Allowed

State Bank of India v. Tiara Plastic Corporation

DRT15 Apr 2026OA/468/2024

Case brief

AI extract

What is this about?

The Tribunal adjudicated an Original Application for debt recovery. Having heard the Application Bank and being satisfied by recorded evidence due to defendants' absence, the Tribunal held the defendants jointly and severally liable to repay the debt along with future interest and costs, restraining the hypothecated assets.

What did the court decide?

The defendants are to pay Rs. 84,83,320/- with future interest at 9.65% p.a. simple; OA claim secured by hypothecated assets; costs awarded to applicant; Recovery Certificate issued.

State Bank of India versus Tiara Plastic Corporation — Banking and Recovery | DRT (2026)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD DATED THIS THE 15TH DAY OF APRIL, 2026 PRESENT: SH. RAMESHWAR KoTHE, B.com., L.LB. (Hons.), M.A. PRESIDiNG OFFICER

¶2

ORIGINAL APPLICATIONNo:468OF2024
StateBankof India., SME,YellareddygudaBranch, Hyderabad. Rep.byits AuthorizedSignatory. .....Applicant.
Versus
1.M/s. Tiara^plasticCorporation., Repbyits^prop:Mrs.AnkitaSantdasini PlotNo.18,Sy.No.B7,part A,Indira GandhiCo-operativeHousing Society Gaganpahad,Rajendranagar,Hyder;bad_5oOO77.
2.Smt.AnkitaSantdasini,ryo.Hitesh Santdasini,^prop:tvlls.Tiaraplastic Corporation.,R/o. H.i\o.4-6_93/6/380 2ndFloor,Kaila Bhavan,TejaswiNagar Colony,Attapur,Hyderabad.
3.Shri. Hiteshsantdasini,s/o.Ashok Santdasini,^partner:M/s.Tiaraplastic Corporation, R/o. H.No.4-6-9316/380 zndFloor,Kaila Bhavan,TejaswiNagar Colony,Attapur,Hyderabad. ...Defendants
Counselforthe Applicant :M/s. AkellaSubbalakshmi
Defendants :Ex-parte
::qLLE&::

¶3

The Applicant Bank filed the present OA for the recovery a totat sum of Rs.84,83,320/- frcm the defendants joinfly and severally with future interest @10.65010 p.a. with monthly rests N'Pvt\

¶4

oA.NO.458/2024

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the date of^{realizationalong} from the date^{of aPPlicationtill} with costs^{and in default for sale} of hypothecated^assets.

¶6

Summons^{served on D1 and 2' Theywere set ex-parteon} 24.0g.2025 as^{called absentand no representation' WS not} Rled by D3^{hence, right was forfeitedon 13'11'2025and DE not} filed by^{D3 hence rightwas forfeited and was set ex-parteon} Og.04.2026^{as called absent and no rePresentation'}

¶7

The APP|icant Bank examined^{Kalyani Rathod, LegalManager'} as AW-1^and marked 18 documents^{through her as Ex' A'1 to} Ex. A.18.

¶8

Heard the^{Ld. Counselfor the Applicant Bank' Perusedthe} material Placed^{on record.}

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The^point that^{arises for considerationis:-}

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Whether the^{ApplicantBank is entitled} for the claim made^{in the OA against} the Defendants^{and OA hYpothecated} assets?

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As stated^{supra, the Defendants remained ex-parteThe} Evidence Amdavit^{coupled with the recitals in the documents} viz., Exs. A.1 to A.18^{marked on behalf of the ApplicantBank} clinches the claim of the^{Applicant Bank against the Defendants.} Hence, I hold that the^{Defendantsare jointly and severallyliable} to^pay the OA claim to the^{Applicant Bank with futureinterest} and costs.

¶12

In the result, the^present OrigingLApplication^{No.468/2024is} artowed as under: - /W*",

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oa.No.46al2024

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.84,83,320/- with future interest @9.650/0 p.a. simple from the date of application till the date of realization;

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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 debt;

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

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iv) the applicant bank is entitled for the costs.

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

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Issue Recovery Certificate according ly.

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communicate a copy of this order to the^parties concerned. (Dictated to the steno, corrected, si8ned and pronounced by me in the open court on this the 15rh DayofApril,2026).

¶21

'ltpl

¶22

ESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. Tiara Plastic Corporation

Case brief

What is this about?

What did the court decide?

State Bank of India v. Tiara Plastic Corporation

Case brief

What is this about?

What did the court decide?

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