Allowed

Indian Overseas Bank v. Sr Enterprises

DRT10 Jun 2025OA/285/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal-II at Hyderabad allowed Original Application No.285 of 2023 filed by Indian overseas Bank against two defendants. The bank recovered a term loan sum of Rs.21,88,539.02 with future interest. The claim is secured by hypothecation of assets, and the bank is entitled to proceed against defendants' property for realization along with costs.

What did the court decide?

Defendants liable to pay Rs.21,88,539.02 with future interest @10.35% p.a.; bank entitled to proceed against hypothecated assets and personal properties for realization; costs awarded.

Indian Overseas Bank versus Sr Enterprises — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE loth DAY OF JUNE, 2025

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICEft

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ORIGINAL APPLICATION No: 285 OF 2023

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Indian overseas Bank., Branch Off Address 6-3-t44, plot No.22, Ground Floor, JK Chambers, Balanagar, Hyderabad, Telangana - 500037. Rep. by its Branch Manager.

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.....Applicant.

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Versus

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M/s. SR Enterprises., Plot No.6/8, CIE, Gandhi Nagar, Jeedimetla, Medchal Malkajgiri-500037.

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Mr.G.Nagraj, Flat No.306, Block 07, Prajay Apartments, Kompally, Medchal-Malkajgiri District-500100, ..Defendants

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Counsel for the Applicant : M/s. Gampa Rangaiah

Defendants

: Ex-parte

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.20,65,821.23ps under Term Loan from the defendants jointly and severally with future interest @12.35olo p.a. from the date oF application till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 and 2 through paper publication. They were set ex-parte on 26.11.2024 as called absent and no rePresentation. ') .'i t'

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oA.NO.28sl2023

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Prasad, Asst.

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1. The Applicant Bank^{examinedGurram Hari} Manager, as AW-1^{and marked 13 documents} through him as Ex. A.1 to Ex.^A.13.

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Heard the Ld.^{Counselfor 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 entitted} for the claim made^{in the OA against} the Defendants and aA^hypothecated assefs?

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As stated supra, the^{Defendants remained ex-parte'The} Evidence Affidavit^{coupled with the recitalsin the documents} viz., Exs.A,1 to A.13^{marked on behalf of the ApplicantBank} clinches the claim of^{the Applicant Bank against the Defendants'} Hence, I hold that the^{Defendantsare jointlyand severallyliable} to pay the OA claim to the^{Applicant Bank with futureinterest} and costs.

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In the result, the^{present Original Application No.285/2023is} allowed as under:^-

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i) The Defendants are^jointly and^severally liable to^pay to the Applicant^Bank a^{sum of} Rs.21,88,539.02ps with future^interest @10.35o/o^{p.a. simple from the dateof} application till the date of realization;

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ii) the OA claim is secured by way of hypothecation of assets describ-ed in the ffil*

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oA.NO.285l2O23

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schedule^{annexed to the OA and the} applicant^{bank is entitledto proceed against} the same^{to realise its debt;}

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

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iv)^{the appticant bank is entitledfor the costs'}

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TheApplicantBankisdirectedtofileCostMemowithin2weeks from^{the date of receipt of this Order'}

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Issue^{RecoveryCertificate accordingty'}

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communicate^{a copyor lhi: ::iil;:Ii;.?3il?'":""m"#i;urt} on

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1. (Dictated^{to the steno' corrected'signeo} Hlr il;;d"^{DaY of rune' 2025)'} ,"\r' . - . - -^"l

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,"\r' . - . - -^"l . -r':"i

¶36

'lis3?$3w+'l

Indian Overseas Bank v. Sr Enterprises

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. Sr Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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