Allowed

State Bank of India v. Smt. Sapavat Deepa

DRT7 Mar 2025OA/124/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application filed by State Bank of India against defendant Pavat Deepa for recovery of Rs. 26,37,867 including interest and penal interest due to NPA classification following default on term loan and working capital facility.

What did the court decide?

AP L. Rangeable to pay to the Applicant Bank a total sum of Rs. 26,37,867/- with interest at 12.40% p.a. from 27.03.2024 till realization, costs of the OA, and issue a recovery certificate.

State Bank of India versus Smt. Sapavat Deepa — Company and Corporate | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 7TH DAY OF MARCH'2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.124 ot 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch-II, SARB-II, first floor, Opp Sandhya Theatre, RTC cross roads, Chikkadpally, Hyderabad. Represented by its Chief Manager

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Applicant

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VERSUS

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Smtsa pavatDeepa, D/o LachiramSapavat, aged 43 years, Carrying on trading business in the Name of "DS MART" as its sole proprietor Plot no.70 & 71, southern part, survey No.23, Meerpet, Saroornagar, Ranga Reddy district, Hyderabad - 500 097

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& ordinarily residing at

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H.No.B-7-55/A/1 1, Shirdisai Nagar colony, Saroornagar, Hyderabad - 500 079.

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Defenda nt

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Counsel for the

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For the Applica ri N. Meher Prasad For the 0 7^r4Aflm25 xpa rte

¶14

(oA. N0.12412024)

¶15

ORDER

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The Applicant Bank filed the^{presentOA againstDefendant for} recovery of a total sum of^{Rs'25,37,867l-(RupeesTwentySix} Lakhs Thirty Seven Thousand^{Eight Hundred and Sixty Seven} only) with interest @^{12.4Oo/o p.awith monthly rests apart from2o/o} penal interest from 27.03.2024 till the^{date of realization and in} default for sale of^{hypothecated assets as described in the schedule} to OA.

¶17

As per the averments^{in the application, the ApplicantBankstates} that defendant availed^{term loan of Rs.41.50 lakhs and a working} capital facility of^{Rs.B.00 lakhs vide letter of arrangementdated} 30.11.2019. The^{defendant executedagreement of loan cum} hypothecation, and^{hypothecatedall the currentassets, stocks and} receivables as security for^{repayment.The defendant alsoavailed} GECL loan of^{Rs.6.00 lakhs on01.06.2020andexecuted} Supplemental agreement.^{After availing the loan facilities,the} defendant failed to comply^{the terms of sanction,hencethe} applicant bank^{was constrainedto classifythe account as NPA and} issued legal 01.2024. Inspite of^{several requestsand} clear the outstanding.^{Hence this}

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i; : 0 7 l,ll\fl^7{l?5 <sup>,;.. ./i+_.- : ::.> . r-;\ .-nao' {orr#

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(oA.No.724/20241

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Defendant called absent and set exparte on 23.12.2024.

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Sri D. Naga Prasad, Manager of the Applicant Bank examined himself as AW.1 and exhibited releva nt documents, which are marked as Ex.A.1 to A.14.

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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 Defendant as prayed for?

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Defendant remained 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.Al to A.14. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendant and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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B. In the result, the present OA is allowed with costs, as under: The Defendant is liable to pay to the Applicant Bank a total sum of Rs.26,37,867 / - (Rupees Twenty Six Lakhs Thirty Seven .,:1j -- - v. i fgJ.^:):;'. rhousa;d{g.,'80dffi**€\ sixty seven only) with interest @

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L2.40Vo p.afrom 27-n3.202{ linthe date of realization. , ,"1 o z ilAH zrlzs : il

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lo^{A.No.Da/2024)}

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9' The Applicant Bank is entitred to proceed against the hypothecated movables as mentioned in the schedure to oA towards rearization of the debt due.

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The Applicant Bank is arso entiued to proceed against the person and properties of defendant towards realization of the debt due.

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11, 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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13, 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 7th day of March, 2025)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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¶37

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State Bank of India v. Smt. Sapavat Deepa

Case brief

What is this about?

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State Bank of India v. Smt. Sapavat Deepa

Case brief

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