The court allowed an Original Application filed by State Bank of India to recover Rs. 31,51,951/- in terms of cash credit, term loan, and guarantee agreements against three respondent defendants, awarding future interest and costs.
Defendants jointly and severally liable to pay Rs.31,51,951/- with future interest and costs; recovery certificate issued.
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IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD
DATED THrs rHE 8rH DAy oF MAy, 2024
PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER
OA,No.92 ol 2023
Between:
State Bank of India, Stressed Assets Recovery branch (SARB), second floor, TSRTC Commuter Amenity Centre, Bus Terminal complex, Koti, Hyderabad.
Represented by its authorized signatory
Applicant
VERSUS
Cherlapally, Hyderabad - 500 051.
Counsel for the Parties:
For the Applicant Mohammed Rafiq
E , 'B<br>For the Defendans {.;*-
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(OA.No.92 of 2023)
ORDER
defendants no.2 3av Rs.7.00 lakhs and term 0 S |4lY rnzr,
(OA.No.92 of 2023)
loan of Rs.17,50,000/- on 08.01.2019. To secure due repayment of loan amounts, the defendants executed letter of arrangement dated 04.04.2079 cash credit of Rs.7.00 lakhs and term loan of Rs.17,50,000/- Defendants 2 & 3 stood as guarantors and executed guarantee agreement dated 04.04.2019. Further the defendants availed GECL of Rs.4,75,900/- on 04.06.2020 and executed supplemental agreement of loan cum hypothecation dated 04.06.2020. Subsequently the defendant no.1 represented by defendants 2 & 3 availed fund interest term loan (FITL) of Rs.2.00 lakhs on 0L.07.2021. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued legal notice dated 03.02.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.
0 I u4y 2621
(OA.No.92 of 2023)
i.e.,
(oA.No.92 of 2023)
(oA.No.92 of 2023)
(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 8th day of May, 2024)
sd/-
(G. GOPTCHAND)
PRESIDING OFFICER
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2 issues framed by the court
Whether the Applicant Bank is entitled to recover the claimed amount and future interest from the Defendants?
Whether the Defendants are jointly and severally liable to pay the outstanding dues?
1 provisions across 1 enactments
State Bank of India (Stressed Assets Recovery branch)
Ayanar Polymers
Mr. Md. Abdul Waheed
Smt. Shabana Begum
Gummadi Gopichand
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
