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Indian Bank versus M/S. Yashwanth Enterprises — Banking and Recovery | DRT (2024)

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DRT
2024
Indian Bank versus M/S. Yashwanth EnterprisesIndian Bank v. M/S. Yashwanth Enterprises

Allowed

Indian Bank v. M/S. Yashwanth Enterprises

DRT12 Apr 2024OA/90/2023

What the court decided

AI extract

Outcome

Allowed

Issue for consideration

Whether the Applicant Bank is entitled to the recovery claim made under the Original Application against the Defendant?

A

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 12TH DAY OF APRIL'2024

PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

OA.No.9O of 2023

Between:

Indian Bank, Narayanaguda branch, Panchavati mall, H.No.3-5-943, First floor, Hyderabad - 500 029. Represented by its Asst Gen Manager

Applicant

VERSUS

M/s. Yashwanth Enterprises, Represented by its Proprietor Mrs. KommuManjulatha, W/o K. Sham Rao, occ: business, Female, R/o H.No.38-15/41, Near Naga Laxmi Function Hall, Vayupuri, Vinobhanagar, Malkajgiri, Hyderabad - 56.

Defendant

Counsel for the Parties:

For the Applicant

For the Defendant

Issues for consideration

1 issue framed by the court

AI extract

1.
Whether the Applicant Bank is entitled to the recovery claim made under the Original Application against the Defendant?

Parties & counsel

AI extract

applicant
Indian Bank, Narayanaguda branch

Coram

AI extract

Sri Gummadi GOPICHAND

Case details

As recorded by the court registry

Court: DRT
Decided on: 12 Apr 2024 · April
Case no.: OA/90/2023
CNR: 280110009062022

All orders in this case

2 orders share this CNR

12 Apr 2024Order 1 — this page · G. Gopichand
28 Jun 2024Order 2 · Krishna Gopal Dwivedi

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Cite this judgement

Indian Bank v. M/S. Yashwanth Enterprises, OA/90/2023 (DRT), decided on 12 April 2024.

The Debt Recovery Tribunals publishes no neutral citation for this judgement — cite it by case number and date of decision.

Bench / Coram

Sri Gummadi GOPICHAND

Parties & counsel

A compact analysis

This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.

Sri B. Prabhakara Rao

Expa rte

ORDER

The the present OA against Defendant for u t&rrr"h\ 5,48,543/- (Rupees Eighty Five 1 2 ApB zozf :" ,.i

(OA.No.90 of 2023)

lakhs Forty Eight thousand Five hundred and forty three only)

i.e.,

A sum of Rs.77,2L,361/- under term loan IndhanVahan with interest @ 10o/o and a sum of Rs.8,27,182/_ under term loan (FITL) with interest @ B'350/o p.a with monthry rests from date of firing of oA tiil the date of realization.

As per the averments in the application, the Applicant Bank states that defendant availed term loan of Rs.61,95,190/_, bank guarantee of Rs.7,50,000/- and clean OD of Rs.2.00 lakhs and executed demand promissory note, term loan agreement, agreement of hypothecation of movabres, agreement of hypothecation of vehicres and agreement for open cash credits and letter of continuity etc. After avairing the roan facirities, the defendant faired to compry the terms of sanction, hence the appricant bank was constrained to classify the account as NpA and issued legal notice dated 0r.08.2022. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

Defendant called absent and set exparte on 29.01.2023.

Shri K. Bank examined himself , which are marked

(OA.No.90 of 2023)

Heard the Ld. Counsel for the Applicant Bank.

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?

Defendant cailed absent and set 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.14. In view of the above, I hold that the Applicant Bank has established their craim made in the oA against the Defendant and hence the Applicant Bank is entiued to recover the craim made in the oA with future interest and costs.

B. In the resurt, the present oA is ailowed with costs, as under:

The Defendant is liable to pay to the Applicant Bank a total sum of Rs.85,48,543/- (Rupees Eighty Five lakhs Forty Eight thousand Five hundred and forty three only) i.e., a sum of Rs.77,2L,36tl- under term loan IndhanVahan with interest @ 10olo and a sum of Rs.8,27,1821zg6..S------ruN.(FrrL) with interest @ the of rea lizatio n.

(OA.No.90 of 2023)

the Applicant Bank is also entitled to proceed against the person and properties of defendant towards realization of the debt due.

The Applicant Bank is entitled to the costs of the OA.

The Applicant shall file a cost memo within two weeks from the date of receipt of order.

Issue Recovery certificate accordingly.

Communicate a copy of the order to the parties concerned.

(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 12th day of Aprir2024)

sdl(G. GOPTCHAND)

PRESIDING OFFICER

12 Ar1g MI

,p;;};I;_g.fl,il

Topic

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