Allowed

Bank of Maharashtra v. M/S. Jeevan Industries

DRT27 Mar 2025OA/446/2024

Case brief

AI extract

What is this about?

DT-II allowed OA filed by Bank of Maharashtra for recovery of Rs. 1.14 Cr with interest, costs, and permission to proceed against mortgaged properties and parties' assets.

What did the court decide?

Joint and several liability to pay Rs.1,14,71,924.06 with interest; entitled to proceed against mortgaged properties and defendants' assets; issue recovery certificate.

Bank of Maharashtra versus M/S. Jeevan Industries — Insolvency and Bankruptcy | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 27TH DAY OF MARCH, 2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.446 of 2024

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Between:

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Bank of Maharashtra, Branch office at Mancherial, Telangana. Rep by its Authorised officer

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Applicant

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VERSUS

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M/s. Jeevan Industries, Rep by its Proprietor, Vadeepalli Ram Prasad, O/o Room No.74, Old Area Stores, SCCL, Ramakrishnapur, Mandamarri, Mancherial^-504 301.

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Also at :

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H.No.64,, block-5, Asian tower, Hitech city, Mancherial- 504 208.

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Also at:

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H.No. 13-820 /3-44, 13-820/3-45, 73-820/3-46, Shop no.T-6, T-7, T-8, Third floor, Mancherial complex, Metharwada, Mancherial - 504 208.

¶14

Mr. Vaddepalll Rama Prasad, s/o Neelakantam, aged 34, occ: business, H.No.4-BB, Krish na colony, Naspur, Mancherial - 504 303.

¶15

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Defendants

¶16

(OA.No.446/2024)

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Counsel for the Parties: For the Applicant For the Defendants

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Sri G. Adrian Kiran Raj

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Ex pa rte

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ORDER

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1, The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.1,14,71,924.06ps (Rupees One Crore Fourteen Lakhs Seventy One Thousand Nine Hundred twenty four and paisesix only) with interest @ 11.05o/o p.a with monthly rests from 16.08.2024 till the date oF realization and in default for sale of mortgaged properties as mentioned in the schedule to OA.

¶22

As per the averments in the application, the Applicant Bank states that defendant No.1 is a firm represented by its proprietor/ defendant no.2 availed cash credit of Rs.1.15 lakhs and executed demand promissory note and declaration cum undertaking dated 28.03.2023. The defendants created equitable mortgage of schedule properties and deposited the title deeds in favour of Applicant bank. After availing the loan facility, the defendants failed rms of sanction, hence the applicant bank was stra i ify the account as NPA and issued demand , -the defendants did clear the outstanding. Hence this OA.

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(oA.No.446 /2024)

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3, Defendantscalled absent and set exparte on 07.03.2025.

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Sri SumanRamjiBanoth, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.15,

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

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6, 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. Counsel for defendant no.2 filed vakalath but failed to file WS. 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.15. 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.

¶29

B. In the_Igs* It, the present OA is allowed with costs, as under: ,m&ffQft"

¶30

, ',*F^r7,fi," Dffi#$ nOa'ffi\o.e 's\ jointly and severally liable to pay to the .d+ Aoolicant Bank a .tBtpl sum of Rs.1,L4,tt,g24.O6ps (Rupees One

¶31

"i 7' 7 itAR ?tfi^* il

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f.rry
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¶33

\S'rlua*ffi

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(OA. No.44612024)

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Crore Fourteen Lakhs Seventy One Thousand Nine Hundred twenty four and paiseSix only) with interest @ 11.05% p.a from

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16.08.2024ti11 the date of realization.

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The Applicant bank is entitled to proceed against the mortgaged properties as mentioned in the schedule to OA towards recovery of its dues.

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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 entifled to the costs of the OA.

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12' 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 27rh day of t'4arch, 2025)

¶44

sdl(G. GOPTCHAND) PRESIDING OFFICER l"{ffi; ,i:#:#0,.

Bank of Maharashtra v. M/S. Jeevan Industries

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. M/S. Jeevan Industries

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Coram

Case details

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