Allowed

State Bank of India v. M/s. Sri Mahakali Motors

DRT23 Apr 2025OA/458/2024

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed an Originating Application filed by State Bank of India to recover Rs. 30.72 lakhs with interest and costs from borrowers and guarantors after the defendants appeared ex parte.

What did the court decide?

Defendants jointly and severally ordered to pay Rs. 30,72,497 with interest; recovery certificate issued.

State Bank of India versus M/s. Sri Mahakali Motors — Contract and Commercial Disputes | DRT (2025)

¶1

IN THE DEBTS RECOVERYTRIBUNAL-I AT HYDERABAD

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DATED THIS THE 23RDDAY OF APRIL, 2025

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.458 of 2024

¶5

Between:

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State Bank of India, Stressed Assets Recovery Branch-I, 2nd floor, TSRTC, CAC, Koti, Hyderabad. TS - 500 095. Rep by its Chief Manager

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Applicant

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VERSUS

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M/s. Sri Mahakali Motors, Represented by its Proprietor Mr. Surya DevaraSadanandam, H.No.B-221, Bhupalpally road, Parkal, Warangal dist, TS - 506 164.

¶10

Mr. Surya DevaraSadanandam, s/o S. Ramanaiah, aged about 61 years, occ: business, male, H.No,3-364, main road, parkal village, Warangal district, TS - 506 164.

¶11

Su ryadeva raVa ra^prasad, S/o SuryadevaraSadanandam, Aged major, occ: business, male, H.No.6-337/1, main road parkal, Warangal district - 506 164. Defendants

¶12

Counsel for the Parties:
For the Applicant SmtTaranginiPisipati
For the Defendants .r' pa rte
7 3 APR 2025

¶13

(oA. No.4s8l2024)

¶14

ORDER

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The Applicant Bank filed the^{present OA against Defendants for} recovery of a total sum of Rs,3O,72,497l-^{(Rupees ThirtyLakhs} Seventy Two Thousand^{Four hundredand Ninety Seven only)} with interest @ 13.650/o^{p.a with monthly rests from 2t.tL.2024ttl} the date of realization and^{in defaultfor sale of hypothecatedand} mortgaged^properties as^{mentioned in the scheduleto OA.}

¶16

As^per the averments^{in the application, the ApplicantBankstates} that defendant No.1^is the^{borrowerrepresentedby defendant no'2} availed loan of Rs.10.00^{lakhs for business vide letter of arrangement} dated 20.O2.2021.^{Defendant no.3 stood as guarantor for the same} and executed^{guarantee agreementin favour of applicant bank'} The loan facilities are^{securedby hypothecationof stocks, book debts} more fully described in the^{scheduleA to OA and mortgage of} immovable^{properties more fully describedin schedulesB to D to OA'} After availing the loan^{facilities, the defendantsfailed to complythe} terms of sanction,^{hence the applicantbank was constrained to} classify the account as^{NPA on 28.O2.2024and issued recallnotice} dated 29.11.2024.^{Inspite of several requests and demands,the} defendan ar the outstanding.^{Hence this OA.}

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i I ;...' 3. oeiendants called absent^{and set} exparte on 12.02.2025. i 3 tPR zlrrl

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(oA. No.as8l202a)

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Sri R. Loganathan, Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.12.

¶20

5, 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.Al to A.12. 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.

¶23

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.30,72,497/-^(Rupees Thirty Lakhs Seventy Two Thousand Four hundred and Ninety Seven

date of

(ci

(oA.No.458 12024\

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;

¶29

The Applicant Bank is also entitled to^proceed against the^person and properties of defendant No.2& 3 and^properties of^defendant no.1 firm towards realization of the debt due.

¶30

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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13, Issue Recovery certificate accordingly.

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t4. 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 meⁱⁿ the open^{court on} this the 23'd day of April, 2025)

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sdl - (G. GOPTCHAND) PRESIDING OFFICER

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2 3 rPR ?mS

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State Bank of India v. M/s. Sri Mahakali Motors

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/s. Sri Mahakali Motors

Case brief

What is this about?

What did the court decide?

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