Allowed

State Bank of India v. M/S. v.N.Garments

DRT8 Oct 2025OA/191/2025

Case brief

AI extract

What is this about?

In an Original Application filed by State Bank of India for recovery of Rs. 49,09,034 along with interest and sale of hypothecated movables, the Debt Recovery Tribunal allowed the application. The Tribunal observed that the defendants failed to appear and the bank established its case through documentary evidence.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 49,09,034 with future interest; entitled to proceed against hypothecated movables, defendant No. 2 and properties of defendant No. 1 for realization.

State Bank of India versus M/S. v.N.Garments — Company and Corporate | DRT (2025)

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IN THE DEBTS RECOVERYTRIBUNAL.I AT HYDERABAD DATED THIS THE 8TH DAY OF OCTOBER , 2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.191 of 2O2S

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Between:

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State Bank of India, SARB, 2nd floor, TSRTC bus Terminal complex, (CAC), Koti, Hyderabad, TS. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. V.N. Garments, Represented by its proprietor,

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H.No.B-63, Above Sub-Registrar Office, Lingal Road, Achampet, Nagarkurnool dist - 509 375.

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Mrs. Vanguri Shireesha, w/o M. Vijay, major, female,

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Proprietor of M/s. V.N. Garments, H.No.3-58, Naganool, nagarkurnool District - 509 209.

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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 Defendants

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Sri P.V. Satyanarayana

Exparte

ORDER

the present OA against Defendants for Rs.49,O9,O34l- (Rupees Forty Nine Thirty four only) i.e.,

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(oA.No.191 of 202s)

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a) A sum of Rs.4z,4g,73gl- from defendants with future interest @ Ll.15o/o p.a with monthly rests from date of application till the date

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of realization ;

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b) A sum of Rs.6,59,296l- from defendants with future interest @ L4.4Oo/o p.a with monthly rests from date of application till the date of realization ;

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and in defaurt for sare of hypothecated movabres 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.2 is the proprietor of defendant no.1 firm availed term loan of rs.38 lakhs and cash credit of Rs.9.50 lakhs on 30.05.2023. The defendants executed agreement of roan cum hypothecation and guarantee agreement dated 30.05.2023 in favour of applicant bank. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank classified the account as NPA on 28.07.2024 and legal notice was issued on t5.04.2024. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on 19.0g.2025.

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Smt K. Geeqq:{--1li6fimb.1$<eoer. of the Applicant Bank examined herself t a :,1W,i1 ., J UY.,r' o n'otitb+ nt documents, which are marked as Ex.A. l:ot o ocr mm^'i '.!.J ri r$ ii,:'+ ., :^,' '"it".r,..,, '-'-.1!!';i;;';$y'"r,: ;i.r,f;;i

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(oA.No.191 of 2025)

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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.g. 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.49,O9,O34/- (Rupees Forty Nine Lakhs Nine Thousand and Thirty four only) i.e.,

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a)A sum of Rs.42,49,738/- from defendants with future interest @ tl.L5o/o p.a from date of application till the date of realization ;

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b) A sum of Rs.6,59,296/-from defendants with future interest @ 14.4Oo/op.a from date of application till the date of realization ;

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(oA.No.191 of 2025)

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The Applicant Bank is entitled to proceed against the hypothecated movables as mentioned in the schedule to OA towards realisation 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 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 8th day of Oct, 2025)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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¶47

State Bank of India v. M/S. v.N.Garments

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. v.N.Garments

Case brief

What is this about?

What did the court decide?

What the court decided

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