Allowed

State Bank of India v. Namo Balaji Food Pvt. Ltd.

DRT15 Apr 2025OA/431/2024

Case brief

AI extract

What is this about?

The Tribunal balanced the applicant bank's claim for recovery of outstanding loan amount, interest, and costs against the respondents' failure to clear dues. Considering the bank established its case, the Tribunal held the bank entitled to recover the claimed amount and costs from the respondents. The Tribunal also allowed the bank to proceed against hypothecated and mortgaged properties and issue

What did the court decide?

The present order is allowed by the Respondent Bank, as well as the recovery of the claim made in the order with future interest and costs.

State Bank of India versus Namo Balaji Food Pvt. Ltd. — Company and Corporate | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD DATED THrS THE 15rH DAy OF ApRrL, 20.25

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER OA.No.431 of 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch (SARB-II), 1-8-563/1, RTC cross Roads, Opp. Sandhya theatre, 1't floor, Chikkadpally, Hyderabad - 500 020. Represented by its Chief Manager

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Applicant

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VERSUS

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NamoBalaji Food Pvt Ltd, Represented by its Director, 72-Ll/ L457 / 1, Bhoudhanagar, lamai Osmania, Warasiguda, Secunderabad - 500 061. 2. Sri P. Ram Subhash, s/o Sudhakar Reddy^p, aged 54 years, male, lz-tl/ L457 / 7, Bhoudhanagar, Jamai Osmania, Warasiguda, Secunderabad - 500 061. 3, Smt P. RatnaPriya, w/o Sri Ram Subhash, da ge ud f,z52 ye ad rs, fI e male,male, 1fr-;-.'-L:,. 72- I I / t457 / I, B h o u d h a n a ga r, d"' 6tr*"rT uy; 1-:'i, Jamai Osmania, Wdrasiguda, {"*^{-- '-ff;F.',ii.,-'..:.} Secunderabad - 500 061. ,i' ,i;', iS E rg,''oPB {i *' 4. Sri G. Praveen Reddy, l^{1 5 IPR} zr-rz5^,, Aged 50 years, male, , -.,. )4, t t. .,,ri . ,.1, iJ' 7 -30 , MYE villas, Chengicheri[J',:t,, '' Medchalmalkajgiri, Hyderabad - 500 076.T5.

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(oA. No.a31l2024)

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Smt G. Aruna, Aged 21 years, Female, 7-30, MYE villas, Chengicherla, Medcha lma lkajg iri, Hyderabad - 500 076. Telangana State.

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Defendants

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Counsel for the Parties:

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For the Applicant For the Defendants

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Sri C. Prabhakar Ex pa rte

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ORDER

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l. The Applicant Bank fired the present oA against Defendants for recovery of a total sum of Rs.4g,39,Og4/_ (Rupees Forty Eight Lakhs Thirty Nine Thousand and Eighty four onry) with further interest @ 11.90o/o p.a with monthly rests from lg.l12O24 till the date of rearizationand in defaurt for sare of hypothecated and mortgaged properties as mentioned in the schedule ,.I to VI,, to OA.

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As per the averments in the application, the Applicant Bank states that defendant No.1 is the principar borrower and defendants no. 2 to 5 are its guarantors / mortgagors availed cash credit of Rs.O.50 crores a of Rs.1.92 crores totaling a sum of Rs.2.42 ment dated 30.11.2018. To secure due

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-^q;'f :'"

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repayment of above faciTities, defendant no.2 representing defendant '^""i t ? ---^-of loan cum hypothecation dated

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(oA. No.431/2024)

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30.11.2018. Defendants 2 to 5 jointly executed guarantee agreement and defendant no.1 hypothecated the stocks, receivables etc as mentioned in schedule property I. Defendant no.1 and 2 created mortgage by deposit of title deeds dated 29.01.2019. The loan facilities were renewed ie., cash credit of Rs.50.00 lakhs and term loan of Rs.192 rakhs and GECL roan of Rs.3B rakhs vide retter of arrangement dated 20.04.2022. After avairing the roan facilities, the defendants failed to comply the terms of sanction, hence the applicant bank was constrained to classify the account as NpA and issued legal notice dated 06.11.2024. 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 25.02.2025.

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Sri SarojMishra, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.21.

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5, Heard the Ld. Counsel for the Applicant Bank.

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The point is whether the Applicant Bank is

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,''.t -^a

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eniliteb fc OA against the Defendants as

prayed

(oA. No.a31l202a)

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.21. 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.4g,39,Og4/_ (Rupees Forty Eight Lakhs Thirty Nine Thousand and Eighty four only) with further interest @ 11.90% p.a from 19.11.2024 tilt the date of realization.

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9, The Applicant bank is entifled to proceed against the hypothecated

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and mortgaged properties as mentioned in the schedule "I to VI,, to

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OA towards realization of the debt due;

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The Applicant Bank is also entitled to proceed against the person

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and properties of defendant No.2 to 5 and properties of defendant of the debt due.

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to the costs of the OA.

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(oA.No.431/2024)

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t2. 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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L4. 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 April, 2025)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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:l?1
15 ,

State Bank of India v. Namo Balaji Food Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

State Bank of India v. Namo Balaji Food Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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