Allowed

State Bank of India v. M/S Javees

DRT15 Mar 2024OA/59/2023

Case brief

AI extract

What is this about?

Bank applied for recovery of arrears against loan defaults. Tribunal held bank established claim via witness and documents. Ordered recovery of principal, interest, and costs with recovery certificate issuance.

What did the court decide?

Recovery of Rs.31,38,471/- with future interest and costs; issuance of recovery certificate to proceed against hypothecated properties.

State Bank of India versus M/S Javees — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD DATED THIS THE 15TH DAY OF MARCH'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFIcER

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OA.No.59 ot 2023

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Between:

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State Bank of India, Stressed Assets Recovery Branch(SARB), 2nd floor, TSRTC, Commuter Amenity Centre, Koti, Hyderabad. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. IAVEES Represented by its Proprietor, L-28/5/9, third floor, Above Malpani stores, Gachibowli, P. Janardhan Reddy nagar, Hyderabad, Telangana - 500 032.

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Ms. V. Anupama Roy,

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Aged about 44 years, Occ: business, R/o l-2815/9,

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Third floor, above Malpani Stores, Gachibowli,

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P. Janardhan Reddy nagar, Hyderabad, Telangana - 500 032.

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Defendants

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Counsel for the Parties:
For the Applicant Mohammed Rafiq
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For the Defendants
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¶15

(oA.No.s9/2023)

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs,31,38,471l-(Rupees Thirty One Lakhs Thirty Eight thousand Four hundred and Seventy One only) i.e.,

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a) A sum of Rs.19,44,875/- in respect of term loan with future interest @ 13.50o/o p.a with monthly rests from date of application till the date of realization;

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b) A sum of Rs.4,96,329/- under cash credit with future interest @ L3.650/o p.a with monthly rests from date of application till the date of realization;

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c) A sum of Rs.4,05,804/- under GECL account with future interest @ 9.25o/o^p.a with monthly rests from date of application till the date of realization;

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d) A sum of Rs.75,771l- under FITL with future interest @ 13.50o/o p.a with monthly rests from date of application till the date of realization;

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e) A sum of Rs.2,15,692l- under WCTL with future interest @ 13.50o/o p,a with monthly rests from date of application till the date of realization;

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as described in and in default for sa ffiffi"x the schedule to OA. lsilARzoz{ : ; Qh,,""n:$9

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(oA.No.59/2023)

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As per the averments in the application, the Applicant Bank states that defendant No.1 is the proprietory concern in the name and style of M/s. Javees represented by its proprietor/ defendant no.2 availed cash credit of Rs.5.00 lakhs, term loan of Rs.15.OO lakhs. To secure due repayment of the amounts, the defendant executed and delivered the letter of arrangement infavour of Applicant bank. The defendant no.1 represented by defendant no.2 availed GECL loan of Rs.4,04,800/- and executed letter of arrangement and supplemental agreement of loan cum hypothecation dated 20.09.2021. The Applicant bank restructured the credit facility and sanctioned FITL loan of Rs.1.00 lakh and working capital of Rs.2,24,000/- on 21.09.2021. 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 and issued legal notice dated 12.01.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants I and 2 called absent and set exparte on 31.08.2023.

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Shri Govind Raju Katta, Mana the Applicant Bank exa m in ed himself as AW.1 !^documents, which are marked as Ex.A. 1 rtrffi ! 1sr{Anzilzr ,l ilt I '^,'J ,::t.,// {1 J5- r c, rx^-i W',.'*&.-..:J-,jj

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(oA.No.s9l2023)

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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 case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.10. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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

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The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.31,3847L/- (Rupees Thirty One Lakhs Thirty Eight thousand Four hundred and Seventy One only) i.€.,

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a) A sum of Rs.19,44,875/of term loan with futu re interest @ 13.50o/o on till the date of rea lization ; j 15 ilAB 2r7r^* t9, rrr W-,'s.y

¶35

(oA.No.se/2023)

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b) A sum of Rs.4,96,3291- under cash credit with future interest @ 13.650lo^p.a from date of application till the date^of realization;

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c) A sum of Rs.4,05,804/- under GECL account with future interest @ 9.25o/o p.afrom date of application till the date of realization;

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d) A sum of Rs.75,771l- under FITL with future interest @ 13.50o/o p.a from date of application till the date of realization;

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e) A sum of Rs.2,15,692/- under WCTL with future interest @ 13.50o/o p.a from date of application till the date of realization;

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The Applicant bank is entitled to^proceed against the hypothecated property 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 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

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of receipt of order.

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Issue Recovery certificate a

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¶47

(oA.No.59/2023)

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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, signed and pronounced by me in the open court on this the 15th day of March,2024)

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sdl(G. GOPTCHAND) PRES!DING OFFICER

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¶52

I r(UT COPY CL's 'Qn^J1 ---t9..9-9,1 Asst. Raglst'ai OFT-1. IIYOEREBAD.

State Bank of India v. M/S Javees

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S Javees

Case brief

What is this about?

What did the court decide?

What the court decided

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