Allowed

M/S. Andhra Pradesh State Financial Corporation v. M/S. Jgb Enterprises

DRT12 Aug 2025OA/424/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Andhra Pradesh State Financial Corporation to recover a loan amount of Rs. 1.01 crores from M/s. JGB Enterprises and its proprietor, who defaulted on a term loan and failed to comply with sanctions.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 1,01,69,245/- with interest @ 24% p.a. from 01.10.2024 and costs of the OA.

M/S. Andhra Pradesh State Financial Corporation versus M/S… — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THrS THE 12rH DAy OF AUGUST,2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.424 ot 2024

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(Amended vide MA. No. 5 I / 2025 dated 21.07 .2025)

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Between:

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M/s. Andhra Pradesh State Financial Corporation, Branch office at 2nd floor, ERR complex, Station road, Khammam, Telangana. Represented by its Branch Manager

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Applicant

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VERSUS

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M/s. JGB Enterprises,

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Represented by its Proprietor, Sri Deeti Ravlndar, D,No.5-2-42, Khanapuram Haveli, IDA,

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Khammam district - 507 002.

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Sri Deeti Ravindar, s/o Raja Mallaiah, aged major, male, H.No.1835-D, Near Regional hospital, Ramesh nagar, Godavari Khani, Pedapalli district, Telangana - 505 209.

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Defendants

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Counsel for the Pa rties:

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For the Applicant

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For the Defendants

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Sri R. Rajendra Prasad

Exparte

12 rljc ?u5

(oA.No.2ssl2023)

The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.1,O1,69r245/- (rupees One Crores One Lakh Sixty Nine Thousand Two Hundred and Forty five only) with further interest @ 24o/o p.a with monthly rests from 01.L0.2024 till the date of realization and in default for sale of hypothecated and mortgaged properties as mentioned in the schedule "A and B " to OA.

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As per the averments in the application, the Applicant Bank states that defendant no.1 is an enterprises represented by its proprietor / defendant no.2 availed term loan of Rs.95 lakhs and executed deed of hypothecation and sanction letter for loan etc. The defendants deposited the schedule property as mentioned in the OA. After availing the loan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank classified the account as NPA and demand notice was issued on 22.t2.2023. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on 16.05.2025.

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Senior Branch Manager of the Applicant Bank l and exhibited relevant documents,

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which *li

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(oA. No.2ssl2023)

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant Bank is entitled for the claim made in the OA against the Defendants as prayed for?

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Defendants remained exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A.7. In view of the above, I hold that the Applicant Bank has established their claim made in the OA against the Defendants and hence the Applicant Bank is entitled to recover the claim made in the OA with future interest 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.1,O1,69,2451- (rupees One Crores One Lakh Sixty Nine Thousand Two Hundred and Forty five only) with further interest @ 24o/o p.a from 01.10.2024ti11 the date of realization;

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proceed against the hypothecated tioned in the schedule "A & B" to due;

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(OA. No.2ssl2023)

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The Applicant Bank is also entitled to proceed against the person and properties of defendants 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 18th June, 2025)

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sd/-

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(G. GOPTCHAND) PRESIDING OFFICER

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M/S. Andhra Pradesh State Financial Corporation v. M/S. Jgb Enterprises

Case brief

What is this about?

What did the court decide?

M/S. Andhra Pradesh State Financial Corporation v. M/S. Jgb Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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