Allowed

Bank of Baroda v. M/S S.K. Polymers

DRT21 Jan 2025OA/628/2023

Case brief

AI extract

What is this about?

This adjudication allowed an Original Application filed by Bank of Baroda for recovery dues of Rs. 42,51,419.29 from M/s. S.K. Polymers. The Respondent remained ex-parte, and the Tribunal held the Debtors liable to pay the principal sum along with future interest, penalties, and costs, while entitling the Bank to proceed against hypothecated assets.

What did the court decide?

Respondent ordered to pay Rs. 42,51,419.29 with future interest, penalties, and costs; hypothecated assets declared as security; recovery certificate issued.

Bank of Baroda versus M/S S.K. Polymers — Contract and Commercial Disputes | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II^{AT HYDEMBAD} DATED THIS THE 215T^{DAY OF JANUARY,2025}

¶2

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

¶3

ORIGINAL APPL]CATION^{NO: 628 OF 2023}

¶4

Ban k of Baroda., Srinivasa Estates,^{Ground Floor,} t-7 -43/3U P / 77 7, Radhika Theatre X Roads, Hydera bad-500062. Applicant' Rep by its chief ^4anager'

¶5

Versus

¶6

M/s. S. K. Polymers, Proprietor Smt.K.Sobhana, Plot No.61, Phase - IV, Cherla^pally Ind ustria I Area, Cherlapally, Hyderabad.

¶7

. .. Defendant

¶8

: l4/s.T.Sreerama lvlurty Counsel for the Applicant Defendant : Ex-parte

¶9

:: qLLq& ::

¶10

The Applicant Bank filed the present OA for the recovery a total sum of Rs.42,51 ,419.29ps i.e., a sum of Rs,26,89,787.36ps under Term Loan with future interest @8.30o/o p.a. and a sum of Rs.15,61,621.93ps under Cash Credit Loan with future interest @9.250lo p.a. from the defendant with monthly rests and @ 2olo penal interest from the date of application till the N-*

¶11

oA.NO.628/2023

¶12

date of realization^along with costs and in default for^{sale of} hypothecated assets.

¶13

Summons served on^sole defendant through^{paper pu blication} and was set ex-parte on 01.08.2024 as called absent and^no representation.

¶14

The Applica nt Bank examined Pravin Ashok^{RaoAthwale, Chief} Manager, as AW-1 and marked 08 documents through^himas Ex.A.1 to Ex.A.08.

¶15

Ld. Cou nsel for the Applicant Bank stated orders^{may be passed} on merits. Perused the material^placed on^record.

¶16

The^point that arises^{for consideration is:-}

¶17

whether the Applicant^{Bank is entitled} for the claim made in the^{OA against} the Defendant and^{OAhY7othecated} assefs?

¶18

As stated supra,^{the Defendant remained ex-parteThe} Evidence Affidavit^{coupled with the recitals in the documents} viz., Exs.A.1 to^{A.O8 marked on behalf of the ApplicantBank} clinches the^{claimof the Applicant Bank againstthe Defendant'} Hence, I hold that^{the Defendant is liable to pay the oA claimto} the Applicant^{Bank with futureinterest and costs'}

¶19

In the result,^{the present OriginalApplication No'628/2023is} allowed^{as under: -}

¶20

The Defendant^is liable to PaY^{to the} i) a total sum^of Applicant^Bank ew"e

¶21

oA.NO.528/2023

¶22

Rs.42,51,419.29Ps^{i'€', a sumof} Rs.26,89,787'36ps^{underTermLoan and a} sum of^{Rs.15,61,621'93ps underCash Credit} Loan^{with future interest @9'25olo p'a' simple} from the^{date of application till the date of} realization;

¶23

the oA^{claim issecured bY way of}

¶24

ii) hypothecation^{of assets describedin the} schedule^{annexed tothe OA and the} applicant^{bank is entitledto proceed against} the same^{to realise its debt;}

¶25

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

¶26

iv) the^{appllcant bank is entitledfor the costs'}

¶27

B. The Applicant^{Bank is directed to file Cost Memo within2 weeks} from the^{date of receipt of this Order'}

¶28

q Issue^{Recovery Certificate accordingly'}

¶29

Communicate (Dictated to the steno,^{a copy of cor,"cted, this signed order to and pronounced the parties byme ln concerned'the open court on} itris tne zr"^{Day of January, 2025)'} '-

¶30

,".. '- . .:,..'-,

¶31

(RAMESHWAR^KOTHE) PRESIDING^OFFICER

Bank of Baroda v. M/S S.K. Polymers

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. M/S S.K. Polymers

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

Yes Bank Limited versus Kalvacharla Narender

Union Bank of India versus M/S N Lakshmi Narayana and Co.

State Bank of India versus Ridhi Eye Care Centre

Meghana Communication S and Others versus Icici Bank Limited

M Abdul Malik versus Bajaj Housing Finance Limited

Meghana Enterprises and Others versus Icici Bank Limited