Allowed

State Bank of India v. M/S. Sri Sai Thirumala Enterprises

DRT15 Jan 2025OA/331/2024

Case brief

AI extract

What is this about?

The forum,atishearing the bank's ermentation to recover dues from defaulting borrowers and guarantor, holds that the bank established its claim and allows the original application for recovery of the total stressed amount with future interest to proceed.

What did the court decide?

OA allowed with costs; Defendants directed to pay total sum of Rs. 66,21,515/- with future interest; Recovery certificate issued.

State Bank of India versus M/S. Sri Sai Thirumala Enterprises — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THrS THE 15rH DAy OF JANUARY,2025

¶2

PRESENT: SRI GUMMADI GOPICHAND, PRESIDING oFFICER

¶3

OA.No.331 of 2024

¶4

Between:

¶5

State Bank of India, Stressed Assets Recovery Branch, 2nd floor, TSRTC Bus Terminal Complex (Commuter Amenity Centre) Koti, Hyderabad. Rep by its Chief Manager

¶6

Applicant

¶7

VERSUS

¶8

M/s. Sri Sai Thirumala Enterprises, Represented by its^proprietor, Smt Gandla Samakka, major, Female, H.No.2-27/8, Main road, Veenavanka (village & Mandal) Karimnagar District - 505 502.

¶9

Smt Gandla Samakka,

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w/o Surya Prakash, Major,

¶11

female, R/o H.No.2-27/8, Main road, Veenavanka (village & Mandal) Karimnagar District - 505 502.

¶12

Sri J.B. Sasarath Rao, s/o Sri Venugopal, major, male, R/o Plot no.312, PRTU colony,

¶13

Near BN Reddy nagar, Sa
Hyderabad - 500 070. Defendants
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Counsel for the pa rties: * ,)nr
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For the Applicant
tyanarayana
For the Defendants

¶14

(OA.331 of 2024)

¶15

ORDER

¶16

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.65,21,515/- (Rupees Sixty Six Lakhs Twenty One Thousand Five Hundred and fifteen onty) i.e.,

¶17

a) A sum of Rs.52,40,580/- in respect of CC loan with interest @ 14.650/o p.a with monthly rests from date of application till the date of realization ;

¶18

b) A sum of Rs.9,69,195/- + Rs.1,75,940/_ in respect of Housing loan& SBI Suraksha loan with interest @ 12.2Oo/o p.a with monthly rests from date of application till the date of realization ;

¶19

c) A sum of Rs.2,35,900/- in respect of SBI Top up loan with interest @ 11.65% p.a with monthly rests from date of application till the date of realization ;

¶20

and in defaurt for sare of mortgaged properties and hypothecated assets as described in the schedule to OA.

¶21

As per the averments in the apprication, the Appricant Bank states that defendant No.2 is the proprietor of defendant no.1 firm and defendant no.3 stood as guarantor avaired cash credit roan of

¶22

Rs.18.00 lakhs o DeFendants 1 to 3 executed necessary sec ;.-ffi.,;"?',5t favour of Applicant bank. Defendant no j'"'ttto Jffilttffi*" 3 ment dated 02.05.2014 r:c. ). W,t9

¶23

(oA.331 of 2024)

¶24

and defendant no.1 also deposited title deeds of OA schedule property bearing Regd Sale deed no.1740/2004 dated 11.06.2004. Defendant no.2 availed SBI Top up loan for a sum of Rs.6.00 lakhs on 28.07.2014 and subsequently enhanced the cash credit limit of Rs.24.00 lakhs on 29.09.2015 and executed necessary documents. The aforesaid CC limit was enhanced to Rs.47.00 lakhs on 29.0L.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 29.L0.2023 and issued demand notice dated 31.10.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

¶25

Defendants called absent and set exparte on 15.10.2024.

¶26

Sri Manjul Dixit, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1to A.30.

¶27

Heard the Ld. Counsel for the Applicant Bank.

¶28

The point that arise for consideration is whether the Applicant Bank is
entitled for the clajr@l+$[e OA against the Defendants as
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¶29

(oA.331 of 2024)

¶30

Defendants remained exparte.^{To substantiatethe case of the} Applicant Bank, AW.1, official of^{the Applicant Bank was examined} and he exhibited^{relevant documentsas Ex.A1 to A.30. In view of} the above, I hold that^{the Applicant Bank has established their claim} made in the OA against^{the Defendantsand hence the Applicant Bank} is entitled to recover the^{claimmade in the oA with future interest} and costs.

¶31

B. 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.66,21,5L5/-(Rupees Sixty Six} Lakhs Twenty One^{Thousand Five Hundredand fifteen only)}

¶32

i.e.,

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a) A sum of^{Rs.52,40,580/-in respect of CC loan with interest@} t4.650/op.afromdateofapplicationtillthedateofrealization;

¶34

b) A sum of^{Rs.9,69,1951-+ Rs.l,75,84ol-in respect of Housing} loan & SBI Suraksha^{loan with interest @ !2'2oo/o p'a from date of} application till^{the date of realization;}

¶35

c) A sum of Rs.2,35,900/-^{in respectof SBI Top up} loan with interest @11.65olo^{p.a from date of application till the} date of realization

¶36

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¶37

(oA.331 of 2024)

¶38

The Applicant bank is entitled to^proceed against the mortgaged properties and hypothecated assets as described in schedule to OA towards realization of the debt due.

¶39

The Applicant Bank is also entitled to^{proceed againstthe person} and properties of defendants^No.2 & 3^{and propertiesof defendant} no.1 firm towards realization of^{the debt due.}

¶40

The Applicant Bank is entitled^{to the costs of the OA'}

¶41

The Applicant shall file a^{cost memo within two weeks from the date} of receipt of order.

¶42

Issue Recovery certificate^accordingly.

¶43

Communicate a copy of^{the order to the parties concerned.}

¶44

(Dictated to the P.A., transcribed by her,^{corrected,signedand pronouncedby mein the opencourton} thrs the^15rh day of^lan,2025)

¶45

sdl_

¶46

(G. GOPTCHAND)

¶47

PRESIDING OFFICER

¶48

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State Bank of India v. M/S. Sri Sai Thirumala Enterprises

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. Sri Sai Thirumala Enterprises

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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