Allowed

State Bank of India v. M/s. N.R. Industries

DRT23 Jul 2025OA/511/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of dues including cash credit, term loan, WCCL, and FITL, finding defendants jointly and severally liable.

What did the court decide?

Defendants to pay total sum of Rs. 42,88,859/- with future interest; recovery certificate issued; bank entitled to proceed against assets and properties.

State Bank of India versus M/s. N.R. Industries — Execution and Attachment | DRT (2025)

¶1

IN THE^{DEBTSRECOVERY TRIBUNAL-IIAT HYDERABAD}

¶2

DATED^{THIS THE 23RD DAY OF ]ULY, 2025}

¶3

PRESENT:^{SH. RAMESHWAR KOTHE,B.COM.,L.LB. (HONS.), M.A.} PRESIDING^OFFICER

¶4

ORIGINAL^{APPLICATION No: 511 OF 2023}

¶5

State Bank^{of India.,} Stressed^{Assets Resolution Centre} (SARC) TiruPati,^Chittoor.

¶6

Rep. by its^{Chief Manager'}

¶7

... ..Applicant.

¶8

Versus

¶9

M/s. N.R Industries., Rep by ProPrietrix,^{LekkalaRajani} w/o. Lekkala^Mahesh H.No.22t^lL I^{4A/ A, Poolavanigunta} Beside Nexa^{Showroom, Renigunta} noiO, firupati,^{Chittoor, Andhra Pradesh-517501'}

¶10

Mrs. Lekkala^{Rajani. w/o.LekkalaMahesh} Age 43 Years,^{Occ: Busines,Female} D:No. 1-22,^{Mitta Kandriga, Ramachandrapuram} Mandal, chittoor^District,AP -^517561.

¶11

'..^Defendants

¶12

: M/s. Pearl^{Law Associates} Counsel for^{the APP|icant} Defendants :Ex-parte

¶13

:: CLLD-LL^::

¶14

The Applicant^{Bank filed the present OA for the recoverya total} sum of Rs.42,88,859/-^{1.e., a sum of Rs 11,17,047l-towards} Cash Credit Loan^{A/c' No.37588872661with futurelnterest} @14.15olo^{p.a', a sum of Rs.23,18,559/- towardsTerm Loan} A/c.No.37s88732168.^{with future ,rffrt;P.} p.a., a sum I l'"*s'^r0o0",. l-./

¶15

oA,NO.511/2023

¶16

of Rs.6,t7,076/- towards WCTL Loan A/c. No.39697661628 with future interest @1,4.65Vo p.a. and a sum of Rs.2,36,1771_ towards FITL2 Loan A/c.No.402 S7gg9g42 with future interest @14,65% p.a. from the defendants joinUy and severalty with monthly rests from the date of application till the date of realjzation along with costs and in default for sale of hypothecated assets.

¶17

Summons served on D1 and 2. They were set ex_parte on 05.71.2024 as called absent and no representatjon.

¶18

The Applicant Bank examined KSR Chandra t4urthy, Legal Manager, as AW-1 and marked 17 documents through him as Ex. A.1 to Ex. A.17.

¶19

Ld. Counsel for the Applicant Bank reported orders may be

¶20

passed through merits. perused the materia I placed on reco rd.

¶21

The point that arises for consideration is:-

¶22

Whether the Appticant Bank is enti ed for the claim made in the OA against the Defendants and OA hypothecated assets2

¶23

As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.17 marked on behalf of the Appticant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinfly and severally liable to pay the OA claim to the Applicant qqnk with future interest and costs. //M"-r.P L,/

¶24

oA.NO.s11l2023

¶25

In the result, the present Original Application No.511/2023 is allowed as under: -

¶26

i) The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.42,88,859/- i.e., a sum of Rs.77,77,047/- towards Cash Credit Loan Alc. No. 37588872667, a sum of Rs.23,18,559/- towards Term Loan A/c. No. 37 588732768, a sum of Rs.6,77,0761towards WCTL Loan A/c. No. 39697661628 and a sum ot Rs.2,36,777/- towards FITL2 Loan A/c. No. 40257989842; with future interest @12.15olo p.a. simple from the date of application till the date of realization;

¶27

ii) the OA claim is secured by way of hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debu

¶28

iii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

¶29

iv) the applicant bank is entitled for the costs.

¶30

The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶31

Issue Recovery Certificate accordinql

¶32

oA.NO.s11l2023

¶33

¶34

Communicate a copy of this order to the^parties concerned. (Dictated to the steno, corrected, signed and pronounced by me in the open court on thisthe23,dDayofJuty,2o25).

¶35

Al*_^rry /^{(,/'"U'e-t't'} 1ffis5rtvvaR^KorHE) PRESIDING OFFICER

State Bank of India v. M/s. N.R. Industries

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/s. N.R. Industries

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Bank of Baroda versus M/S. Kamal Enterprises

Hdfc Bank versus M/S Teja Sri Enterprises

Union Bank of India versus S Jagannath Reddy

Icici Bank Limited versus Mr. Vds Prakasa Rao Palepu

Smt Gulab Saraf versus Cholamandalam Investment and Finance Co. Ltd.

shilpa agarwal versus Indusind Bank Limited