Allowed

Bank of India v. M/S. Revanth Sai Earth Movers

DRT22 May 2025OA/97/2025

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an Original Application filed by Bank of India against Earth Movers and an individual proprietor for repayment of a loan. The defendants remained ex parte. The tribunal held the bank was entitled to recover the principal, interest, and costs, and authorized recovery proceedings against hypothecated vehicles and other properties.

What did the court decide?

Defendants jointly and severally liable to pay principal, interest, and costs; bank entitled to proceed against hypothecated movables and properties.

Bank of India versus M/S. Revanth Sai Earth Movers — Specific Performance | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD DATED THIS THE 22NDDAY OF MAY, 2025

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PRESENT: sRI GUMMADI GOPICHAND, PRESTDING OFFICER

¶3

OA.No.97 of 2025

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Between:

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Bank of India, 13-4-158, Near Gopala swamy Temple, MG road, Warangal Branch - 506 002. TS. Represented by its principal officer And GPA holder

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Applicant

¶7

VERSUS

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M/s. Revanth Sai Earth Movers, Rep by its proprietor Mrs, Banothu Parvathi, C-6, yellamanchiThanda AnepuramMaripeda, Warangal, TS -506 315.

¶9

Mrs. Banothu^parvathi, w/o BanuothuMagilal, C-6, YellamanchiThanda

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AnepuramMaripeda, Warangal, TS -s06 315,

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Defendants

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Counsel for the^parties:

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: SmtCh. Indira : Exparte

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ORDER

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filed the present OA against Defendants for sum of Rs.31,2L,777.16ps (Rupees Thirty

¶16

loA.97 /202s)

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One Lakhs Twenty One Thousand Seven Hundred Seventy

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Seven and paise sixteen only) with interest @ 13.20olo p.a with monthly rests from date of filing of oA till the date of realization and in default for sare of hypothecated movabres as mentioned in the schedule to OA.

¶19

As per the averments in the application, the Applicant Bank states that defendant no.1 is a proprietary concern represented by its proprietor/ defendant no.2 avaired term roan of Rs.23.00 rakhs vide letter of arrangement dated 30.3.2016. The roan facirity was secured by hypothecation of Earth movers vehicle (Backhoe loaders) more fully described in the schedure to oA. The defendants executed demand promissory note, composite agreement and hypothecation cum loan agreement. After availing the loan facilities, the defendants faired to compry the terms of sanction, hence the applicant bank classified the account as NpA on 3r.L2.20L7 and legal notice was issued on 22.0L.2025. Inspite of severar requests and demands, the defendants did not clear the outstanding. Hence

¶20

this OA.

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2 called absent and set exparte on 19.05.2025.
*
rJ

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(oA.s7 /212sl

¶23

Sri GopiKrishna, Senior Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant docu m en ts, which are marked as Ex.A.1 to A. 12.

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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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7' Defendants No.1 & 2 remained exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited rerevant documents as Ex.A1 to A.12. In view of the above, I hold that the Applicant Bank has established their craim made in the oA against the Defendants and hence the Appricant Bank is entiued to recover the craim made in the oA with future interest and costs.

¶27

B. In the result, the present OA is allowed with costs, as under:

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The Defendants No.1 and 2 are jointly and severally liable to pay to _-t!9_RORticant^{Bank a total sum of Rs.ZL,2t,t77.16ps(Rupees} --'ttrirty orie'"''Lakhs Twenty one Thousand seven Hundred ,''.\ Seventy Seiier|,and paise sixteen only) with interest @ 13.20olo -, itl p.a fiofflSate p_f iiiling of OA riil the date of reatization. ,._i ii ',^{'.- //} , '}l .,,,7 ''

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(oA.e7/202sl

¶30

¶31

The Applicant bank is entitled to proceed against the Hypothecated movables 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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t2. 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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t4. Communicate a copy of the order to the^parties concerned.

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(Dictat'eii'tb the P"A., transcribed by her, corrected, signed and pronounced by me in the open court on

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-.t
ffTW

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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lr?r.. i, HY A f:R P.8.4O.

¶41

,S,,i.'

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Bank of India v. M/S. Revanth Sai Earth Movers

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S. Revanth Sai Earth Movers

Case brief

What is this about?

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