Allowed

Bank of Baroda v. M/S Globetorch Solutions LLP

DRT18 Sept 2024OA/43/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the original application filed by Bank of Baroda for recovery of dues (Cash Credit, Term Loan, and BGCL) amounting to approximately Rs. 22.41 lakhs against the defendants, holding them jointly and severally liable.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 22,41,009.43 with interest; bank entitled to proceed against hypothecated assets and defendant properties; costs awarded.

Bank of Baroda versus M/S Globetorch Solutions LLP — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 18th DAY OF SEPTEMBER,2024

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PRESENT: SH. RAMESHWAR KOTHE, B.COM., L.LB. (HONS.), IY,A. PRESIDING OFFiCER

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OR]GINAL APPL]CATION No: 43 OF 2023

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BANK OF BARODA

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Oftice at 2-22, BCP Complex, Hydernagar, Kukatpally, Hyderabad, Tela ng a na^- 5000 72.

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Rep, by its Chief Manager.

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. . ...Applicant.

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Versus

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l4/s.Globetorch Solutions LLP Rep by its Directors 4-3-268/ 269, F. No. 103, Cyber Homes, Friends Colony, Puppalquda, Hydera bad - 500089.

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Ch.Satyavath i,

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4-3-268/269, F.No. 103, Cyber Homes, Friends Colony, Puppalguda,Hyderabad 500089.

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Ch. Nikhllesh Sayaji Rao 4-3-264/ 269, F. No. 103, Cyber Homes, Friends Colony, Puppalguda, Hyderabad - 500089.

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Ch, Nikhilesh Sayaji Rao 14/334-5, Near Railway Station Gudivada, Andhra Pradesh -521301.

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. .. Defenda nts

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Counsel for the Applicant : M/s.lvl.R.S.Gopal

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Defenda nts :Ex-parte
ffi^'

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oA.NO,43l2023

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:: qLLEB ::

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The Applicant Bank filed the^present OA for the recovery a total sum of Rs.22,41,009.43ps i.e., a sum of^{Rs.9,36,706.09ps} under Cash Credit Loan, a sum of Rs.9,87,114.34ps under^Term Loan and a sum of Rs.3,17,189/- under BGCL Loan from^the defendants^jointly and severally with future interest @^14.50yo p.a. from the date of application till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 to 3. They were set ex-parte^on 30.06.2023 as called absent and no representation.

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The Appllcant Bank examined Aftab Alam, Chief Manager, as AW-1 and marked 26 documents through him as Ex. A.1 to^Ex. A.26.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits, Perused the material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA hypothecated assets?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.26 marked on behalf of the Applicant^Bank clinches the claim of the Applicant Bank against the^Defendants. Ng"n\

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oA.NO.43l2023

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Hence, I hold that the Defendants are jointly and severally liable to^pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Oriqinal Application No.43l2023 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.22 ,41, ,0O9 .43ps i.e., a sum of Rs.9,36,706.09ps under Cash Credit Loan, a sum of Rs.9,87,714.34ps under Term Loan and a sum of Rs.3,17,189/- under BGCL Loan with future interest @9.55o/o p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debt;

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iii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

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iv) the applicant bank is entitled for the costs.

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The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Ofter. dwti\^

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oA.NO.43l2023

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Issue Recovery Certificate^accordingly'

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Communicate a copy of^{this order to the parties concerned.} (Dictated to the steno, corrected, signed^{and pronouncedbyme in the open court on} this the 18rh Day of September, 2024). r/w*,/

¶39

MuesnwaR^KorHE) PRESIDING OFFICER

Bank of Baroda v. M/S Globetorch Solutions LLP

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. M/S Globetorch Solutions LLP

Case brief

What is this about?

What did the court decide?

What the court decided

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