Allowed

State Bank of India v. Asthana Agri Genetics Private Limited

DRT16 Sept 2025OA/157/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an Origination Application filed by State Bank of India against four respondents for recovery of Rs. 6.66 crores. Finding the bank's claim established, the court decreed joint and several liability and authorized proceedings against mortgaged properties.

What did the court decide?

Defendants are jointly and severally liable to pay Rs. 6,66,25,999/- with interest; Applicant Bank ordered to issue Recovery Certificate.

State Bank of India versus Asthana Agri Genetics Private Limited — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD DATED THIS THE I6TH DAY OF SEPTEMBER, 2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.157 ot 2025

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Between:

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State Bank of India, Stressed Assets Recovery branch, Znd floor, TSRTC commuter Amenity Centre, bus terminal complex, koti, Hyderabad - 500 095, TS. Represented by its Chief Manager

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Applicant

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VERSUS

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Asthana Agri Genetics^(P) Ltd, Represented by its Directors, Sri Venkata Narayana Gonuguntla & Sri Emmanuel Anand Babu Kamma, Major, male, flat no.103, Narayanadri Towers, Vivekanda nagar colony, Kukatpally, Hyderabad - 72.

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Sri Venkata Narayana Gonuguntla s/o G. Venkateshwarlu, major, m,ale, flat no.103, Narayanadri Towers, Vivekanda nagar colony, Kukatpally, Hyderabad - 72.

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Sri Emmanuel Anand Babu Kamma, S/o Sri Josepha Gurumurthy, Major, male, R/o^plot no.672, Sairam nagar, Kapra, Secunderabad - 500 062.

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Smt N. Shiva Nagar Jyothi, w/o N. Pulla Rao, female, major, R/o flat no.103, narayanadri towers, Vivekananda nagar colony, Kukatpally, Hyderabad - 500 072.

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Counsel for the Parties: For the Applicant For the Defendants

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: Sri P.V. Satyanarayana : Exparte

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.6,66,25,999/- (Rupees Six Crores Sixty Six lakhs Twenty five thousand Nine hundred and ninety

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nine only) with further interest @ 13.45olo p.a from date of filing of OA till the date of realization and in default for sale of mortgaged properties as mentioned in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendants no.2 and 3 are directors of defendant no.1 availed cash credit of Rs.6.00 crores on L0.06.2022. Defendants 2to 4 stood as guarantors and executed guarantee agreement dated 16.06.2022. Defendant no.3 deposited the title deeds relating to the schedule mortgaged property bearing Regd Sale deed no.1864 of 1980 dated 10.12.1980. After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank classified the account as- N.PA:.uh39.07.2024 and legal notice was issued on 10.1 I requests and demands, the defendants did the this OA.

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16.07.2025.

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loA.tsT /202s].

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Sri P. Prabhakar, Manager of the Applicant Bank examined herself as AW,1 and exhibited relevant documents, which are marked as Ex.A.1 to A.12.

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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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Defendants 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.A1 to A.12. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest and costs.

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In the result, the present OA is allowed with costs, as under: The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.6,66,25,9991- (Rupees Six Crores Sixty

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Six lakhs Twenty five thousand Nine hundred and ninety nine

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only) with fq.rttrtfintiliE*-@-, L3.45o/o p.a from date of filing of OA till the date^p'f reatizaiiontill tfle;'d{te of realization; ii ,i1t ..,..,^thf

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(oA.Ls7/2o2sl

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The Applicant Bank is entifled to proceed against the mortgaged properties 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 defendants No.2 to 4 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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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 16th day of Sept, 2025)

sdl-

(G. GOP]CHAND)

PRESIDING OFFICER

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State Bank of India v. Asthana Agri Genetics Private Limited

Case brief

What is this about?

What did the court decide?

State Bank of India v. Asthana Agri Genetics Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

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Case details

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