Allowed

Indian Bank v. M/S.M.D.P. Transports

DRT22 Jan 2024OA/99/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's recovery claim against the Defendant for outstanding term loans and credit facilities with interest accrued from the filing date, holding the Bank entitled to proceed against the Defendant's properties for realization.

What did the court decide?

Agreed to recover Rs. 41,57,311/- including principal sums for term loans, FITL, and GECLS accounts with applicable interest and costs, to be released through a recovery certificate proceeding against

Indian Bank versus M/S.M.D.P. Transports — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERYTRIBUNAL.I AT HYDERABAD

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DATED THIS THE 22NDDAY OF JANUARY'2024

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.99 ol 2023

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Between:

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Indian Bank, Narayanaguda branch, Panchavati mall, H.No.3-5-943, First floor, Hyderabad, Telangana State Represented by its authorised officer

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Applicant

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VERSUS

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M/s. M.D.P. Transpofts, Represented by its Proprietor Mr. MokaddamDurga Prasad, male, Occ: business, Major, H.No.18-276/1, Mallikarjunanagar, Near Mallamma Temple, Malkajgiri, Hyderabad - 500 047.

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Defendant

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Counsel for the Parties:

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For the Applicant : Sri B. Prabhakara Rao

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For

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Exparte the present OA against Defendant for um of Rs.41 ,57,31L1- (Rupees Forty One

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(OA.No.99 of 2023)

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Lakhs Fifty Seven thousand Three hundred and Elevenonly)

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i. e.,

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a) A sum of Rs.27,2S,B7L/- in respect of term loan account (Indhan Vehicle loan) with interest @ 10olo p.a ;

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b) A sum of Rs.3,45,162l- in respect of FITL account with interest @ 8,35% p.a ;

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c) A sum of Rs.5,92,749/- in respect of term loan GECLS account with interest @ 7.50o/o F.a ;

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d) A sum of Rs.4,93,529l- in respect ofterm loan GECLS 1.0 account with interest @ 10o/o p.awith monthly rests from date of filing of OA till the date of realization.

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As per the averments in the application, the Applicant Bank states that the defendant availed term loan of Rs.30,97,595/; Bank Guarantee of Rs.4,00,000/- and Clean OD of Rs,1,00,000/ on 27.11.20L8. The defendant availed^{.,IndhanVahana,,} facility and executed all security documents in favour of the Applicant Bank for securing the loan amounts. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA and issued Iegal noticed. I uests and demands, the --,/^,

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defendant did not ct.4nthe this OA.

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Defendant called a

,t0.2023.

fn=;r .1)r.,\r

(OA.No.99 of 2023)

Sri Anantharaman, Asst GeneralManager of the Applicant Bank examined himserf as AW.1 and exhibited rerevant documents, which are marked as Ex.A.1 to A.22.

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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

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entitled for the claim made in the OA against the Defendant as prayed for?

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Defendant carred 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.22. In view of the above, I hord that the Appricant Bank has estabrished 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,

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B. In the result, the present OA ls allowed with costs, as under:

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The Defendant is liable to pay to the Applicant Bank a total sum of Rs.41r57,31 One Lakhs Fifty Seven only) i.e.,

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(OA.No.99 of 2023)

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a) A sum of Rs.27,25,87t/- in respect of term loan account (Indhan Vehicle loan) with interest @ 10o/o p.a ;

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b) A sum of Rs.3,45,162/- in respect of FITL account with interest @ 8.35o/o p.a ;

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c) A sum of Rs.5,92,749l- in respect of term loan GECLS account with interest @ 7.50olo p,a ;

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d) A sum of Rs.4,93,529/- in respect of term loan GECLS 1.0 account with interest @ 100/o p.afrom 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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t2. 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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t4. Communicate a copy of the order to the parties concerned.

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,P^{the Plt:,_transc..riUeOUy her, corrected,signedand pronounced by} meⁱⁿ the open ffl\qf e 22"oday of Jan,2024)

21 .rli ?txll :

sd/-

(G. GOPTCHAND)
a.r,t-*ffi
PRESIDING OFFICER
DRT.I, HYDERAB,t..
4

Indian Bank v. M/S.M.D.P. Transports

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/S.M.D.P. Transports

Case brief

What is this about?

What did the court decide?

What the court decided

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