Allowed

State Bank of India v. M/S. Sri Lakshmi Venkateswara Power Looms

DRT23 Sept 2025OA/260/2025

Case brief

AI extract

What is this about?

In Original Application No. 260/2025, the Debts Recovery Tribunal allowed the Applicant Bank's claim for recovery of Rs. 27,189,392 plus future interest against the Defendants. The Tribunal held the Defendants jointly and severally liable based on supporting documents and directed the issuance of a Recovery Certificate.

What did the court decide?

Defendants ordered to pay total sum of Rs. 27,189,392 with future interest at 11.55% p.a., costs awarded, and Recovery Certificate directed to be issued.

State Bank of India versus M/S. Sri Lakshmi Venkateswara Power… — Banking and Recovery | DRT (2025)

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"ORIGIIIAL"

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

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DATED THIS THE 23RD DAY OF SEPTEMBER, 2025

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB.^(HonS.), M.A.

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 260 OF 2025

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State Bank of India,, Hindupur Main Branch Hindupur, Sri Satyasai District Rep by its Chief Manager.

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.....Applicant.

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Versus

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M/s. Sri Lakshmi Venkateswara Power Looms., Rep by its Proprietor Mrs. V. Lakshmidevi, W/o.Nagaraju Aged 65 Years, Occ: Business R/o.D.No.27-7-3, Near Nandi Circle Muddireddy Palli, Hindupur Sri sathyasai District.

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Mrs. V.Lakshmidevi, W/o.Nagaraju Aged 65 Years, Occ: Business

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R/o.D,No.27-7-3, Near Nandi Circle Muddireddy Palli, Hindupur Sri sathyasai District.

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...Defendants

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: Mr. A.M.Kiran Kumar Counsel for the Applicant

Defendants

: Ex-parte

:: :: Qf,[ff,

The Applicant Bank filed the^present OA for the recovery a^total sum of Rs.25,60,272/- from the defendants^{jointly and} severally with future interest @12.55o/o^p.a. with^monthlyrests from the date of application till the date of realization^along

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with costs and in default for sale of hypothecated assete. /ffiv'

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oA.NO.260/202s

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Summons served on D1 and 2 through paper publication. They were set ex-parte on 24.06.2025 as called absent and no representation.

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The Applicant Bank examined Ch. Avinash, Asst. lvlanager, as AW-1 and marked 07 documents through him as Ex. A.1 to Ex. A.07.

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Heard the Ld. Counsel for the Applicant Bank. Perused the material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA hypothecated assets?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs.A.1 to A.07 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.260/2025 is allowed as under: -

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The i) Defendants are jointly and severally lia ble to pay to the Applicant Bank a totat sum of Rst27l8y,3g2/ i8y,3g2/) with future interest {r**--/ry.,, (eru) * F'up|^ff\eru, 0Wn

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oA.NO.260/202s

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@11.55o/o^{p.a. simple from the date of} application till the^{date of realization;}

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ii) the OA claim is secured^{bY way of} hypothecation of assets described^{in the} schedule annexed to the^{OA and the} applicant bank is entitled^{to proceed against} the same to realise^{its debU}

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iii) the applicant bank^{is also entitled to proceed} against the^person and^propertiesof defendants for realization^{of its dues;}

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iv) the applicant bank^{is entitledfor the costs.}

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B. The Applicant Bank is directed to file^{Cost Memo within2 weeks} from the date of receipt of this^Order.

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q Issue Recovery Certificate^accordingly.

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Communicate^{a coPY of this order} to the^parties concerned. (Dictated to the steno, corrected,^{signed and} pronounced by me in the^{open court on} this the 23'd Day^{of September, 2025).}

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fu,'" (MI,fESHWAR KorHE) PRESIDING OFFICER

State Bank of India v. M/S. Sri Lakshmi Venkateswara Power Looms

Case brief

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State Bank of India v. M/S. Sri Lakshmi Venkateswara Power Looms

Case brief

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