Allowed

Central Bank of India v. M/s. Aiguille Hotels Inc.

DRT1 May 2025OA/273/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Order Application filed by Central Bank of India against a partnership firm and individual guarantors for recovery of dues amounting to Rs.59,29,970/- along with future interest and costs.

What did the court decide?

Defendants to pay Rs.59,29,970/- with future interest; order allowed with costs; recovery certificate issued.

Central Bank of India versus M/s. Aiguille Hotels… — 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 1st DAY OF May, 2O25

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PRESENTI SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.273 of 2024

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Between:

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Central Bank of India, Mushirabad branch,

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Hyderabad, Telanga na state Represented by its GPA holder

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Applicant

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VERSUS

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M/s. Aiguille Hotels Inc, Represented by its partners, Flat no.402, Sai Krishna towers, D.No.B-3-229|W /16, Hylam colony, Road no.10,^jubilee Hills, Hyderabad -500 034.

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Mr. Panda SolomanVivek, s/o Sri PJF Sunder Singh, aged 42 years, occ: business, male, Flat no.402, Sai Krishna towers, D.No.B-3-229 /W / 16, Hylam colony, Road no.10,^jubilee Hills, Hyderabad -500 034.

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Mr. PIF Sunder Singh, S/o D.P. Panda, aged 74^years, Occ: business, male,

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Flat no.402, Sai Krishna D. No.B-3-229lW/16 Road no.10,^jubi Hyderabad -500 Defendants o 1 ilAy ztrzs I ; e--,ry

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(OA.No.273 of 2024)

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Counsel For the Parties: For the Applicant Mr. Momin Mohammed Rafiq For the Defendants Ex^pa rte

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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.59,29,970l-^(Rupees Fifty Nine lakhs Twenty Nine thousand Nine Hundred and Seventy only)i.e.,

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a) A sum of Rs.25,48,752l-under term loan with interest @^11.35olo p.a with monthly rests along with penal interest @ 2olo p.a from date of application till the date of realization ;

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b) A sum of Rs.6,70,922/- under cash credit with interest @ 12.3Oo/o p.a with monthly rests along with^penal interest @^2olo p.a from date of application till the date of realization ;

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c) A sum of Rs.14,75,075/-under GECL with^interest @^9.25olop.a with monthly rests along with^penal interest @^{2o/o p.a from date} of application till the date of realization ;

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d) A sum of Rs.40,366/- under WCTL with^interest @^{10.50o/o p.a} with monthly rests along with penal interest @^{2olo p.a from date} of application till the date of^realization ;

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e) A sum of Rs.11, FITL loan with interest @ 11.35olo p.a with mo enal interest @ 2%^p.a from date of ap liidation till Ifie date o?r lization; ia^{01 ilAY 2W j} W*#

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(oA.No.273 of 2024)

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and in default for sale of hypothecated movables as mentioned in the schedule to OA.

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As per the averments in the application, the Applicant Bank states that defendant no.1 is a partnership firm represented by its partners/ defendants 2 & 3 and guarantors availed term loan of Rs.80,00,000/- and credit facility of Rs.5.00 lakhs on 27.06.20t4. The defendants executed term loan agreement, articles of agreement, letter of hypothecation, demand promissory note, letter of continuity, interest variation letter and letter of waiver etc on 22.06.2014. The defendants availed GECL limit of Rs.16.00 lakhs working capital term loan of Rs.35,100/- and FITL of Rs.10,69,000/on 28.06.2021. To secure due repayment of loan facilities, the defendants executed necessary loan documents. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank classified the account as NPA and legal notice was issued on 24.L0.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this oA.

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? Defendants and set exparte on 08.04.2025.

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(oA.No.273 of 2024)

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Ms. ch. Priyanka, Manager of the Appricant Bank examined himserf as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.21.

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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 remainedexparte. 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.21. 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.59,29,97O/- (Rupees Fifty Nine

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lakhs Twenty Nine thousand Nine Hundred and Seventy

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only)i.e., a) A sum term loan with interest @ ,ffifum 9.35 n till the date of realization ; f^{uflroxtfrTofiro"':} S,*q#

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(OA.No.273 of 2024)

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b) A sum of Rs.6,70,922l- in cash credit with interest @ 10.30o/o p.a from date of application till the date of realization ;

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c) A sum of Rs.14,75,075/-under GECL with interest @ 7.25o/o p.a from date of application till the date of realization ;

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d) A sum of Rs.40,366/- under WCTL with interest @ 8.50olo p.a from date of application till the date of realization ;

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e) A sum of Rs.11,94,855/- under FITL loan with interest @ 9.35o/o p.a from date of application till the date of realization ;

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The Applicant bank is entitled to proceed agalnst the hypothecated movables 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 defendants No.2 & 3 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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L2, 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, stgned and pronounced by me in the open court on this the 1'st day of May, 2025)

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Central Bank of India v. M/s. Aiguille Hotels Inc.

Case brief

What is this about?

What did the court decide?

Central Bank of India v. M/s. Aiguille Hotels Inc.

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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