Allowed

State Bank of India v. M/S Dreams Fabric Manufacturers

DRT28 Jan 2025OA/339/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by State Bank of India for recovery of Rs.84,17,901.59 against three defendants for term loan and GECL dues, declaring them jointly liable and authorizing sale of mortgaged properties.

What did the court decide?

Order allowed: Defendants jointly liable for Rs.84,17,901.59 with interest; mortgage validated; recovery certificate issued; costs awarded.

State Bank of India versus M/S Dreams Fabric… — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 28th DAY OF JANUARY, 2025

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

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ORIGINAL APPLICATION No: 339 OF 2024

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State Bank of India., Stressed Assets Recovery Branch(SARB), D. No. 54-20- 1 B/ 3F /tJ6, 3'd Floor, Upstairs of KFC, Surya Prakash Square, Gurunanak Nagar Road, NTR District, Vijayawada - 520008. Rep. by its Chief Manager.

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.....Applicant.

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Versus

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M/s.Dreams Fabric Manufacturers, Rep by its Prop: Smt.Boggiti Mary Priyanka, O/o. D.No.8/265, E-6, Industrial Estate, Kadapa, Andhra Pradesh.

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Smt.Boggiti Mary Priyanka, W/o.Sri.B.Anand Kumar, R/o.Door No.43/94, Prakash Nagar, Kadapa, Andhra Pradesh.

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Sri.Boggiti Anand Kumar, S/o.B.Ananda Rao, R/o.Door No.43/94, Prakash Nagar, Kadapa, Andhra Pradesh.

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...Defendants

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Counsel for the Applicant : M/s.K.Sundeep DeFendants : ex-oa*efiS(ra

oA.NO.339/2024

:: qLLE& ::

The Applicant Bank filed the^present OA for the recovery a total sum of Rs.84,17,901.59ps i.e., a sum of Rs.68,37,195.8sps under Term Loan A/c. No.39615772993 with future interest @L4.25o/o^p.a. and a^{sum of Rs.15,80,705.74ps under GECL 1.0} A/c. No.40601361081 with future interest @9.25%^p.a. from the defendants^jointly and severally with monthly rests from the date of application till the date of realization along with costs and in default for sale of OA schedule^property.

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Summons served on D1 to 3 through paper publication. They were set ex-parte on 27.70.2024 as called absent and no representation.

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The Applicant Bank examined Aluru I'lark, Chief Manager, as AW-1 and marked 18 documents through him as Ex. A.1 to Ex. A.18.

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Heard the Ld. Counsel for 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 entitled for the claim made in the OA against the Defendants and OA schedule property?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.18 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. AYue

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oA.NO.339/2024

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Hence, I hold that the Defendants are joinly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.33g/2024 is 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.84,17,901.59ps i.e., a sum of Rs.68,37,195.85ps under Term Loan A/c.No.39675772993 and a sum of Rs.15,80,705.74ps under GECL 1.0 A/c. No.40601361081 with future interest @9.25olo p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of mortgage of property described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debt;

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iii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

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iv) the applicant bank is entitled for the costs.

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The Applicant Bank is directed to file Cost l.4emo within 2 weeks from the date of receipt of this Order. \w9<h 71sP

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oA.NO.339/2024

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Issue Recovery Certificate^accordingly.

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Communicate^{a copy of this order to the parties concerned'} (Dictated to the steno, corrected,^{signedand pronouncedbyme in the open courton} this the 28th Day^{ofJanuary,2025).}

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S(t>rrr

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ESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. M/S Dreams Fabric Manufacturers

Case brief

What is this about?

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State Bank of India v. M/S Dreams Fabric Manufacturers

Case brief

What is this about?

What did the court decide?

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