Allowed

State Bank of India v. M/S. Js Upvc and Glass Solutions

DRT10 Feb 2025OA/265/2024

Case brief

AI extract

What is this about?

In an Original Application filed by State Bank of India against a business firm and guarantors for recovery of a defaulted loan, the Debts Recovery Tribunal held that the bank established its claim through witness examination and document production.

What did the court decide?

The Defendants are jointly and severally liable to pay the Applicant Bank a total sum of Rs. 57,80,878/- with interest and costs; declaration of joint and several liability; entitlement to realize deb

State Bank of India versus M/S. Js Upvc and Glass… — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I^{AT HYDERABAD}

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DATED THIS THE 1OTH DAY OF^{FEBRUARY,2025}

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PRESENT: SRI GUMMADI GOPICHAND,^{PRESIDING OFFICER}

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OA'No'265 ot 2024

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Between:

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State Bank of India, Stressed Assets Recovery^Branch, 2nd floor, TSRTC Bus Terminal complex, (Commuter Amenity Centre), Koti, Hyderabad, Telangana State.

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Rep by its Chief Manager

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Applicant

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VERSUS

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M/s. lS UPVC and Glass Solutions, Represented by its Partners, Shri lillaVenkatesh, s/o Sri Sahadevjilla, aged^about 45 years, male,^plot no.22L, Mahadevapuram, Kailash^hills, Near Yellammabanda, Hyderabad - 500 056.

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Smtlilla Sandhya, w/o Sri Ganesh Jilla, aged about 31^years, female, plot no.221, mahadevaPuram, Kailash hills, NearYellammabanda, Hyderabad - 500 056.

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Sri lillaVenkatesh, s/o Sri SahadevJilla, aged^about 45 years, male,^plot no.5/A, Pipeline road, Subhashnagar, IDA leedimetla, Hyderabad -^{500 072.} 7(* Also at: ffi Plot no.8, Sri Maremmanagar, 10 rr8 2m * Yelllammabanda, KukatPallY, Hyderabad - 500 072.

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(OA. No.26sl2024)

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SmtJilla Sandhya, w/o Sri Ganesh Jilla, aged about 31^years, female, plot no.5/A, pipeline road, subhashnagar, IDA Jeedimetla, Hyderabad - 500 072.

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And also at:

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Plot no.B, Sri Maremmanagar, Yelllammabanda, Kukatpally, Hyderabad - 500 072.

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Defendants

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Counsel for the Pa rties:

For the Applicant

For the Defendants

Sri C. Sreedhar

Exparte

ORDER

The Applicant Bank filed the^present OA against^{Defendants for} recovery of a total sum of Rs.57,80,878/-^{(Rupees Fifty Seven} Lakhs Eighty Thousand Eight hundred^{and Seventy Eight only)} i.e.,

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a) A sum of Rs.55,29,6261-^{under Loan a/c.No.37098985886with} further interest @ t4.40o/o^p.a with^{monthlyrests from date of} application till the date of^realization;

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b) A sum of Rs.2,80,878/- under^{loan a/c' No.39366737697 wrth}

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further interest @ 11.25olo^p.a with^{monthlyrests from date of}

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date of rea lization;

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of hypothecated movables^{as describedin}

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(oA. No.26sl202a)

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As per the averments in the application, the Applicant Bank^states that defendant No.1 is a firm represented by^partner defendant^{No. 2} availed loan of Rs.60.00 lakhs and defendants 3 & 4 stood^as guarantors. The cash credit loan and term loan was enhanced to Rs.72 lakhs vide letter of arrangement dated 30.05.2020.^{To secure} due repayment of aforesaid loan facilities the defendants^executed guarantee agreement and supplemental agreement dated 30.03.2021. 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 on 05.10.2023^and issued legal notice dated L4.06.2024. Inspite of^{several requests} and demands, the defendants did not^clear the outstanding'^Hence this OA.

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Defendants 1to 4 called absent and set^exparte on^13'L2.2024.

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Smt K. GeetaLaxmi, Manager of the^{ApplicantBank examinedherself} as AW.1 and exhibited relevant documents,^{whichare markedas} Ex.A.1to A.30,

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Heard the plicant Bank. O Fr,BlW *

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(oA.No.25sl2024)

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The^point that arise for consideration^{is whetherthe ApplicantBank is} entitled for the claim made in the OA against the^Defendantsas 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 she exhibited relevant^{documents as Ex.A1 to A.30' In view of} the above, I hold that^{the Applicant Bank has established their claim} madeintheoAagainsttheDefendantsandhencetheApplicantBank is entitled to^{recoverthe claim made in the oA with futureinterest} and costs.

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B. In the result,^{the present OA is allowed with costs, as under:} 9. The Defendants^{are jointly and severally liable to pay to the} ApplicantBankatotalsumofRs.5T,So,ST8l-(RupeesFifty Seven Lakhs^{Eighty ThousandEight hundred and Seventy} Eight onlY)^i.e.,

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a) A sum^{of Rs'55,29,6261- underLoan a/c'No'37098985886} with further^{interest@ 14'40olop'a from date of application} till the date^{of realization;}

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loan a/c. No.39366737697
b)Asq .2,80,8781- under
@ Lt.25o/o p.a from date of aPplication
the on;
1 0 rFI! ?025
'{
:., ", ;.,1'1--i'
''. ' a!il: -: ,-
' .,'.: ..|

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(oA No 26sl2024)

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entitled to^proceed against the^hYPothecated

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1. The Applicant^bankis in the schedule^to OA towards^{realization of}

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property as described the debt due.

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proceed against the Person

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1. The Applicant^{Bankis also entitledto} and^{properties of defendant}

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and^{properties of defendants No.2 to 4} no.1 firm towards^{realization of the debt} due.

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t2. 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^{ceftificate 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'signedand pronounced by mein the opencourton} thrs the 10ti day^{of Feb, 2025)}

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(G. GOPICHAND)

PRESIDING^OFFICER

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State Bank of India v. M/S. Js Upvc and Glass Solutions

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Js Upvc and Glass Solutions

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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Case details

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