Allowed

Bank of Baroda v. Rp Industries

DRT15 Jan 2025OA/400/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal (I) at Hyderabad allowed an Origin Application filed by Bank of Baroda against RP Industries and Chirra Mahesh for recovery of a loan of Rs.31,16,465.23 along with interest and costs.

What did the court decide?

Defendants ordered to pay Rs.31,16,465.23 with interest at 13.70% p.a., costs, and face hypothecated properties for realization.

What the court decided

Bank of Baroda versus Rp Industries — Consumer Protection | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 15TH DAY OF JANUARY,2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.4OO ot 2024

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Between:

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Bank of Baroda, Khammam Trunk Road Branch, Situated at No.4-2-50l1, Gandhiganj, Khammam, Telangana - 507 003. Rep by its Manager

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Applica nt

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VERSUS

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RP Industries, Rep by its Proprietor, Chirra Mahesh, S/o Chirra Upplaiah, H.No. 1-38-3, Gudurupadu, Khammam, Telangana - 507 003.

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SriChirra Mahesh, s/o ChirraUpplaiah, aged about 28^years, occ: business, R/o H.No.1-38-3, Gudurupadu, Khammam, Telangana - 507 003. Defendants Counsel for the Parties: For the Applicant 6,m nkat Sri Maithreya For the Defendants : 15 JAtl26,pu.[ al- "r ,, -a {**r^6-

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(oA.No.400/2024)

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ORDER

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The Applicant Bank filed the^present OA against^{Defendants for} recovery of a total sum of Rs.31,16,465.23ps^{(RupeesThirty} One Lakhs Sixteen Thousand Four Hundred^{Sixty Five and} paise Twenty three only) with interest @ 13.70olo^p.afrom 03.06.2024 till the date of^{realization and in default for saleof} hypothecated property as described^{in the scheduleto OA.}

¶14

As^per the avermentsⁱⁿ the^{application, the ApplicantBankstates} that defendant no.2 is the^{proprietorof defendant no'1 firm} availedterm loan of^{Rs.49,50,000/- and executed demand promissory} note, letter of continuing^{security,compositehypothecation} agreement, letter of^{authority,declaration cum undertaking cum} authority. After availing^{the loan facility, the defendants failed to} comply the terms of^{sanction, hence the applicant bank was} constrained to classify^{the accountas NPA on 29'Ol'2021and} issueddemandnoticedated3l.o3.2024,Inspiteofseveral requests and demands,^{the defendants did not clear the outstanding.} Hence this OA.

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Defendants call 23.t2.2024.
1 5 rnH ?025

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(oA.No.400/2024)

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Sri BanothPrasad, GPA Holder of the^{Applicant Bank examined} himself as AW.1 and exhibited^{relevant documents,which are} marked as Ex.A.1 to A.14'

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Heard the Ld. Counsel^{for the Applicant Bank.}

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The^point that^{arise for consideration is whetherthe ApplicantBank is} entitled for the claim^{made in the oA against the Defendantsas} prayed for?

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T.Defendantsremainedexparte.Tosubstantiatethecaseofthe Applicant Bank, AW'1,^{officialof the Applicant Bank was examined} andheexhibitedrelevantdocumentsasEx'A1toA.14.InVieWof theabove,IholdthattheApplicantBankhasestablishedtheirclaim madeintheoAagainsttheDefendantsandhencetheApplicantBank isentitledtorecovertheclaimmadeintheoAWithfutureinterest and costs.

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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'31,16,465'23ps(RupeesThirty} oneLakhsSixteenThousandTourHundredSixtyFiveand paise T )^{with interest @ 13.70oloP.a from} 03.06. date lization; r: 1q t\sYrh"

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(oA.No.400/2024)

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The Applicant bank is entitled to proceed against the hypothecated property as described in schedule to OA towards realization of the debt due.

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The Applicant Bank is also entitled to proceed against the person and properties of defendant No.2 and properties of defendant no.1 firm towards realization of the debt due.

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The Applicant Bank is entitled 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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Communicate a copy of the order to the parties concerned.

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(Dictated to the P.A., transcribed by her, corrected, signed and pronounced by me in the open court on this the 15th day of Jan, 2025)

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sdl(G. GOPTCHAND) PRES]DING OFFICER

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¶32

Bank of Baroda v. Rp Industries

Case brief

What is this about?

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What the court decided

Bank of Baroda v. Rp Industries

Case brief

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What the court decided

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