Allowed

Indian Bank v. M/S. Sai Mahalaxmi Industries

DRT4 Aug 2026OA/285/2026

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of an Origin Application filed by Indian Bank for recovery of a defaulted loan of approximately Rs. 3.19 crores. The Tribunal allowed the application holding the defendants jointly and severally liable to pay the principal with future interest and costs.

What did the court decide?

Defendants ordered to pay Rs.3,19,85,885.00 with future interest at 10.75% p.a.; issued Recovery Certificate.

Indian Bank versus M/S. Sai Mahalaxmi Industries — Insurance | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL - IAT HYDERABAD DATED THIS THE O4th DAY OF AUGUST, 2026

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PRESENT: SRI cUMMADI GOPICHAND, PREStDtNG OFFTCER

OA. No. 285 OF 2026

Between :

lndian Bank,

Peddipalli Branch, No.4-6-1 1112 Kaman Road Peddapalli 505 172

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Represented by its Authorized Officer

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Applicant

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VERSUS

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M/s.Sai Mahalaxmi lndustries

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(erstwhile M/s.MTR lndustries) Shed No.4-48l8, Sy.No.45, 46 and 50 Village Katnapalli, Sultanabad Mandal, Peddipalli District, Telangana 505 525

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Mr.Bandari Maruthi S/o Mr.Mallaiah, Major, Occ: Business, R/o H No.8-1-401/1 Kattarampur, Karimnagar, Telangana 505 001

ri Sharada

Defendan

(oA. No. 28sl2026)

Counsel for the parties :

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For The Applicant Mr. R. V. Subba Rao For the Defendant Exparte Reserved on 28.07.2026 Pronounced on 04.08.2026 Upload in website on 05.08.2026

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ORDER

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The Applicant Bank filed the present OA against Defendants for recovery of a total sum of Rs.3,19,85,886.00. Ps. (Rupees Three Crores Nineteen Lakhs Eighty Five Thousand Eight Hundred and Eighty Six Only) with future rate of interest @10.75o/o^{p.a with monthly rests from the date of filing of this} application till the date of realization and in default for sale of Hypothecated Movables and Mortgaged Property as mentioned in the Schedule of Property A and B 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 represented by its Partners Defendants no. 2 and 3 availed overdraft Loan facility of Rs. 3,00,00,0001 with interest and executed .:- . .::. loan documents such as Agreement of 02.02.2024 in favor of the Applicant Bank. The ({^{o I .i,:dr$iri} 2 %5or,rrn',,-,"ii$ - _-.:.'!:.Ea1rly/,

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(OA. No. 285/2026)

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Defendants no. 2 and 3 stood as a Guarantor and executed Agreement of Guarantee dated 02.02.2024 in favor of the Applicant Bank. The Defendants created Equitable Mortgage morefully mentioned in Schedule of property B to OA and executed Memorandum of Deposit of Title Deeds dated 06.02.2024 and deposited Sale Deed dated 28.09.2010 in favor of the Applicant Bank. . After availing the loan facility, the defendants failed to comply the terms of sanction, hence the applicant bank classified the account as NPA on 07.10.2025 and issued Demand Notice dated 08.10.2025 and legal notice dated 03.12.2025 lo the defendants. lnspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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Defendants called absent and set exparte on 28.07.2026.

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Mr. Nagsen Mane, Senior Manager and^{Authorized Signatoryof} the Applicant Bank examined himself as^{AW.1and exhibited} relevant documents, which are marked as^{Ex.A.1 to A.15.}

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Heard the Ld. Counsel for the Applicant^Bank.

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point that arise for consideration is whether the^Applicant entitled for the claim made in the OA against^the as prayed for?

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(oA. No. 28sl2026)

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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.A.1 to A.15. ln 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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ln the result, the present OA is allowed with costs, as under :

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The Defendants no. 1 to 3 are^jointly and severally liable to pay to the Applicant Bank a total sum of Rs.3,19,85,885.00. Ps. (Rupees Three Crores Nineteen Lakhs Eighty Five Thousand Eight Hundred and Eighty Six Only) with future rate of interest @10.75o/o p.a from the date of filing of this application till the date of realization.

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The Applicant Bank is entitled to proceed against the Hypothecated Movables and Mortgaged property as mentioned in the Schedule of Property A and B to the OA towards realization of the debt due.

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is entitled to proceed against the person Defendants no. 2 and 3 and^properties of firm towards realization of the debt due.

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(oA. No. 28s/2026)

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That 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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lssue Recovery Certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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by her, corrected, signed and pronounced by me in the open court on
.'r LI ll
sd/-
fj* r ,,' .rl - o
(G. GOPTCHAND)
PRESIDING OFFICER

Indian Bank v. M/S. Sai Mahalaxmi Industries

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/S. Sai Mahalaxmi Industries

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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