Allowed

State Bank of India v. M/S. Bluepark Sea Foods Pvt. Ltd.

DRT9 Jul 2025OA/100/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the originating application filed by State Bank of India. The court held the bank entitled to recover the outstanding loan amount of approx. Rs. 85.62 crores from the borrower company and guarantors, inter alia, permitting action against mortgaged properties excluding specific documents.

What did the court decide?

Defendants Nos. 2 to 13 are jointly and severally liable to pay Rs. 85,62,33,195.39 with interest @ 20.60% and 23.75% p.a. Recovery certificate issued to proceed against hypothecated and mortgaged pro

State Bank of India versus M/S. Bluepark Sea Foods Pvt… — Insolvency and Bankruptcy | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THrs rHE 9rH DAy oF JULY, 2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.1OO of 2022

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Between:

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State Bank of India, Stressed Assets Management branch-1, Secunderabad, D.No.5-9-76, 2nd floor, Prabhat towers, Chapel Road, Opp SBI Amaravathi LHO, Gunfoundry, Abids, Hyderabad - 500 001.

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Represented by its Asst. Gen Manager

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Applicant

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VERSUS

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M/s. Bluepark Sea Foods Pvt. Ltd. Rep. by its Managing Director,

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D.No.5-85, Kurumuddali,

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Pamarru Mandal, Krishna District - 521 L57.

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Also at :

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D.No.l7 -7 4/ 3, Chilukurivari Street, Station Road, Akiveedu, West Godavari District - 534 235.

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Sri N.Hemanth Naga Kumar, S/O.N.V.R. Mohana Rao, Aged: Major, D.No.t7 -7 4/ 3, Chilukurivari Street, Station Road, Akiveedu, West Godavari District - 534 235.

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Sri NerellaVenkata Rama Mohan Rao, . SlQ,,,,$amulu, Aged: Major,

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.rf:::].::q^{jN q.?O-1 0 5/1 - B, Vi ve ka n a n da N a g a r,}

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y''- /o{it(irar 2 Firectr oo t. A k i veed u .

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6W,Uffitll:l:TJi,,' Ased: Major' f(f^{' o efiirrorox}h*:: nr::i | ;.,^. t'F,,i --ffiaiah'

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(oA. No.100/2022)

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H.No. t7 -7 4/ t, ChilukuriVari Street, Akiveedu, West Godavari District - 534 235.

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Sri GurramGovardhan Rao, S/o. Puroshotham, Aged: Major, H.No.29, PSR Green City, Pedaamiram, Kalla Mandal, West Godavari District - 534 2O4.

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Sri Venkata Satya Suresh Kumar Voleti, S/o. Prakasha Rao, Aged: Major, Opp: Daily Market, P.P. Road, Akiveedu, Bhimavaram, West Godavri District.

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Sri Bhupathi Raju Anjaneyaraju, S/o. Krishnam Raju, Aged: Major, Opp to: Sri VenkateswaraSwamy, Main Road, Siddapuram, West Godavari District - 534 198.

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B. Sri Suresh Raju Vetukuri, S/o.Rama Raju, Aged: Major, C/o.NVR Mohan Rao, Kalavapudi, Kalla Mandal, Bhimavaram, West Godavari District - 534 236.

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Sri Prakash Rao Voleti, S/o. Kotaiah, Aged: Major, Opp: Daily Market, P.P. Road, Akiveedu, Bhimavaram, West Godavri District, Rep. by GPA Holder NVR Mohan Rao.

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Smt. NerellaVenkata Rukmini Sujatha, W/o. NVR Mohan Rao, Aged: Major, D.No.20-105/1-8, Vivekananda Nagar, Opp: ZPH School, Akiveedu, West Godavari District - 534 235.

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..'Sri Nere ma Krishna,

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'i:.S/o" Rar k " Il?;,,13H\ts-ed Lnllukur^{: Major'} A ktvee d u, WESffiodavari District - 534 235, tS. i 0 u f"f..,fl'Stn .J^g uL (116,^nr$er r_.^{NVR Mohan Rao.}

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-^{12. Sri NerellaRo}li W***#

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(oA. No.100/2022)

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S/o. NerellaRamulu, Aged: Major, D.No.l7 -7 4/ l, ChilukuriVari Street, Opp: Railway Station Road,

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Akiveedu, West Godavari District - 534 235.

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Sri VoletivenkataRamesh,gn.

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S/o. Venkata Narayana, Aged: Major, Flat No.402, Sri Siridi Sai Residency, Behind Lakshmi Talkies, Uyyur, Krishna District - 521 165.

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Defendants

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Counsel for the Parties:

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For the Applicant

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For the Defendant No.1to 13

Sri C. Prabhakar

Sri V.V. Ramana

ORDER

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.85,62,33,185.39ps (Rupees Eighty Five Crores Sixty Two Lakhs Thirty Three Thousand One Hundred Eighty five and paase Thirty Nine only) i.e.,

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a) A sum of Rs.40,56,18,398.67ps under A/c. No.39354570435 withfurther interest @ 20.60% p.a with monthly rests from date of filing of OA till the date of realization;

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b) A sum of Rs.45,06,14,786.72ps under A/c. No.3116535470 with further interest @ 23.75o/o p.a with monthly rests from date of filing of OA till the date of realization; ult for sale of hypothecated movables and mortgaged

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"w,::h*'i as described in the schedule NO.I to XIII to OA.

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ii:^{o s rtrl zffi} l)l

'W,--#

(OA.No.100/2022)

2, As per the averments in the application, the Applicant Bank states that defendant No.1 is the principal borrower and mortgagor. Defendants 2 to 13 are guarantors and defendants no. 3to 6 & g to 11 are the mortgagors avaired various roan facirities aggregating to Rs.63.60 Crores on 29.03.2010. Defendants no. 3 to 6, 9 & i1 jointly executed guarantee agreement guaranteeing the due repayment of aforesaid loan sanctioned to defendant no.1 company, Defendant no.1 company hypothecated all stocks more fully described in schedule I to OA. Defendant no.1 company created equitable mortgage of schedule property more fully described in schedule II to OA. Defendant no.3 created equitable mortgage on 01.04.2010 by way of deposit of sale deed of OA schedule property III to OA. Defendant no.4 created equitable mortgage on 07.0t.1994 by way of deposit of sale deed of OA schedule property IV to OA. Defendant no.11 created equitable mortgage on 01.04.2010 by way of deposit of sale deed of OA schedule property V to OA. Defendant no.9 created equitable mortgage on 01.04.2010 by way of deposit of sale deed of OA schedule property VI to OA.

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The Applicant bank revised the loan facilities aggregating to Rs.40.g0 Crores and executed agreement of loan for overall limit, agreement of goods and assets, letter regarding grant of Defendant no.3 extended the mortgage in respect IP dated 06.07.2011. Subsequently the loan facilities o l,,#i,ff.".*,l) renewed vide sanction letter dated L0.07.20L2 to

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(OA.No.100/2022)

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Rs.61.70 crores. Defendant no.8 created equitable mortgage on t2.07.20L2 by way of deposit of sale deed of OA schedule property XII to OA. Further the defendants availed enhanced facilities of Rs.70.00 crores and executed security documents on 05.02.2015. Thereafter the loan facilities were enhanced / renewed to Rs.90.00 Crores on 16.11.2016. Defendants 3 to 8, 11 & 12 joinfly executed supplemental deed of guarantee for due repayment of aforesaid loan amount of Rs.90.00 cores sanctioned to defendant no.1 company. Subsequently the loan facility of Rs.90.00 crores was enhanced to Rs.95.00 Crores on 18.12.2017.

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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 L6,03.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Counsel for defendants No.1 to 13 filed vakalath but failed to file Written statement.

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During the pendency of proceedings, the Applicant bank counsel filed :: -.a men tjng that :! the case against the Borrower Company before mitted on 26.I0.2022, CIRP plan received from M/s. d F^{h- i"ffi'"} $g 0 $'Tf^{Skrbalt.|liteo. rhe Hon'bleNCLr approved on 18.11.2023.} ", ;;^ , rne nOOtlcg$fly'k received a sum of Rs.12.78 crores as financial WutuW

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(oA.No.10012022)

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creditor along with delayed interest and CIRP expenses in actual and appropriated.

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shri K.v. Mallik, chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to 4.195. The Applicant Bank filed a part satisfaction memo stating that Applicant bank received a sum of Rs.12.78 Crores as part satisfaction and the schedule properties were released.

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

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B. As stated supra, the proceedings against defendant no.1 resolved through CIRP before Hon'ble NCLT. Counsel for Defendants No. 1 to 13 filed vakalath but failed to file Written Statement. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant documents A.195. In view of the above, I hold that the Applicant blished their claim made in the OA against the

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$rif,l,fffts^{lnf to 13 and hence the Applicant Bank is entiiled to} recover,S SP made in the oA with future interest and costs.

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fuum-W

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(OA. No.100/2022)

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In the result, the present OA is allowed with costs, as under: The Defendants No.2 to 13 are jointly and severally liable to pay to the Applicant Bank a total sum Rs.85,62,33,195.39ps (Rupees Eighty Five Crores Sixty Two Lakhs Thirty Three Thousand One Hundred Eighty five and paise Thirty Nine only) i.e.,

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a) A sum of Rs.40,56,18,398.67ps under A/c. No.39354570435 with further interest @ 20.60% p.a from date of filing of OA till the date of realization;

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b) A sum of Rs.45,06,14,786.72ps under A/c. No.3116535470 with further interest @ 23.75o/o p.a from date of filing of OA till the date of realization;

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LESS a sum ofRs.12.78 Crorespaid by defendant no.1 during

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pendency of OA;

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Consequently the pending IA's if any shall stand disposed off.

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The Applicant bank is entiued to proceed against the hypothecated movables and mortgaged properties(excluding Doc.No.12l1999, doc. No. 660/2 0 0 1, Doc. N o. 6 6L / 200 t,doc.No. 662l200 1,

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D_o_c-.No.1730/1994 and Doc. No.1729/t994) as described in the
..' :,.;Sthedule towards realization of the debt due.
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(oA.No.100120221

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L2, The Applicant Bank is also entitled to proceed against the Person and^properties of defendant No.2 to 13 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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L4. 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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Communicate a copy of^{the order to the parties concerned.}

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(Dictated to the P.A., transcribed by her, corrected,^{signed and pronounced by me in the open} court on this the 9th day of^{July, 2025)}

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sdl(G. GOPICHAND)

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PRESIDING OFFICER

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State Bank of India v. M/S. Bluepark Sea Foods Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Bluepark Sea Foods Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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Case details

All orders in this case

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