Allowed

State Bank of India v. M/S. Saa Enterprises

DRT8 Jan 2025OA/235/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant Bank's OA against the Defendant, directing recovery of the debt, future interest, and costs, along with recovery certificate.

What did the court decide?

Recovery of Rs.38,24,805/- with future interest and costs; Authority to proceed against hypothecated and other properties; Recovery certificate issued.

State Bank of India versus M/S. Saa Enterprises — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THrs rHE 8rH DAy oF JANUARY' 2ozs

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.235 ot 2024

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Between :

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State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC, CAC, Koti, Hyderabad, Telangana State. Represented by its Chief Manager

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Applicant

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VERSUS

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M/s. SAA Enterprises, Represented by its Proprietor, M/s. RevellaPrasannaLatha, D/o Sri KannetiJesudanan, Aged about 45 years, occ: business, D.No.4-t34/ 45, Sy.No. 152l1, DommaraPochampally, Dundigal, Near Dundigal Police Station, Gandimaisamma, Quthbulapur,^{TS- 500} 043.

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Also at

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H.no.4-134/38, Sy.No. 152l1, Gandimaisamma village, Quthbullapur,^Domma Pochampally, Dundigal, Telangana - 500 043.

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Defendant

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Counsel for the Pa rties: For the Applicant r6 s s. Sangeeta Jaiswal For the Defenda ,ts d$ pa rte 08 ;;

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(OA.No.23s of 2024)

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ORDER

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The Applicant Bank filed the present OA against Defendant for recovery of a total sum of Rs.38,24,805/- (Rupees Thirty Eight Lakhs Twenty Four Thousand Eight Hundred and Five only) (Rs.26,65,678/- + RS.LL,59,L27 /-) with future interest @ L4.40o/o p.awith monthly rests from the 06.05.2024^(inclusive of 27o penal interest) till the date of realization and in default for sale of hypothecated property as mentioned in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant availed term loan facility of Rs.27.00 lakhs vide letter of arrangement dated 2L.12.202I and executed agreement of loan cum hypothecation dated 21.12.202L. The defendant also availed cash credit of Rs.10.00 lakhs for a period of one year. After availing the loan facilities, the defendant failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA on 28.09.2023 and issued legal notice dated 05.05.2024. Inspite of several requests and demands, the defendant did not clear the outstanding. Hence this OA.

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nd set exparte on 28.L0.2024. 0 I JAN⁷⁰²⁵

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(OA.No.23s of 2024)

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Sri S. PrathikYadav,^{Manager of the Applicant} Bank examined^himself as AW.1 and exhibited^{relevantdocuments,} which are marked as Ex.A.1 to A.9.

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Heard the Ld. Counsel^{for the Applicant Bank.}

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The point that arise for consideration^{is whetherthe ApplicantBank is} entitled for the claim made in the^{OA against the Defendantas} 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.A1to A.9' In view of the} above, I hold that the Applicant^{Bankhas established their claim} made in the OA against the Defendant and^{hence the ApplicantBank} 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.38,24,8O5/-^(Rupees Thirty^{Eight LakhsTwenty Four} Thousand Eight Hundred and Fiveonly)^{(Rs.26,65,67A1- +} Rs.1 with future interest @^{12.40o/op'afrom the} f rea lization ;

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i: 00^JAt'l7025

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(OA.No.235 of 2024)

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The Applicant bank is entitled to proceed against the hypothecated property 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 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 lan, 2025)

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sdl(G. GOP]CHAND) PRESIDING OFFICER

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DRT.I, $MERAfl^I},

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State Bank of India v. M/S. Saa Enterprises

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Saa Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

Parties & counsel

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