Allowed

Indian Bank v. M/S Palaka Inder Kanth

DRT1 Jan 2024OA/42/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's Original Application to recover a principal sum of over Rs. 44 lakh along with subsequent interest and costs from the defendant, who had failed to repay term, FITL, and GECLS loans.

What did the court decide?

Defendant ordered to pay total sum of Rs.44,03,555.75 plus subsequent interest; Applicant entitled to proceed against hypothecated properties and personal assets for realization; costs awarded to Appl

Indian Bank versus M/S Palaka Inder Kanth — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THrs THE tsr DAy oF JANUARY, 2oz4

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.42 of 2023

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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. PalakalnderKa nth, Represented by its sole proprietor Sri PalakalalnderKanth, Male, S/o PalakaBalraj, aged 45 years, R/o 20-0 t-137, PalakaNilayam, Puranapool, Hyderabad - 500 010.

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Defendant

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Counsel for the Parties:

For the Applicant

Smt P. Revathi

For the Defendant

Exparte

ORDER

-f,. ,F -, $
f . it i'The dt? the present OA against Defendant for
,ii
i', recorye6y ot,a total srr
Rs.44r03r555.75ps (Rupees Forty Four
;:l+ ?
\r
.,.':o, '\rT;.'6x *
..v.a$
fu,;:i:M

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(oA.No.a2l2023)

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Lakhs Three thousand Five hundred Fifty five and paise Seventy Five only) i.e.,

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a) A sum of Rs.30,26,119.675ps in respect of term loan account with subsequent interest @ 15.50o/o p.a ;

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b) A sum of Rs.2,63,499.04ps in respect of FITL account with subsequent interest @ 10.10olo p.a ;

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c) A sum of Rs.3,13,989.259ps in respect of GECLS account with subsequent interest @ 10.10o/o p.a ;

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d) A sum of Rs.7,99,9 47.776ps in respect of GECLS extension account with subsequent interest @ 10.100/o p.awith monthry rests fromO3.01.2023 til the date of rearization and in defaurt for sare of hypothecated movable property as described in the schedule to oA.

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2' As per the averments in the apprication, the Appricant Bank states that the defendant availed term loan of Rs.30,97,595/; GECL extension of Rs.7,55,000/; GECLS of Rs.3,50,000/_ and FITL of Rs.4,53,t75/- on 19.11.2019. The defendant availed "IndhanVahana" facirity and executed aI security documents in favour of the Applicant Bank for securing the loan amounts. After availing the loan the defendant failed to comply the terms of bank was constrained to classify the

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account dated 10.09.2022. Inspite

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o., L,]Alt z"a *

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(oA.No.a212023)

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of severar requests and demands, the defendant did not crear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 25.07.2023.

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Sri Nakkala Suresh, Branch Manager of the Applicant Bank examined himserf as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.29.

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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 Defendant as prayed for?

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Defendant carred absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.2g. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendant and hence the Appricant Bank is entitred to recover the craim made in the oA with future interest and costs.

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B. In the resu present with costs, as under: J^{o 1 JAr,r zszi} 'j$. ? W*#

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(oA.No.4212023)

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9' The Defendant is riabre to pay to the Appricant Bank a totar sum of Rs'44,o3,555.75ps (Rupees Forty Four Lakhs Three thousand Five hundred Fifty five and paise Seventy Five onty) i.e.,

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a) A sum of Rs.30,26,119.675ps in respect of term roan account with subsequent interest @ 15.50o/o p.a ;

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b) A sum of Rs.2,63,499.04ps in respect of FITL account with subsequent interest @ 10.10olo p.a ;

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c) A sum of Rs.3,13,989.259ps in respect of GECLS account with subsequent interest @ 10.10olo p.a ;

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d) A sum of Rs.7,99,9 47.776ps in respect of GECLS extension account with subsequent interest @ 10.10olo p.a from 03.01.2023 till the date of realization;

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The Applicant Bank is entitled to proceed against the hypothecated movable property as described in the schedure to oA towards realization of the debt due.

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the Appricant Bank is arso entitred to proceed against the person and properties of defendant towards realization of the debt due.

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t2. The Applicant Bank is entiUed to the costs of the OA.

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in tWo weeks from date of receipt of

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Issue Recovery

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(oA.No.a2l2023)

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15. 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 1st day of )an, ZO24)

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sdl-

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(G. GOPTCHAND) PRESIDING OFFICER

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CI'T,_f,,i#

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oar-r, nyoEnnd,2a.

Indian Bank v. M/S Palaka Inder Kanth

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/S Palaka Inder Kanth

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

All orders in this case

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