Allowed

State Bank of India v. M/S. S.R. Cements Bricks

DRT9 Apr 2025OA/455/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by State Bank of India to recover a debt of approximately Rupees 22.99 lakhs along with future interest from two defendants, one being the proprietary concern and the other a guarantor, holding that the bank established its claim.

What did the court decide?

Defendants jointly and severally liable to pay Rs.22,99,068/- with future interest @ 14.40% p.a. from 27.07.2024; recovery certificate issued.

State Bank of India versus M/S. S.R. Cements Bricks — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.I^{AT HYDERABAD}

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DATED THrs rHE^grH DAY oF APRTL,²⁰²⁵

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PRESENT: SRI GUMMADI GOPICHAND,^{PRESIDING OFFICER}

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OA.No.455 of 2024

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Between:

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State Bank of India, Stressed Assets Recovery Branch-I, 2nd floor, TSRTC, CAC, Koti, Hyderabad. Rep by its Chief Manager

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Applicant

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VERSUS

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M/s. S.R. Cements Bricks Manufacturing, Rep by its ProPrietor N. Harish Kumar, H.No.1-11t/tL, Burugupally, ShankaramPet, Medak district - 502 27t.

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Mr. Neerudi Arun Kumar, S/o N. Vijay Kumar, aged^major, Occ: business, D.No.2-361 l, Burugupally, Shan karamPet, Medak district - 502 271.

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Defendants

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Counsel for the Parties:

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For the Applicant

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For the Defendants

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Smt B, Ramana^Kumari Exparte

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6noen

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1, the present OA against^{Defendants for} Rs.22,99,068/-^{(RuPeesTwentYTwo} recoir/Efy,,gf Xm.. :nry,

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(oA. No.455/2024)

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Lakhs Ninety Nine thousand and Sixty Eight only) (Rs.6,6O,861/- + Rs.16,38,207l-) with current and future interest @ 14.4Oo/o p.a with monthly rests from 27.LL.2024 till the date of realization and in default For sale of hypothecated and mortgaged properties as mentioned in the schedule to OA.

¶20

As per the averments in the application, the Applicant^Bankstates that defendant No.1 is a^proprietary concern represented^by defendant no.2 as^guarantor and mortgagor availed^{cash credit loan} of Rs.6.00 lakhs and term loan of Rs.15.75^{lakhs aggregating} Rs.21.75 lakhs vide letter of arrangement dated 03.02.2023.^The above facilities are^primarily secured by^{hypothecationof movables} and mortgage of immovable^property more fully^{described in the} schedule to OA. After availing the^{loan facilities,the defendants} failed to comply the terms oF sanction,^{hence the applicant bank was} constrained to classify the account as^NPA and^{issued legalnotice} dated 18.11.2024. 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 exparteon 05.03.2025'}

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Sri P. P the Applicant Bank examined^himself d ocu m en ts, wh ich are marked as

rllll 2f,25

:_-." -

(oA.No.455 /2024]r

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.11. 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^{ApplicantBank} 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:}

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The Defendants are^jointly and severally^liable to^{pay to the} Applicant Bank a total sum of Rs.22,99,068/ -^{(Rupees Twenty} Two Lakhs Ninety Nine thousand and sixty^{Eight only)} (Rs.6,6O ,86t.1' + Rs.16,38 ].O7 / -) with current and^future interest @ 14.40o/o^p.a from 27.7t.2024 till^{the date of realization.}

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.r',
i|;. Bs APn2m ;j

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(oA.No.455 /2024)

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The Applicant bank is entitled to^proceed against the^hypothecated and mortgaged properties as mentioned in the^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 rn the open court on this the 9'n day of April, 2025)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

¶41

8 3 APHzffi

State Bank of India v. M/S. S.R. Cements Bricks

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S. S.R. Cements Bricks

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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Case details

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