Allowed

State Bank of India v. M/S. S.S. Sri Foods

DRT31 Jan 2025OA/423/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the State Bank of India's original application for recovery of Rs. 26,17,929.63 from two defendants. The court held defendants jointly and severally liable based on evidence documents and authorized realization through hypothecated assets.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 26,17,929.63 with future interest; bank entitled to realize debt via hypothecated assets; Recovery Certificate issued.

State Bank of India versus M/S. S.S. Sri Foods — Insolvency and Bankruptcy | DRT (2025)

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IN THE^{DEBTSRECOVERYTRIBUNAL-IIAT HYDEMBAD} DATED THIS^{THE 31STDAY OF ]ANUARY' 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: 423 OF 2023}

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State Bank^{of India.,} Stressed^{Assets RecoveryBranch} i.e., SARB-2,^{2nd Floor,} TSRTC Community^{AmenityCentre,} Bus Terminal^{ComPlex, Koti,} Hyderabad -^500095. Rep. by^{its Chief Manager.}

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.....Applicant.

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Versus

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M/s. s.s. sri^Foods., Rep by its ProPrietor Smt.G.SathYakala,^Female, Major, Wo.Sri^{Gunnu RajeshwarReddy,} Female,^{Aged about 43 Years,} Plot No.115,^{Co-OperativeIndustrial} Estate⁽ ExPansion),^Gandhinagar, Balanagar,^{Medchal Malkajgiri Dist,} Hyderabad - 500037.

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Smt.G. Sathyakala, Wo.Sri^{Gunnu RajeshwarReddy,} Female, Aged^{about43 Years,} H.No.5-103/2,^{Plot No.304,} Shiva Nagar^{Colony, Chintal,} Qutubullapur,^{Medchal MalkajgiriDist,} Hyderabad -^500054.

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. .. Defendants

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Counsel for^{the APPlicant}

: l4/s. KVCI4S^Sarma

Defendants

: Ex-parte

W**

oA.NO.423/2023

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.26,17,929.63ps as on 16.10.2022 from the defendants join y and severally with future interest @12.40olo p'a' incruding @20lo p.a. penar interest with monthry rests from the date of application till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 and 2 through paper publication. They were set ex-parte on 21.70.2024 as called absent and no representation.

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The Applicant Bank examined Loganathan Ramalingam, Manager, as AW-1 and marked 16 documents through him as Ex. A.1 to Ex.A.16.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits. 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 enti ed for the claim made in the OA against the Defendants and OA hypothecated assets2

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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.16 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinfly and severally liable to pay the OA claim to the Ap-qlicant Bank with future interest and costs,

UY*"

oA.NO.42312023

In the result, the present Original Application No.423/2023 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.26,I7,929.63ps as on 16.10.2022 with future interest @11.55o/o 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 hypothecation of assets 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 entifled 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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B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

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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, signed and pronounced by me in the open court on this the 31't Day ofJanuary, 2025).

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.^_-..1 X\W-.ds /"vvt-' / (' ,/ (RAMESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. M/S. S.S. Sri Foods

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. S.S. Sri Foods

Case brief

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What did the court decide?

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