Allowed

Karnataka Bank Limited v. M/.S. Sri Anjaneya Family Restaurant

DRT8 Aug 2024OA/42/2024

Case brief

AI extract

What is this about?

The OASI allowed an Original Application filed by Karnataka Bank Ltd for recovery of a loan sum against a restaurant proprietorship and its guarantor. The bank established its claim after the defendants remained absent; the court ordered payment with future interest and authorized recovery from secured and unsecured properties.

What did the court decide?

Order allowed; Defendants jointly and severally liable to pay Rs. 67,59,563.60 with future interest at 11.70% p.a. and costs; Recovery Certificate issued.

Karnataka Bank Limited versus M/.S. Sri Anjaneya Family… — Insolvency and Bankruptcy | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD DATED THrs rHE 8rH DAy oF AUGUsr, 2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFIcER

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OA.No.42 oJ 2024

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Between:

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Karnataka Bank Ltd, D.No. 1 1-4-3l1/1, ground floor, Nehru naga r main road, Khammam, Telangana State Represented by its GPA holder

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Applica nt

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VERSUS

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M/s. Sri Anjaneya Family Restaurant, Street no.234, Kaviraj Nagar, Khammam, Telangana State-507 001 Represented by its Proprietor Pon ugotiRavinder

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M rPon ugotiRavinder, s/o Mr. P. Sataiah, aged about 49 years, occ: business,

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H.No.7 4 - 7l / 2/ 4, bapuji road, Opp auto nagar, Vijayawada-07.

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MrsNagineniBhavani, W/o Mr. P. Ravinder, Aged about 42 years, Occ: business, H.No.74- 7l/2/ 4, Bapuji road, Opp Auto nagar, Vijayawada - 520 007.

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Defenda nts

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Counsel for the Parties: For the Applicant Rama Rao For the Defendants

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(OA.No.42 of 2024 )

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ORDER

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1' The Appricant Bank fired the present oA against Defendants for recovery of a total sum of Rs.G7,59,563.6Ops (Rupees Sixty Seven Lakhs Fifty Nine thousand Five Hundred Sixty Three and paise Sixty only) with future interest @ 11.70olo p.a with monthry rests from date of firing of oA ti, the date of rearization and in default for sale of hypothecated movables and mortgaged properties as described in the schedule to OA.

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As per the averments in th e application, the Applicant Bank states that defendant No.1 isa Proprietary concern, represented by defendant no.2 as its proprietor and defendant no.3 stood as guarantor avaired term roan facirity of Rs.g0.00 rakhs and Rs.4.00 lakhs towards overdraft facirity on 28.06.2017. The defendants deposited originar tifle deeds of immovabre properties and created equitable mortgage of immovable properties as a collateral security. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the appricant bank was constrained to classify the account as NpA on 2g.03.2021 and issued regar notice dated 05.09.2021. Inspite of several requests and demands, the

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defendants did not ing. Hence this OA.
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(OA.No.42 of 202a)

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Counsel for Defendants No.1 to 3 called absent and set exparte on

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22.04.2024.

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Sri SM ArifHussain, Branch Manager of the Applicant Bank examinod himself as AW.1 and exhibited relevant documents, which a rr: marked as Ex.A.1 to A.14.

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

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Defendants called absent and set exparte. To substantiate the casc of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.14. In view of the above, I hold that the Applicant Bank has establishcd their claim made in the OA against the Defendants and hence thi: Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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B. 1n the result, the present OA is allowed with costs, as under:

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The intly and severally liable to pay to th,, f

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;;&,";; Rs.67,59,563.6Ops (Rupees Sixty

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r-1khs I F{t;"r[,tinJ nd Five Hundred Sixty Three

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(OA.No.42 of 2024)

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and paisesixty only) with future interest @ 11.70olo^p.a fron'r date of filing of OA till the date of realization;

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The Applicant bank is entitled to proceed against the hypothecatert movables and mortgaged^properties as described in schedule 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 defendants No.2 & 3 and^properties of defcndant 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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t2. The Applicant shall file a cost memo^within two^{weeks from the datt:} 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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(Dictated to the P.A., transcribed by her, corrected,^{signedand pronounccdby me in the opcr'} court on this the 8th day of Au},2024)

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sd/ - (G. GOPTCHAND) PRESIDING OFFICER

Karnataka Bank Limited v. M/.S. Sri Anjaneya Family Restaurant

Case brief

What is this about?

What did the court decide?

Karnataka Bank Limited v. M/.S. Sri Anjaneya Family Restaurant

Case brief

What is this about?

What did the court decide?

What the court decided

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