Allowed

State Bank of India v. M/S. Sri Siddi Vinayak Poly Fibers

DRT6 Apr 2026OA/2/2026

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by State Bank of India for recovery of dues aggregating approximately Rs. 4.94 Crores. The application, filed against a partnership firm and its partners/home loan availed in 2023-24, was decided ex parte in favor of the applicant bank, which is entitled to recover the principal amount along with future interest at 13.40% p.a. and proceed against

What did the court decide?

Recovery of Rs. 4,94,52,921.21 with interest @ 13.40% p.a.; declaration of joint and several liability; entitlement to proceed against hypothecated/mortgaged properties and personal assets; issue of R

State Bank of India versus M/S. Sri Siddi Vinayak Poly Fibers — Banking and Recovery | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-I AT HYDERABAD

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DATED THIS THE 6rH DAY OF APRIL 2026

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PRESENT: SRI GUMMADI GOPTCHAND, PRESIDING OFFICER

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OA.No.2 of 2026

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Between:

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State Bank of India, Stressed Assets Management Branch-II, D. No.3-4-1013/A, first floor,

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CAC, TSRTC Bus Station, Kacheguda, Hyderabad - 500 027.

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Applicant

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VERSUS

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M/s. Sri Sidhi Vinayak Poly Fibers, A partnership firm, Represented by its partners, 6-12-23, Namdevwada, Nizamabad - 503 001.

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Also at:

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Sri Sidhi Vinayak Poly Fibers, A partnership firm 6-12-7 Ll l, Namdevwada, Behind Vittaleshware Temple, Nizamabad - 503 001.

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Also at:

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Sri Sidhi Vinayak Poly Fibers, A partnership firm H.No.6-26- 187l1, Shradhanand gunj, Nizamabad - 503 001.

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Mr. Bhavesh C. Thakker, s/o chandrakanth L thakker, 6- t2-7 | / L, Namdevwada, Behind Vittaleshwar temple, Nizamabad - 503 001. Also at:

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[ 6 npR azn

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Mr. Bhavesh C. Thakker,

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(oA.No.2/2026)

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S/o Chandrakanth L Thakker Flat no.807 in Bth floor, West wing, Block C of Shwetha Aryan, bearing no. D. No.2-0921B/ C-807, Pipeline road, Jeedimetla, Quthbullapur^(Mandal) Medchal-Malkajgiri dist - 500 055.

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Also at:

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Mr. Bhavesh C. Thakker, S/o Chandrakanth L Thakker Flat no.110, block-A, Ashoka Avenue, Near Baswa Garden, Vinayak nagar, Nizamabad - 503 001.

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Mr. Chandrakanth L Thakker, s/o Laxmidas Thakker, aged major, male, 6-12-7 L/ L, Namdevwada, Nizamabad - 503 001.

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Also at:

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Mr. Chandrakanth L. Thakker, s/o Laxmidas Thakker, H.No.6-2-157122, Subhash nagar Nizamabad - 503 002.

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Defendants

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Counsel for the Parties:

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For the Applicant Sri Alluri Krishnam Raju For the Defendants Exparte Reserved on 30.03.2026

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Pronounced on 06.04.2026

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Uploaded in website on

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06.04.2026

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ORDER

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*'Applican present OA against defendants for S6uqna,rflrs,,': Rs.4,94,52t921.21ps (Rupees Four

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(oA.No.2/2026)

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Crores Ninety Four Lakhs Fifty^{Two ThousandNine Hundred} Twenty one and^paise Twenty one only)^i.e.,

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a) A sum of Rs.2,84,32,L61.06ps^{in CC account No'I with future} interest @ 13.40olo^p.a with monthly^{rests from 20.09.2025 till the} date of realization;

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b) A sum of Rs.2,10,20,760.16ps^{with future interest} @^{13.40olo p.a} with monthly rests from 20.09.2025 till^{the date of realization;} and in default for sale of hypothecated^{movables and mortgaged} properties as mentioned in the schedule to OA.

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As^per the averments in the application,^{the Applicant Bank states that} defendant no.1 is a^partnership firm^{representedby its partners/} defendants 2 and 3 availed capital^{cash credit-I of Rs.195.00lakhs and} cash credit-Il of Rs.105.00^{lakhs (total} of^{Rs.300.00 lakhs) vide letter} dated 06.07.2023. The defendants^{executedletterof arrangement,} partnership letter and agreement of loan cum hypothecation dated 06.07.2023. subsequently the^{limitswas enhancedfrom Rs.300lakhs} to Rs.450 lakhs on 31.07.2024.^{The defendants hypothecated all the} movables and mortgaged schedule^{propertiesas mentioned in the} schedule to OA in favour of Applicant bank^{and executed all necessary} document+ After availing^{the loan facilities,the defendants failed to} . :: 1.,

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cgmptt'the tarrns cif ganction, hence^{the applicant} bank^{classified the} '-q7l0s'202s and issued lesal notice dated

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g.Trrb Xt ri,iiOZT

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t-ii': .4".';1'' ;/ '"' ' ''" '" '":'rYt":' '''::: 'ji 3 - ,tI:. :,_ _--.

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(oA.No.2/2026)

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16.08.2025. Inspite of several requests and demands, the defendants

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did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on 30.03.2026.

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Sri S. Arun Kumar, Chief Manager of the Applicant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1 to A.23.

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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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Defendants remained exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and she exhibited relevant documents as Ex.A1 to A.23. 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,

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In the.r:e.sult, the^present OA is allowed with costs, as under: ''li - ::: .-

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The t\i'^{DefendantS ane jointlyand severallyliable to pay to the Applicant} .; !.r..." r:.

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Bank a'-tdtal sum:'ot Rs.4,94,52,921.21ps (Rupees Four Crores 0 6 ApB Z2ZE^.:t

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a1 .- -' ' ^oS}l''/ ..1.r {S;_-;.. -, ,.-. . i"

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(oA.No.2/2026)

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Ninety Four Lakhs Fifty Two Thousand Nine Hundred Twenty one and paise Twenty one only) i.e.,

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a) A sum of Rs.2,84,32,L6t.06ps in CC account No.I with future interest @ L3.40o/o p.a from 20.09.2025 till the date of realization;

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b) A sum of Rs.2,L0,20,760.16ps in CC account no.II with future interest @ 13.40o/o p.a from 20.09.2025 till the date of realization;

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The Applicant bank is entitled to proceed against the hypothecated movables 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 defendants No.2 & 3 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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L4. Communicate a copy of the order to the parties concerned.

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(Dictated tolhe.P.A., transcribed by her, corrected, signed and pronounced by me in the open court on th i : j"I* 619?y.$ l{ilti.q3" t

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(G. GOPTCHAND)
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,; oEAPRm :lI PRESIDING OFFICER
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State Bank of India v. M/S. Sri Siddi Vinayak Poly Fibers

Case brief

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What did the court decide?

State Bank of India v. M/S. Sri Siddi Vinayak Poly Fibers

Case brief

What is this about?

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