Allowed

State Bank of India v. M/S. Shanthi Aishwarya Industries LLP

DRT9 Apr 2025OA/14/2024

Case brief

AI extract

What is this about?

In OA.No.14 of 2024, the Debt Recovery Tribunal allowed the application filed by State Bank of India against M/s. ShanthiAishwarya Industries LLP and its partners for recovery of a debt of Rs. 1,02,89,688 with interest. The court held the bank established its claim and proceeded to grant recovery including against hypothecated assets.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 1,02,89,688 with interest; Applicant entitled to proceed against hypothecated movables and properties of respondents; Recovery certificate issued.

State Bank of India versus M/S. Shanthi Aishwarya Industries… — Company and Corporate | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THrS THE 9rH DAY OF APRIL, 2025

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PRESENT: SRI GUMMADI GOPIcHAND, PRESIDING oFFIcER

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OA.No.14 ol 2024

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Between:

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State Bank of India, Stressed Assets recovery Branch-II, 1-B-563/1, 1't floor, Opp Sandhya Theatre, RTC Cross roads, Chikkadpally, Hyderabad. Rep by its Chief Manager

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Applicant

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VERSUS

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M/s. ShanthiAishwarya Industries LLp< Rep by its partners 1. Sri B. Adinarayana 2. Sri G. Naveen kumar, #LB-t74/2, road no.5, Hanumanpet, Malkajgiri, Medchal, Malkajgiri dist.

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Sri BendalaAdinarayana, s/o Sri B. Satyanarayana, Aged 34 years, occ: business, #78-t14/2, road no.5, Hanumanpet, Malkajgiri, Medchal, Malkajgiri dist.

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And also at:

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R/o 5-204, Laxminagar colony, Kompally, Gundlapochampally, Medchal, Malkajgiridist - 5OO 014.

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Sri G. Naveen Kumar, S/o Sri G. Ram Chander, aged 34 yrs 09 [PBzm Occ: business, #lB-lI4/2, road no. Hanumanpet, Malkajgiri, Medchal, Malkajgiri dist.

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(oA. No.1al2024)

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And also at:

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R/o 30-150/18, Bharat nagar, Near India Gas Godown, Safinagar, Old Safilguda, Hyderabad - 500 054.

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Defendants

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Counsel for the Parties: For the Applicant For the Defendants

Smt B. RamanaKumari

Sri A. Eshwar

ORDER

The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.1,O2,gg,6gg/_ (Rupees One Crore Two Lakhs Eighty Eight Thousand Six hundred and Eighty eight only) with current and future interest @ I2.4Oo/o p.a with monthly rests from 27.12.2023 till the date of realization and in default for sare of hypothecated property as mentioned in the schedule to OA.

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As per the averments in the apprication, the Appricant Bank states that defendant No.1 is a partnership firm represented by defendants 2 & 3 as its partners avaired cash credit facirity of Rs.o.95 crore vide letter of a rra ng t dated 04.71.2022. The loan amount is secured ,^book debts and receivables as mentioned

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A.* After availing the loan Facilities, the

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o"renoJntl i3iJF," ply the terms of sanction, hence the

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(oA.No.141202a)

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applicant bank was constrained to^{classify the accountas NPAand} issued legal notice dated 16.12.2023.^{Inspite of severalrequests} and demands, the defendants did^{not clearthe outstandlng.Hence} this OA.

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Counsel for defendants filed vakalath but^failed to file^Written statement.

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Mrs. M. Sarala, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.7.

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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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Counsel for defendants filed vakalath but failed to file WS. 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.7. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants cant Bank is entitled to recover the 6

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claim madd#te oA st and costs. !.^{0gAP1M it} ''Wdu'

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(oA.No,1412024)

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

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The Defendants are jointly and severally liable to pay to the Appllcant Bank a total sum of Rs.1,O2.8g,6gg/- (Rupees One Crore Two Lakhs Eighty Eight Thousand Six hundred and Eighty eight only) with current and future interest @ 12.40olo p.a from 27.72.2023ti11 the date of realization.

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The Applicant bank is entiued to proceed against the hypothecated movables as mentioned in the schedule to oA towards realization of the debt due;

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The Applicant Bank is also entitled to proceed against the person and properties of defendant No.2 & 3 and properties of defendant no.1 firm 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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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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this
,J,
O 9 APBTW

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by her, corrected, signed and pronounced by me in the open court on

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sd/(G. GOPTCHAND) PRESIDING OFFICER

State Bank of India v. M/S. Shanthi Aishwarya Industries LLP

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Shanthi Aishwarya Industries LLP

Case brief

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What did the court decide?

What the court decided

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