Allowed

Indian Bank v. M/s. Sriram Anand

DRT21 Apr 2025OA/301/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Application Order filed by Indian Bank against the defendant for recovery of outstanding term, FITL, and Ind_GECLS loan accounts with interest costs, and directed sale of hypothecated properties.

What did the court decide?

Recovery of Rs.92,76,022/- with interest and costs; permission to proceed against hypothecated properties and defendant's assets; issuance of Recovery certificate.

Indian Bank versus M/s. Sriram Anand — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 21ST DAY OF APRIL'2025

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PRESENT: sRI GUMMADI GOPICHAND, PRESIDING oFFICER OA.No.3O1 ot 2024

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Between:

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Indian Bank, Himayathnagar branch Hyderabad, iS. Represented by its Asst. Gen Manager

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. Applicant

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VERSUS

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M/s. SriramAnand, l:1i".:".,:.0^{by its proprieror,} 5/o china MallaiahSriram, fgle,^{aSed about 51 years,} fl?^{24,Fesherpura,Near} -rBS Ptcket, Secunderabad _ 5OO 026.

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Defendant

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Counsel for the parties:

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For the Applicant Sri B. Damodar Reddy For the Defendant Sri P. Damodar Reddy //{6 &\ iP €$ 's

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The Applican

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3sFnt OA against Defendant for recovery of a 76,022/- (Rupees Ninety Two Lakhs Seventy Six Thousand and Twenty Two only) i.e.,

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a) A sum of Rs.68,82,4 12/- in term loan account with interest @ 1O% p'awith monthry rests from 2r.07.2024 ti, the date of rearization;

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(oA.No.301/2024)

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b) A sum of Rs.5,42,088/- in FITL loan account with interest @ B.7oolo p.awith monthly rests from 21.07.2024 till the date of realization;

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c) A sum of Rs.2,27,068/_ in Ind_GECLS loan account with interest @ 9.25o/o p.awith monthly rests from 2L.07.2024 till the date of realization;

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d) A sum of Rs.I6,24,454/_ in Ind GECLS_ext loan account with interest @ 9.25o/o p.awith monthly rests from 2L07.2024 till the date of realization;

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And in default for sale of hypothecated properties as mentioned in the schedule to OA.

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2' As per the averments in the apprication, the Appricant Bank states that defendant availed term loan of Rs.61,95,190/_ bank guarantee limit of Rs.7,50,000/_ and clean OD limit of Rs.2.00 lakhs. The defendant executed demand promissory note, disposal of proceeds letter, term loan agreement, agreement of hypothecation of vehicres, counter guarantee dated 04.12'2018. The defendant avaired the credit facirities and purchased 1B MT burk LpG Tank truck and avaired FITL facility of Rs.8,86,Bg1/_. After availing the loan facility, the defenda nt the terms of sanction, hence the a pplica nt bank was,,con r.t to classify the account as NpA on 28.01.2023 u3o {rr^rf#^{166u, ndr,} on 09.11.2023. Inspite of several requestd pnd demands, tng."rO$ ant did not clear the outstanding.

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(OA. No.301/2024)

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Sri P. Damodar Reddy filed vakalath on behalf of defendant and not

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filed written statement.

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Sri N. Suresh yadav, Manager of the Applicant Bank examined

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himself as AW.1 and exhibited relevant documents, which are

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marked as Ex.A.1 to A.33.

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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 Defendant as

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prayed for?

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7' Defendant counser fired vakarath but not fired ws. 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.33. In view of the above, I hold that the Applicant Bank has established their cla in the OA against the Defendant and

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hence the recover the claim made in the

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OA with rest aH costs.

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B. with costs, as u nder:

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The Rs.92,76,O22/--: r f.'.!he .,:J,^{Appticant Bank a rotat} sum of Two Lakhs Seventy Six

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Thousand and Twenty Two only) i.e.,

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(oA. No.301/2024)

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a) A sum of Rs.68,82,4 L2/- in term loan account with interest @ l0o/o p.a frcm2t.07.2024 till the date of realization;

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b) A sum of Rs.5,42,08g/- in FITL loan account with interest @ B.7oolo p.afrom 2t.07.2024 till the date of realization;

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c) A sum of Rs.2,27,068/_ in Ind_GECLS loan account with interest @ 9.25o/o p.afrom 21.O7.2024 till the date of realization;

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d) A sum of Rs.L6,24,454/_ in Ind GECLS_ext loan account with interest @ 9.25o/o p.afrom 2t.07.2024 till the date of realization;

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The Applicant bank is entiiled to proceed against the hypothecated property as mentioned in the oA towards rearization of the debt due.

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The Applicant Bank is also entitled to proceed against the person and properties of defendant towards realization of the debt due.

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i0. The Applicant Bank is entiiled to the costs of the OA.

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11' The Appricant sha, fire 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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copy of the order to the pa rties concerned.

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the the 21 llJr";'^{to'"t'uo,signedand pronounced bv me in theopen}

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2 1 npn 2025

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sd/(G. GOPTCHAND) PRESIDING OFFICER

Indian Bank v. M/s. Sriram Anand

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/s. Sriram Anand

Case brief

What is this about?

What did the court decide?

What the court decided

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