly and severally^liable to^{pay to the} Applicant Bank a total sum of Rs.44,34,2o2.43ps^(RupeesForty Four Lakhs Thirty Four Thousand^{Two hundred and Two and} paise Forty Three onlY) i.e.,

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a) A sum of Rs.34,91,763.49ps^{under cash credit accountwith} future interest @ 9'650/o^{p.a from date of filing of OA till the} date of realization;

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b) A sum of Rs.2,12,l70.O6ps^{underFITL accountwith future} interest @ 10.50o/o^{p.a from date of filing of OA till the date of} realization;

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c) A sum of Rs.5,59,707.89ps^{under Vehicle loan accountwith} future interest @ 8.45%^{p'a from date of filing of OA till the} date of realization;

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d) A sum of Rs.1,03,9t5.42ps^{undercreditcard account with} future interest @ 360lo^{p. from date of filihgof OA till the date} of realization; A sum of Rs.l with interest @ 360lo P.m^from zation;

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date of filinb df oAt tlll lrm Qgp^or (

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(oA.No.396/2022)

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The Applicant bank is entitled to proceed against the movable hypothecated property and hypothecated vehicle as described in schedule "A &8" to OA towards realization of the debt due.

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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.

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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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Issue Recovery certificate accordingly.

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Communicate a copy of the order^{to the parties concerned.} (Dictated to the P.A., transcribed by her, corrected, signed and^{pronounced by me in the opencourton} this the 8th day of Nov,²⁰²⁴⁾

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sdl_ (G. GOPTCHAND) PRESIDING OFFICER

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0 I ll0l, 202q

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frvw Assl.^Reglt,rar ORT.T,^HYI}ERABAC.

Bank of India v. M/S. Touch Leads

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S. Touch Leads

Case brief

What is this about?

What did the court decide?

What the court decided

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Parties & counsel

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