Allowed

State Bank of India v. M/S. Karigar Home Comforts

DRT25 Nov 2024OA/59/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Applicant Bank's Originating Application for recovery of loan dues from the Defendants, holding that the bank had established its claim through documentary evidence, and ordered payment along with interest and authorization to proceed against hypothecated assets.

What did the court decide?

Defendants ordered to pay Rs.66,64,696/- with interest; Applicant entitled to costs and proceed against hypothecated movables and properties.

State Bank of India versus M/S. Karigar Home… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 25TH DAY OF NOVEMBER'2024

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PRESENT: SRI GUMMADI GoPIcHAND, PRESIDING oFFIcER

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OA.No.S9 ot 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC Bus Terminal Complex (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. Karigar Home Comforts, Represented by its proprietor, Syed RizwanNehal, male, major, Plot no.12, Happy Homes Colony, OppKhizra colony Kaman, Alkapur main road,

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Hyderabad - 500 089.

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Also at:

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72-l-490 / 40 / a/ 3 / L, HUD A colony, Asifnagar, Hyderabad - 500 O2B.

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Mr. Syed RizwanNehal, s/o Jalaluddin Syed, major, male, R/e t2-7-490/40/ HUDA colony, Asifnagar, Hydera Defendants

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Counsel for the

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For the Applicant Satya narayana For the Defendants

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(OA.s9 of 2024)

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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.6G,64,696/- (Rupees Sixty Six Lakhs Sixty four thousand Six Hundred and Ninety Six only) i.e., a sum of Rs.62,54,916/- with interest @ 15.40olo p.a with monthly rests and a sum of Rs.4,O9,7BO/- with interest @ 12.25olo p.a with monthly rests from date of filing of OA till the date of realization and in default for sale of hypothecated movables as described in the schedule to OA.

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2' As per the averments in the apprication, the Appricant Bank states that defendant No.2 is the proprietor of defendant no.1 availed cash credit loan of Rs.55.00 rakhs on to.o2.2o2o and GECL rimit of Rs.B.52 lakhs on t4.OB.2O2O. The defendant no.2 stood as guarantor and defendants executed letter of arrangement, guarantee agreement, supplemental agreement of loan cum hypothecation dated 14.08.2020. After avairing the roan facirity, the defendants failed to comply the terms of sanction, hence the appricant bank was constrained to classify the account as NpA on 29.07.2023 and issued demand notice dated 13 legal notice dated 24.0t.2024. Inspite of severa I ,^the defendants did not clear the outstandirigr " Hence oA. * 2 5^il0lJ 2mt

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(oA.s9 of 2024)

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Defendants called absent and set exparte on 02.07.2024.

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Sri P. Sandeep, Manager of the Appricant Bank examined himserf as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.18.

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Heard the Ld. Counsel for the Applicant Bank.

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6 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 Defendants as prayed for?

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7' Defendants remained 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.18. In view of the above, I hold that the Applicant Bank has estabrished their claim made in the oA against the Defendants and hence the Appricant Bank is entitled to recover the craim 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: The De ntly and severally liable to pay to the Rs.66,64,696/- (Rupees Sixty Six

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Lakhs Sixty fotii thousaqfl Hundred and Ninety Six only)

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- ?5N01l?l]2{ r.e., a sum of Rs.62,54,916A+ th interest @ 15.40olo p.a and a sum

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i...,.-.,ar^r. r,r4$;ir,

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(oA.s9 of 2024)

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of Rs.4,09,780/- with interest @ 12.25o/o p.a from date of filing of OA till the date of realization.

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The Applicant bank is entitled to proceed against the hypothecated movables as described in schedule to OA towards realization of the debt due.

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The Applicant Bank is also entifled to proceed against the person

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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 accordingly.

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14, Communicate

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a copy of the order to the parties concerned.

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court (Dictated to on this the the P.A.,25th transcribed by her, corrected, day of Nov, 2024) signed and pronounced by me in the open

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rn. oor,.rii/oj PRESIDING OFFICER

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State Bank of India v. M/S. Karigar Home Comforts

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Karigar Home Comforts

Case brief

What is this about?

What did the court decide?

What the court decided

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