Allowed

Bank of Maharashtra v. M/s. Narra Constructions Pvt. Ltd.

DRT3 Mar 2025OA/261/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Bank of Maharashtra for recovery of a loan amounting to Rs. 7.54 crores along with interest and costs from construction company and its guarantors who were joint and several liable.

What did the court decide?

Defendants ordered to pay Rs. 7,54,06,248 with interest and costs; proceeded against mortgaged properties; recovery certificate issued.

Bank of Maharashtra versus M/s. Narra Constructions Pvt. Ltd. — Company and Corporate | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THrs rHE 3RD DAy oF MARCH, 2o2s

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.261 of 2024

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Between:

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Bank of Maharashtra, Branch office at Sultan Bazar, Koti, Hyderabad, Telangana Rep by its Authorised officer

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Ap plica nt

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VERSUS

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M/s. Narra Constructions Pvt Ltd, Represented by its Directors, Narra Srinivas and NarraAnitha, O/ o D7-202, KanthiShikra Apartments, Panjagutta, Hyderabad - 500 082.

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lY r. Narra Srin ivas, s/o N.V. Subba Rao, flat no.301, 3'd floor, Sreenidhi Towers, Plot no.25,26,27 in Sy.No.46,47, 49 & 61, SBH Staff Co-operative Society Ltd, Srinagar colony, Yellareddyguda, Hyderabad - 500 073.

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J. Mrs. NarraAnitha,
w/o Narra Srinivas, flat no.301,
3'd floor, Sreenidhi Towers,
Plot no.25,26 ,27 in Sy.No.46,47 ,
49 & 61, SBH Staff Co-operative tl '' H ?a .
Society Ltd, Srinagar colony, :. .L
Yellareddyguda, Hyderabad - 500 073. ,,
4. SmtPeddiVijaya Lakshmi, ,,;,) riB r.r id - 0 I ilAR 20zs .' ^_ r'j,iJ
w/o Satya Prasad, ,
R/o 14, Gurrala Lanka,
' *
Pamidimukka, Krishna dist- 521 250.

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(oA. No.26112024)

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Mr. M. Srihari, H. No.. 1-6211 / 204, pooja Residency, Near Sri Chaitanya Mahila College, Bollaram Road, Miyapur, Hyderabad - 500 049.

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Defendants

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Counsel for the^parties: For the Applicant For the Defendants

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Sri G. Adrian Kiran Raj 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.7,54,O6,24gl_ (Rupees Seven Crores Fifty Four Lakhs Six Thousand Two hundred and Forty Eight only) i.e., (Rs.4,93,72,O22/_ +Rs.38,g1,457l_ +Rs.99,43,731/- + Rs.50,65,43A/_ + Rs.g2,43,6OOl_) with interest @ 14.50o/o p.a with monthly rests from 11.06.2024 till the date of realization and in default for sale of mortgaged properties as described in the schedules 1 to 16 to OA.

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As per the averments in the application, the Applicant Bank states that defendants avaired working capitar roan of Rs.600 rakhs, Bank guarantee of Rs.375 rakhs with a totar sum of Rs.g75 rakhs vide sanction 13.09.2013. Defendant no.1 along with hah0.ffiDn( ant no.3 who stood as guarantor availed &+ facility-' of lakhs on O2.tt.2O2O with t2 l,lAB m25

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(oA.No.261 12024)

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monthsmoratorium period. The defendants availed working capital term loan under Emergency credit line guarantee scheme for a sum of Rs.79,78,000/- on 08.08.2022 and further housing loan of Rs.52,80,o0o/-. In consideration of the cash credit facility, the defendants executed loan documents i.e., Mortgagors declaration for proposed equitable mortgage and deposited the tiile deeds of schedule properties. Defendants No.4 & 5 stood as guarantors and deposited the title deeds dated 05.10.2073 in favour of the Applicant Bank. Defendants no,2 to 5 signed guarantee for all facilities except agricultural facilities dated 11,08.2022. Defendants No. 1 to 5 executed Mortgagors declaration for proposed equitable mortgage, mortgagors letters of confirmation of equitable mortgage and memorandum of deposit of title deeds infavour of the Applicant bank. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NPA and issued demand notice dated 11.09.2023, 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 30 .09.2024.

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Chief Manager of the Applicant Bank and exhibited relevant documents, which

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3 r=*ffi"

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(oA.No.261 12024)

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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

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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.A L to A.47. 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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B. In the result, the present oA is allowed with costs, as under:

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The Defendants are joinily and severally liable to pay to the Applicant Bank a total sum of Rs.7,s4,o6,24g/- (Rupees seven crores Fifty Four Lakhs six Thousand Two hundred and Forty Eight only) i.e., (Rs.4,93 ,72,022/ - +Rs.3g,g1 ,457 /^_ +Rs.88,43,73t/- + Rs.50,65 A3g/- + Rs.92,43,600/-) with

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11.06. ioro tiil the date of realization.
'iji L
0 g fi/ln2W

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(oA.No.26U2024)

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The Applicant bank is entiUed to proceed against the mortgaged immovable properties as described in schedules 1 to 16 to OA towards realization of the debt due.

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The Applicant Bank is also entiUed to proceed against the person and properties of defendants No.2 to 5 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 3" day of l4arch, 2025)

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6q<br>; otilAnzom ;
W,,

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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Bank of Maharashtra v. M/s. Narra Constructions Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. M/s. Narra Constructions Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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