Allowed

Punjab National Bank v. M/S India Tyres Technos

DRT19 Sept 2024OA/902/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's original application for recovery of dues totaling Rs. 50.99 Lakhs under loan and credit facilities, granted future interest, and issued a recovery certificate against the defaulting borrowers.

What did the court decide?

Allowed the application and directed payment of principal sum plus future interest on term loan and cash credit facilities, along with costs. Issue Recovery Certificate.

Punjab National Bank versus M/S India Tyres Technos — Contract and Commercial Disputes | DRT (2024)

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]N THE DEBTS^{RECOVERY TRIBUNAL-IIAT HYDERABAD} DATED THIS^{THE19th DAYOF SEPTEMBER'2024} PRESENT:^{SH. MMESHWARKOTHE, B Com , L LB' (Hons )' M A'} PRESID]NG^OFFICER

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ORIGINAL APPLICATION^{No: 902 OF 2023}

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PUN]AB NATIONAL^BANK Kurnool Branch, Account PresentlY Parked^with Circle SASTM^Centre, 27-33-40,^{1't Floor,Gudavallivari Street,} Besant Road Cross,^Governor Pet, Vijayawada - 520002. Rep. by its chief Manager.

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.....Applicant.

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Versus

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M/s.India^{TyresTechnos,} Rep by its ProPrietor Mrs.T.Anitha D.No.38/190/1/2,^{RamanjaneyaPuram,} Madras Road, CuddaPa,^A.P-516002.

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Smt.Tanguturu^Anitha W/o.T.Bhaskar^ReddY, 4-344, l4adrcs Road,^{KuchivariPalle,} RajamPet, CuddaPa,^{A. P-516126'}

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Also at:-

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Akepadu Village, Majara, NaramrajuPalle,^Pedduru, Rajampet, Cuddapa, A.P-516150. ... Defendants : M/s.Muralidhar Patnaik Counsel for the Applicant Defendants ,er-oa*"ffixb

oA.NO.902/2023

:: ORDER::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.50,99,295.08ps i.e., a sum of Rs.2g,28,738.7 4ps under Term Loan Facility A/c. No.137O7O 15006774 with future interest @ 17.70o/o p.a. and a sum of Rs.22,70,556.34ps under Cash Credit Facitity A/c.No.13704011000281 with future interest @ 11.600/o from the defendants joinuy and severally with monthly rests together with penal interest @ 2o/o p.a. frcm 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 and 2 through paper publication. They were set ex-parte on t3.O6.2024 as called absent and no representation.

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The Applicant Bank examined Shiva Komara, Legal Manager, as AW-1 and marked 21 documents through him as Ex. A.1 to Ex. A.2t.

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Heard the Ld. Counsel for the Applicant Bank. perused the materia I 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 I the r ecitals ecitars'u*';:'u*in lhe documents

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oA'NO'902/2023

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v z.,^{Exs A 1 to A 21} '":'::::l:::l':;::::,il'J::Ji'::I and^{severaily riabre} crinches^{the craim or the} ^T::;; ;;;1" Hence,^{I hold that the Defenda*: "':'::;} *itn futureⁱ l^nterest to^{pay the OA claim to the Applicant Bank with} and^costs'

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T.Intheresult,thepresentoriginalApplicationNo.go2/2023is allowed^{as under: -}

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The^{Defendants are jointly and severally}

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i) '' ,,u0," to^{pay to the Applicant Banka sum of} Rs.50,99,295'08ps^{ie', a sum of} Rs.2A,28,73a^{-7 4ps under Term Loan Facility} A/c.No.13707015006774^{and asum of} 'Rs.22,7 0,556.34ps under Cash Credlt Facility A/c.No.13704011000281^{with future interest} @10.25olo^{p.a. simple from the date of} application till^{the date of reallzation;}

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ti) 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^{proceedagainst} 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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entitled for the costs.

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iv) the applicant bank is

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/M:N*1

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oA.NO.9O2/2023

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B, The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certificate accordingly.

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(RAltlESHWAR KOTHE) PRESIDING OFFICER

Punjab National Bank v. M/S India Tyres Technos

Case brief

What is this about?

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Punjab National Bank v. M/S India Tyres Technos

Case brief

What is this about?

What did the court decide?

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