Allowed

Indian Bank v. Mr. S . Ajay Kumar

DRT10 Jul 2024OA/89/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal adjudicated an Original Application filed by Indian Bank for recovery of outstanding loans totaling Rs.49.42 lakhs including term loan, clean OD, and GECLS. The court accepted the bank's evidence and documents, held that the claim was substantiated, and allowed the recovery application with future interest and costs.

What did the court decide?

Recovery of Rs.49,42,805/- plus future interest at specified rates and award of costs to the bank. Issue of Recovery Certificate.

Indian Bank versus Mr. S . Ajay Kumar — Execution and Attachment | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 1OTH DAY OF JULY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.89 ot 2023

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Between:

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Indian Bank, Narayanaguda branch, Panchavati mall, H. No.3-5-943, First floor, Hyderabad - 29. Rep by its authorized officer Cum Asst General Manager

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Applicant

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VERSUS

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Mr. S. Ajay Kumar, S/o Balaram, major, 7-B-16212, Near Aurora college, Chikkadpally, Hyderabad - 20. Defendant

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Counsel for the Parties: For the Applicant Sri B. Prabhakara For the Defendant Expa rte

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ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.49,42,8O5/-^(Rupees Forty Nine

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lakhs Forty Two thousand Eight hundred and Five only 1 i.€.,

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a) A sum of Rs.36,90,316/- undgffgS1ffi)gQhanvahan^with interest @ 10olo p.a with y lP $;1& cP^o",E.Qi"n *^{or oA ti,} the date of realization, ii" 1 0^{JUL ll[t} I K r.#

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(OA.No.55 of 2023)

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b) A sum of Rs.2L,776,/- under clean OD with^interest @^10.00o/o P.a with yearly rests from date of filing of OA till the date of realization;

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c) A sum of Rs.4,54,142l- with interest @ 8.35olo^p.a with^yearly rests from date of filing of OA till the date of realization;

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d) A sum of Rs.7,76,571l- under GECLS with interest @ 7.5olo^p.a with yearly rests from date of filing of OA till the date of realization;

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As per the averments in the application, the^{ApplicantBankstates} that defendant availed term loan of Rs.30,97,595/-;^{bank guarantee} of Rs.4.00 lakhs and a clean OD of Rs.1.00^{lakh vide sanction} 14.LL.2OlB. The defendant executed demand^{promissorynote,} disposal of^proceeds letter, medium term^{loan agreement,letterof} continuity, agreement for open cash credit and^{sanction ticket dated} 14.11.2018 and 07.10.2019. The defendant also^{availedInd-GECLS} Covid-19 for Rs.6,40,000/- on 10.06.2020 and^{executed demand} promissory note, term loan agreement, agreement of hypothecation of movables, agreement of hypothecation of^{vehicles etc on} 10.06.2020. After availing the loan facilities, the^{defendant failed to} comply the terms of the applicant bank was /t constrained to cla ss tlits and issued legal notice dated 01.08.2022. and demands, the defendant did not cl this OA.

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(OA. No.55 of 2023)

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Defendant called absent and set exparte on 24.07.2023.

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Shri Ch. ChinnaMaddaiah, Senior Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.25.

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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 Defendant as prayed for?

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Defendant 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.25. 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 Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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L In the result, the present OA is allowed with aoatr, u, under:

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The Defendant is Bank a total sum of Rs.49,42,805/rty Two thousand t ?. l':! "1t Eight hundred a ohlV f '. i.e.,' f,

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(OA.No.s5 of 2023)

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a) A sum of Rs.36,90,316/- under term loan IndhanVahan with interest @ 10o/o p.afrom date of filing of OA till the date of realization;

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b) A sum of Rs.21,776,/- under clean OD with interest @ 1O.OO% p.a from date of filing of OA till the date of realization;

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c) A sum of Rs.4,54,142/- with interest @ 8.35olo p.a from date of filing of OA till the date of realization;

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d) A sum of Rs.7,76,571l- under GECLS with interest @ 7.5olo p.a from date of filing of OA till the date of realization;

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The Applicant Bank is also entitled to proceed against the person and properties of defendant 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 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 :ranscribed by _he he r , corrected, signed and pronounced by me in the open court on this day or Ju ii,r'7ti'2? )

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sdl(G. GOPTCHAND) fr"dTw ^^{,i1i,(*"ilti"o'}

Indian Bank v. Mr. S . Ajay Kumar

Case brief

What is this about?

What did the court decide?

Indian Bank v. Mr. S . Ajay Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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