Allowed

Union Bank of India v. M/s. Momin Enterprises

DRT25 Feb 2025OA/352/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed a statutory application filed by Union Bank of India for recovery of dues exceeding Rs. 2 crores along with future interest and costs against M/s. Momin Enterprises following the defendant ex parte attendance and successful verification of documents by an official witness.

What did the court decide?

Recovery of total sum of Rs. 2,96,50,598.83 with future interest; entitlement to proceed against hypothecated movables and defendant properties; issuance of Recovery certificate.

Union Bank of India versus M/s. Momin Enterprises — Insolvency and Bankruptcy | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THIS THE 25rH DAy OF FEBRUARY,2025

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PRESENT: SRI GUMMADI GoPICHAND, PRESIDING oFFIcER

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OA.No.352 of 2024

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Beirrreen:

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Union Bank of India, Ramkote branch, P.B. No.252,4- 1-,10, 1" floor Wesley Church, TilakRoadmRamkote, Hyderabad - 500 001. Represented by its Manager

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Applicant

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VERSUS

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M/s. Momin Enterprises, Represented by its Sri Khurshid Aii Shaha, S/o Budhdhu, aged 38 years, Occ: business, 8-4-548/Ei llO, Scuth Shankarlala Nagar, Erragadda, Hyderabad - 5OO 01g.

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Also at: 7-726/7,^plot no.14, Sy.No.205, 2C6, 207 and 216, Gagilapur X road, DornmaraPocharnpally, Dundiga l, Gandimaisamma, Medchal- 500 043.. Defendant Counsel for the P For the Applicant IFQ: SangeetaJaiswa I For the Defendan ;^?5rr8ilfi ;f rte W'-k#; 1. The Applicant aank fir'exi the present oA against Defendant for

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reccverv of a tLrtal surrr oi Rs.2g,65,ggg.g3ps (Rupees Twenty

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(o^.3s212024],

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Nine Lakhs Sixty Five^{ThousandEight Hundred Ninety Eight} and paise Eighty Three only)^i.e.,

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a) A sum of Rs.18,34,308.96ps^{in Loan A/c.No.1347706170000013} with future interest @^{13.55o/op.aalong with penal interest@ 2olo} p.a from 02.08.2024 till the date of^realization ;

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b) A sum of Rs.11,31,589.87ps^{in Loan A/c.No'3477051400000001} with future interest @^{13.30o/op.aalong with penal ;n1srs5[@ 2olo} p.a from 02.08.2024 till the date of^realization ;

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and in default for^sale of^{hypothecated movablesas describedin} the schedule to OA.

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As^per the averments^{in the application, the ApplicantBankstates} that defendant availed^{cash credit loan facilityof Rs.9,50,000/-vide} sanction letter dated^{15.03.2022and executeddemandpromissory} note, letter of continuity,^{AD 02 A, interest agreement,hypothecation} agreement of^{goods and debts,undertakingof the borrower and} letter of undertaklng all^{dated 02.11.2022' The defendant also} availed term loan of^{Rs.18,75,000/-and renewed the cashcredit} limit to Rs.10.00^{lakhs vide sanction dated25.01.2023and executed} necessary documents.^{After availing the loan facility, the defendants}

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failed to co. of sanction, hence^{the applicant bank was} as NPA on 22.02.2024^and

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.2024. Inspite of^{several requests}

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(oA.3s2l2024)

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and demands,^{the defendantsdid not clear the outstanding'Hence} this OA,

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3.Defendantcalledabsentandsetexparteont4.o2,2o25.

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of the^{Applicant Bank examined}

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1. Sri G. Suresh,^{Senior Manager} relevant documents,^whichare

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himself as^{AW.1 and exhibited} marked as^{Ex'A.1to A.24'}

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Heard the^{Ld. Counselfor the Applicant Bank'}

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ThepointthatariseforconsiderationisWhethertheApplicantBankis entitled for^{the claim made inthe OA againstthe Defendant as} prayed for?

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Defendant^{remained exparte' To substantiate the case of the} Applicant^{Bank, AW.1, officialof the Applicant Bank was examined} and he exhibited^{relevant documentsas Ex'A1 to A'24' In view of} the above,^{I hold that the Applicant Bank has established their claim} made in the^{OA against the Defendant and hence the ApplicantBank} is entitled^{to recoverthe claim made in the OA with future interest} and costs.

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B. In^{the result, the present OA i's allowed with costs'as under:} pay to the Applicant^{Bank a total sum of}

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^ .83 pees Twenty^{Nine LakhsSixtY Five}

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Rs#Fg,65,

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(oA.352/2024]|

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Thousand Eight Hundred Ninety Eight and paise Eighty Three

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only) i.e.,

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a) A sum of Rs.18,34,308.96ps in Loan A/c,No.1347706170000013 with future interest @ 13.5s%

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p.afrom 02.08.2024 till the date of realization ;

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b) A sum of Rs. 11,31,589.g7ps in Loan A/c.No. 347705t400000001 with future interest @ 13.30% p.afrom 02.08.2024 till the date of realization ;

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The Applicant bank is entifled to proceed against the hypothecated movables as described in the scheduleto oA towards realization of the debt due.

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The Applicant Bank is arso entifled to proceed against the person and properties of defendanttowards realization of the debt due.

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The Applicant Bank is entiued to the costs of the OA.

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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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Com cate a copy of the order to the parties concerned.

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ftgr]o by her, corrected, signed and pronounced by me in the open court on
)
lt1\ rRuBcoqv- t;fr{.- (G. GOPTCHAND)sd/-
I
PRESIDING OFFICER
-i.;1,,{i'ff^o

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?5ft8w I

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Union Bank of India v. M/s. Momin Enterprises

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/s. Momin Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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