DRT allowed the Debts Recovery Tribunal's application for recovery of loans from the defaulting borrower after the applicant bank proved its claim through documentary evidence, despite the borrower's non-appearance.
Recovery of principal sum of Rs. 76,16,362/- along with interest on various loans, costs of the OA, and issuance of recovery certificate.
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.
IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD
DATED THIS THE lST DAY OF FEBRUARY'2024
PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER
OA.No.91 ol2023
Between :
Indian Bank, Narayanaguda branch, Panchavati mall, H. No.3-5-943, first floor, Hyderabad. Represented by its Authorised officer
Applicant
VERSUS
M/s. Sri Sai Logistics, Represented by its proprietor K. Monica, w/o N. Venkatesh, Female, major, H.No. t-I-Il3/ t, P & T colony, street no.1, Habsiguda, Hyderabad - 500 007.
Defendant
Counsel for the Parties:
For the Applicantthe ApplicantApplicant
For the Applicantthe ApplicantApplicant Sri B. Prabhakara Rao For the Defendant Exparte
ORDER
lakhs Eighty three
Seventeen
(oA.No.91/2023)
only) i.e., a sum of Rs.76,L6,362/_ under term loan Indhanvahanwithinterest @ 10olo p.a; a sum of Rs.1,06,23gl_ under clean OD with interest @10olo p.a; a sum of Rs.g,29,2g3l_ under term loan (FITI) with interest @ 8.35olo p.a and a sum of Rs.9,31,934l- under GECLS with interest @ 7.50o/o p.a with monthly rests from date of filing of OA till the date of realization.
2' As per the averments in the apprication, the Appricant Bank states that the defendant availed term loan of Rs.61,95,190/; bank guarantee of Rs.7,50,000/-and clean OD of Rs.2,00,000/ on 16.11.2018. The defendant executed demand promissory note, medium term loan agreement, agreement of hypothecation of movabres, agreement of hypothecation of vehicres and agreement for open cash credit on 16.11.2019. The defendant arso avaired Rs.g.00 lakhs towards working capital facility (GECL) on 09.09.2020 and executed demand promissory note for the same. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the appricant bank was constrained to crassify the account as NPA and issued regar noticedated 01.08.2022. Inspite of severar requests and demands, the defendant did not crear the outstanding. Hence this OA.
undl 6.2023.
y/
fl
[to
\E
'
(oA.No.91/2023)
marked as Ex.A.1 to A.22.
entitled for the claim made in the OA against the Defendant as
prayed for?
thousand Eight hundred only) i.e,, a sum of Rs.76, 16,362l- under nwithinterest @ 10o/o p.a; a sum of Rs.1 OD interest @10o/o p,a; 0 1F!:lt 2[21
(oA.No.91/2023)
(Dictated to the P.A.. transcribed by her, corrected, signed and pronounced by me in the open court on this the 1't day of Feb, 2024)
sdl-
(G. GOPTCHAND) PRESlDING OFFICER
DRr-i ."'
..,,'
4
Indian Bank
M/s. Sri Sai Logistics
Gummadi Gopichand
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
