w w w . L a w y e r S e r v i c e s . i n



Indian Bank V/S Agri Gold Projects Ltd. and Others.


Company & Directors' Information:- C AND C PROJECTS LIMITED [Active] CIN = U74999HR2007PLC036644

Company & Directors' Information:- Y K M PROJECTS PRIVATE LIMITED [Active] CIN = U40109TG2008PTC057263

Company & Directors' Information:- AGRI GOLD PROJECTS LIMITED [Active] CIN = U51219AP1997PLC027851

Company & Directors' Information:- R L GOLD PRIVATE LIMITED [Active] CIN = U52393MH2000PTC129981

Company & Directors' Information:- R K R GOLD PRIVATE LIMITED [Active] CIN = U27205TZ2006PTC013240

Company & Directors' Information:- T G R PROJECTS INDIA PRIVATE LIMITED [Active] CIN = U45200KA2012PTC062702

Company & Directors' Information:- S G PROJECTS LIMITED [Active] CIN = U65999WB1990PLC049684

Company & Directors' Information:- B C C PROJECTS PVT LTD [Active] CIN = U74899DL2001PTC112102

Company & Directors' Information:- J K S PROJECTS LIMITED [Active] CIN = U45400WB2011PLC157565

Company & Directors' Information:- A B GOLD PRIVATE LIMITED [Active] CIN = U36910KA2009PTC050184

Company & Directors' Information:- D M P PROJECTS PVT LTD [Active] CIN = U27109WB2006PTC107513

Company & Directors' Information:- T & T PROJECTS LIMITED [Active] CIN = U45201AS2008PLC008641

Company & Directors' Information:- W AND W PROJECTS PRIVATE LIMITED [Active] CIN = U65910DL1989PTC036754

Company & Directors' Information:- E M C PROJECTS PVT LTD [Active] CIN = U29248WB1964PTC026261

Company & Directors' Information:- H AND V PROJECTS PRIVATE LIMITED [Active] CIN = U72400DL2011PTC220047

Company & Directors' Information:- M A PROJECTS PRIVATE LIMITED [Active] CIN = U70101DL2005PTC135093

Company & Directors' Information:- S. M. GOLD LIMITED [Active] CIN = U74999GJ2017PLC098438

Company & Directors' Information:- N R GOLD PRIVATE LIMITED [Active] CIN = U27205MH2008PTC182034

Company & Directors' Information:- S. V. S. PROJECTS PRIVATE LIMITED [Active] CIN = U70100AP1998PTC029024

Company & Directors' Information:- M V PROJECTS (INDIA) PRIVATE LIMITED [Active] CIN = U45202KA2008PTC045272

Company & Directors' Information:- S V S PROJECTS INDIA PRIVATE LIMITED [Active] CIN = U45200AP2015PTC096787

Company & Directors' Information:- P T GOLD PRIVATE LIMITED [Active] CIN = U36910MH2004PTC147181

Company & Directors' Information:- A T E PROJECTS PRIVATE LIMITED [Active] CIN = U74999DL1999PTC102246

Company & Directors' Information:- U W T PROJECTS LIMITED [Active] CIN = U45200AP2004PLC043198

Company & Directors' Information:- J J PROJECTS PVT LTD [Active] CIN = U24231WB1986PTC040246

Company & Directors' Information:- M J GOLD PRIVATE LIMITED [Active] CIN = U28998UP2010PTC039881

Company & Directors' Information:- Z H PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45400WB2012PTC184307

Company & Directors' Information:- K & J PROJECTS PRIVATE LIMITED [Active] CIN = U45203MH2004PTC150165

Company & Directors' Information:- T & I PROJECTS LTD [Active] CIN = L29130WB1984PLC038232

Company & Directors' Information:- B 2 R PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2013PTC189971

Company & Directors' Information:- C M PROJECTS PRIVATE LIMITED [Active] CIN = U45201DL2004PTC130580

Company & Directors' Information:- INDIA GOLD LIMITED [Active] CIN = U51101MH2010PLC210218

Company & Directors' Information:- N G PROJECTS LIMITED [Active] CIN = U45201GJ2003PLC042152

Company & Directors' Information:- E AND C PROJECTS PRIVATE LIMITED [Active] CIN = U29150DL2002PTC115297

Company & Directors' Information:- B. D. R. PROJECTS PRIVATE LIMITED [Active] CIN = U45202TG1998PTC028780

Company & Directors' Information:- G M GOLD PRIVATE LIMITED [Active] CIN = U51109MH2011PTC222275

Company & Directors' Information:- V AND S PROJECTS PRIVATE LIMITED [Active] CIN = U70109DL1996PTC079487

Company & Directors' Information:- L S R PROJECTS PRIVATE LIMITED [Strike Off] CIN = U07010KA2005PTC036041

Company & Directors' Information:- V R PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45400AP2007PTC054901

Company & Directors' Information:- D C R PROJECTS PRIVATE LIMITED [Active] CIN = U45209TG2007PTC056307

Company & Directors' Information:- R. R. PROJECTS PVT LTD [Active] CIN = U45200TG1982PTC003711

Company & Directors' Information:- S H PROJECTS PRIVATE LIMITED [Active] CIN = U74996DL2006PTC149971

Company & Directors' Information:- S R PROJECTS INDIA PVT LTD [Active] CIN = U45207WB1981PTC033286

Company & Directors' Information:- L E PROJECTS PRIVATE LIMITED [Active] CIN = U45303WB2005PTC102555

Company & Directors' Information:- P GOLD PRIVATE LIMITED [Active] CIN = U45200GJ2011PTC067802

Company & Directors' Information:- M. S. PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2009PTC131902

Company & Directors' Information:- J V PROJECTS PRIVATE LIMITED [Active] CIN = U74899DL1995PTC069037

Company & Directors' Information:- B N PROJECTS PRIVATE LIMITED [Active] CIN = U45201GJ2009PTC058067

Company & Directors' Information:- J P PROJECTS PRIVATE LIMITED [Active] CIN = U70109WB2011PTC165990

Company & Directors' Information:- R K PROJECTS PRIVATE LIMITED [Active] CIN = U74899DL1990PTC043660

Company & Directors' Information:- A B PROJECTS PRIVATE LIMITED [Active] CIN = U45200MH2004PTC149404

Company & Directors' Information:- A K PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45201TG1996PTC023179

Company & Directors' Information:- S N M PROJECTS PRIVATE LIMITED [Active] CIN = U70102UP2010PTC040243

Company & Directors' Information:- S GOLD PRIVATE LIMITED [Strike Off] CIN = U36912MH2013PTC241858

Company & Directors' Information:- J AND H PROJECTS PRIVATE LIMITED [Active] CIN = U45200GJ2013PTC074010

Company & Directors' Information:- N S PROJECTS PRIVATE LIMITED [Active] CIN = U70101WB2007PTC117882

Company & Directors' Information:- H S PROJECTS PRIVATE LIMITED [Active] CIN = U45208DL2006PTC153706

Company & Directors' Information:- K & K GOLD PRIVATE LIMITED [Active] CIN = U28121MH2012PTC237480

Company & Directors' Information:- N M PROJECTS PRIVATE LIMITED [Active] CIN = U29219DL2009PTC186728

Company & Directors' Information:- S. O. GOLD PRIVATE LIMITED [Active] CIN = U74900GJ2013PTC074108

Company & Directors' Information:- K. V. PROJECTS PRIVATE LIMITED [Active] CIN = U70102WB2012PTC188439

Company & Directors' Information:- K R S PROJECTS PRIVATE LIMITED [Active] CIN = U70102AP2012PTC082232

Company & Directors' Information:- B S C PROJECTS PRIVATE LIMITED [Active] CIN = U45200DL2011PTC227768

Company & Directors' Information:- J K PROJECTS PRIVATE LIMITED [Active] CIN = U45203GJ2001PTC039576

Company & Directors' Information:- F C C PROJECTS PRIVATE LIMITED [Active] CIN = U29248UP1982PTC005786

Company & Directors' Information:- S N PROJECTS LIMITED [Active] CIN = U85110KA1996PLC021040

Company & Directors' Information:- B. D. PROJECTS PRIVATE LIMITED [Amalgamated] CIN = U45400WB2010PTC147620

Company & Directors' Information:- C & I PROJECTS PRIVATE LIMITED [Active] CIN = U29100DL2010PTC209136

Company & Directors' Information:- C & I PROJECTS PRIVATE LIMITED [Active] CIN = U74140DL2010PTC209136

Company & Directors' Information:- C B PROJECTS PRIVATE LIMITED [Active] CIN = U70109WB1997PTC085237

Company & Directors' Information:- G G PROJECTS PRIVATE LIMITED [Active] CIN = U45201DL1998PTC091501

Company & Directors' Information:- V M G PROJECTS (INDIA) PRIVATE LIMITED [Strike Off] CIN = U45400WB2011PTC164117

Company & Directors' Information:- M. L. PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2010PTC151513

Company & Directors' Information:- R N D PROJECTS PRIVATE LIMITED [Active] CIN = U70102DL1996PTC080051

Company & Directors' Information:- M. K. N. PROJECTS PRIVATE LIMITED [Active] CIN = U70101DL2009PTC196755

Company & Directors' Information:- M B R PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45300KA2009PTC049005

Company & Directors' Information:- INDIAN PROJECTS PVT LTD [Strike Off] CIN = U74210DL1978PTC009208

Company & Directors' Information:- G S P PROJECTS PRIVATE LIMITED [Active] CIN = U45201WB1992PTC057116

Company & Directors' Information:- K P S PROJECTS PRIVATE LIMITED [Active] CIN = U70102TG2005PTC046280

Company & Directors' Information:- V-GOLD (INDIA) PRIVATE LIMITED [Active] CIN = U36910MH2004PTC146101

Company & Directors' Information:- E AND V PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70102TG2004PTC042622

Company & Directors' Information:- T M R PROJECTS PRIVATE LIMITED [Active] CIN = U45400DL2010ULT211007

Company & Directors' Information:- T M C AGRI GOLD PRIVATE LIMITED [Strike Off] CIN = U01110AP1997PTC026552

Company & Directors' Information:- P A PROJECTS PRIVATE LIMITED [Active] CIN = U45208WB1997PTC083907

Company & Directors' Information:- N K D PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2008PTC128819

Company & Directors' Information:- GOLD COMPANY LTD. [Amalgamated] CIN = U67120WB1928PLC006027

Company & Directors' Information:- A I PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45203WB2000PTC091229

Company & Directors' Information:- P N PROJECTS PRIVATE LIMITED [Active] CIN = U45202DL2016PTC289494

Company & Directors' Information:- V AND M PROJECTS PRIVATE LIMITED [Active] CIN = U45201DL2005PTC139731

Company & Directors' Information:- K K PROJECTS PVT LTD [Strike Off] CIN = U70200WB1995PTC073058

Company & Directors' Information:- S L PROJECTS PRIVATE LIMITED [Active] CIN = U45400AN2009PTC000109

Company & Directors' Information:- S. D AGRI (INDIA) PRIVATE LIMITED [Active] CIN = U01403WB2010PTC149038

Company & Directors' Information:- PROJECTS PVT LTD [Strike Off] CIN = U45201WB1951PTC019759

Company & Directors' Information:- V K M PROJECTS PRIVATE LIMITED [Active] CIN = U45400UP2011PTC045725

Company & Directors' Information:- K P PROJECTS PVT LTD [Active] CIN = U70101WB1996PTC077397

Company & Directors' Information:- C R PROJECTS PRIVATE LIMITED [Active] CIN = U45400PB2009PTC032572

Company & Directors' Information:- N D B K PROJECTS (INDIA) PRIVATE LIMITED [Active] CIN = U27100PB2012PTC036987

Company & Directors' Information:- N P R PROJECTS INDIA PRIVATE LIMITED [Strike Off] CIN = U45400TN2012PTC086360

Company & Directors' Information:- G P N PROJECTS PRIVATE LIMITED [Strike Off] CIN = U18101TZ2006PTC012749

Company & Directors' Information:- J. M. GOLD PRIVATE LIMITED [Active] CIN = U74900MH2015PTC269343

Company & Directors' Information:- A V GOLD PRIVATE LIMITED [Active] CIN = U74900PN2013PTC149133

Company & Directors' Information:- V K R PROJECTS PRIVATE LIMITED [Active] CIN = U45200TG2005PTC046370

Company & Directors' Information:- I N C PROJECTS PRIVATE LIMITED [Active] CIN = U70109WB2005PTC101620

Company & Directors' Information:- J. S. PROJECTS PRIVATE LIMITED [Active] CIN = U45400WB2009PTC136510

Company & Directors' Information:- D J PROJECTS PRIVATE LIMITED [Active] CIN = U15201DL2005PTC134979

Company & Directors' Information:- M S C K PROJECTS PRIVATE LIMITED [Converted to LLP] CIN = U70101DL2005PTC135407

Company & Directors' Information:- AGRI (INDIA) PRIVATE LIMITED [Strike Off] CIN = U24120JH1978PTC001320

Company & Directors' Information:- T AND M PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45201KA2008PTC045199

Company & Directors' Information:- THE INDIAN CORPORATION PRIVATE LIMITED [Active] CIN = U65993TN1946PTC000988

Company & Directors' Information:- A C G PROJECTS PRIVATE LIMITED [Active] CIN = U45201UP1999PTC024162

Company & Directors' Information:- N E PROJECTS LTD [Strike Off] CIN = U16009AS1999PLC005873

Company & Directors' Information:- D R PROJECTS PRIVATE LIMITED [Active] CIN = U74899DL2001PTC109612

Company & Directors' Information:- I J PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70102KA2009PTC049320

Company & Directors' Information:- G C N PROJECTS PRIVATE LIMITED [Active] CIN = U45200KA2011PTC061371

Company & Directors' Information:- L N PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45200TG2004PTC043064

Company & Directors' Information:- H B PROJECTS PVT LTD [Amalgamated] CIN = U45201WB1993PTC058846

Company & Directors' Information:- I. T. G PROJECTS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC063342

Company & Directors' Information:- P. S. PROJECTS PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U70109WB2011PTC170655

Company & Directors' Information:- A R N PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45202MH2010PTC199122

Company & Directors' Information:- S P PROJECTS (INDIA) PRIVATE LIMITED [Active] CIN = U45400DL2010PTC203910

Company & Directors' Information:- J R PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70109HR2012PTC045119

Company & Directors' Information:- C N R PROJECTS INDIA PRIVATE LIMITED [Active] CIN = U45201KA2007PTC041355

Company & Directors' Information:- A J PROJECTS (INDIA) PRIVATE LIMITED [Strike Off] CIN = U45201MH2006PTC164622

Company & Directors' Information:- A K GOLD PRIVATE LIMITED [Active] CIN = U51398KL2003PTC016563

Company & Directors' Information:- J M PROJECTS PRIVATE LIMITED [Active] CIN = U45200MP2007PTC019336

Company & Directors' Information:- L S S PROJECTS PRIVATE LIMITED [Active] CIN = U45400UP2013PTC059508

Company & Directors' Information:- A TO Z PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70101DL1995PTC069527

Company & Directors' Information:- G I T T PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45201TG2006PTC051193

Company & Directors' Information:- K V N AGRI GOLD PRIVATE LIMITED [Strike Off] CIN = U01400TG2013PTC091842

Company & Directors' Information:- Z & I PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45309TN2007PTC064972

Company & Directors' Information:- B. G. PROJECTS PRIVATE LIMITED [Active] CIN = U45400MH2012PTC231270

Company & Directors' Information:- P S R PROJECTS INDIA PRIVATE LIMITED [Active] CIN = U45400TG2015PTC101191

Company & Directors' Information:- E & E PROJECTS PRIVATE LIMITED [Active] CIN = U45400UP2015PTC075033

Company & Directors' Information:- B B R PROJECTS PRIVATE LIMITED [Active] CIN = U45200TG2005PTC045165

Company & Directors' Information:- M V R PROJECTS PRIVATE LIMITED [Active] CIN = U45200TG2005PTC045166

Company & Directors' Information:- L V S PROJECTS PRIVATE LIMITED [Under Process of Striking Off] CIN = U45200TG2010PTC068286

Company & Directors' Information:- R N V PROJECTS PRIVATE LIMITED [Active] CIN = U70102UP2011PTC044240

Company & Directors' Information:- S L GOLD PRIVATE LIMITED [Strike Off] CIN = U52599HP2013PTC000364

Company & Directors' Information:- K L PROJECTS PRIVATE LIMITED [Active] CIN = U27104DL2003PTC119655

Company & Directors' Information:- K S M PROJECTS PRIVATE LIMITED [Active] CIN = U45400DL2009PTC194824

Company & Directors' Information:- 3 G PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45400DL2015PTC276736

Company & Directors' Information:- I S R PROJECTS PRIVATE LIMITED [Active] CIN = U74140DL2005PTC138210

Company & Directors' Information:- L V PROJECTS PRIVATE LIMITED [Active] CIN = U74140DL2014PTC272838

Company & Directors' Information:- M K PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45201DL2002PTC117787

Company & Directors' Information:- B V M PROJECTS PRIVATE LIMITED [Active] CIN = U45201DL2004PTC131352

Company & Directors' Information:- K. J. S. PROJECTS PRIVATE LIMITED [Active] CIN = U70109DL2006PTC152898

Company & Directors' Information:- V N R PROJECTS PRIVATE LIMITED. [Active] CIN = U45400AP2008PTC060896

Company & Directors' Information:- C R R PROJECTS PRIVATE LIMITED [Active] CIN = U45400AP2015PTC097217

Company & Directors' Information:- H V PROJECTS PVT LTD [Active] CIN = U45202HR1997PTC033617

Company & Directors' Information:- V & V PROJECTS PRIVATE LIMITED [Strike Off] CIN = U70109KA2005PTC037578

Company & Directors' Information:- M S S PROJECTS PRIVATE LIMITED [Strike Off] CIN = U45202KA2005PTC037905

Company & Directors' Information:- C AND T PROJECTS PRIVATE LIMITED [Strike Off] CIN = U74140GJ2009PTC057480

Company & Directors' Information:- A AND B PROJECTS PRIVATE LIMITED [Active] CIN = U45201GJ2007PTC051077

Company & Directors' Information:- B. P. S. R. PROJECTS PRIVATE LIMITED [Active] CIN = U70109RJ2018PTC063238

Company & Directors' Information:- J & L AGRI PRIVATE LIMITED [Active] CIN = U05000PN2020PTC191494

Company & Directors' Information:- S. S. GOLD PRIVATE LTD. [Strike Off] CIN = U52399MH2006PTC164403

Company & Directors' Information:- A. R. PROJECTS PRIVATE LIMITED [Strike Off] CIN = U40200DL2007PTC161559

    O.A. No. 41 of 2017

    Decided On, 03 January 2020

    At, DEBTS RECOVERY TRIBUNAL VISAKHAPATNAM

    By, THE HONORABLE JUSTICE: DUPPALA VASUDEVA RAO
    By, (PRESIDING OFFICER)

    For Petitioner: S.S. Sharma, Ld. Counsel



Judgment Text


1. This application is filed under Section 19 of Recovery of Debts Due to the Banks and Financial Institutions Act, 1993 to pass an order directing the defendants to pay an amount of Rs. 26,15,77,553-85 ps [Rs. 6,44,79,902.78 ps in OD A/c No:947096014, Rs. 4,08,75,326.37 ps in BG A/c No:6422656743, Rs. 56,19,034.70 ps in BG A/c No:6384559503 & Rs. 15,06,03,290/- in BG A/c No:0004/2011-12] along with future interest @13% p.a. with monthly rests plus @2%p.a. penal interest from the date of OA till the realization of the entire amount and for issue of Recovery Certificate accordingly.

2. According to the facts of the case in brief, the 1st defendant approached the applicant bank for grant of Secured Over Draft facility of Rs. 5,00,00,000/- and the bank guarantee limits of Rs. 35,00,00,000/-. Defendants 2 to 4 have offered their personal guarantee & 7th defendant being private limited company has offered its Corporate Guarantee in addition to offer its property as collateral security by way of equitable mortgage by deposit of title deeds for the said limits. The defendants executed all necessary loaning documents to avail the loan.

3. It is submitted that the defendants failed to maintain the account as per terms and conditions of loan agreement of the account and issued legal notice on 24.05.2018. The bank official met the defendants personally and demanded the defendants to repay the entire outstanding amount and the bank initiated u/s. 13(2) of SARFAESI proceedings issued a demand notice as the defendant failed to comply the demand made by the bank, even till day the defendants are not in a position to clear up the outstanding amount. As the defendants failed to close the account the bank has no other go except to realize the due amount and thus filed the OA for recovery of the outstanding amount.

4. Sri Inampudi Ramgopal, Senior Manager of applicant bank filed the evidence on affidavit along with the attested copies of the documents which have been proved and marked as Ex. A1 to A43 viz. Evidence affidavit, List of documents, Sanction letter, Demand Promissory Note for Rs. 5,00,00,000/-, Letter of continuity, Agreement for Open Cash Credit (stocks and Book debts), Agreement of Guarantee executed by defendants 2 to 4, Agreement of Guarantee executed by 7th defendant, Disposal of Proceeds letter executed by 1st defendant, Letter of Pegging executed by 1st defendant, Renewal sanction letter duly signed by 1st defendant, Renewal sanction letter duly signed by 1st defendant, Extension No. 1 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. Ultra Tech Cements Ltd., New Delhi, Extension No:2 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. Ultra Tech Cements Ltd., New Delhi, Extension No:3 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. Ultra Tech Cements Ltd., New Delhi, Extension No:4 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. Ultra Tech Cements Ltd., New Delhi, Extension No:5 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. Ultra Tech Cements Ltd., New Delhi, Extension No:6 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. Ultra Tech Cements Ltd., New Delhi, Demand of payment duly invoking BG raised against M/s. Ultra Tech Cements Ltd., New Delhi got issued by applicant bank for Rs. 50,00,000/-, Bank Guarantee got issued by Applicant bank at the request of defendants favoring M/s. The Director General, Married Accommodation Project, Kashmir House, Rajaji Marg, New Delhi - vide No:02/2012-13 supported with its correction letter dt. 14.05.2012, Extension No:1 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. The Director General, Married Accommodation Project, Kashmir House, Rajaji Marg, New Delhi, Extension No:2 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. The Director General, Married Accommodation Project, Kashmir House, Rajaji Marg, New Delhi, Extension No:3 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. The Director General, Married Accommodation Project, Kashmir House, Rajaji Marg, New Delhi, Extension No:4 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. The Director General, Married Accommodation Project, Kashmir House, Rajaji Marg, New Delhi, Extension No. 5 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. The Director General, Married Accommodation Project, Kashmir House, Rajaji Marg, New Delhi, Extension No:6 of Guarantee got issued by Applicant bank at the request of defendants favoring M/s. The Director General, Married Accommodation Project, Kashmir House, Rajaji Marg, New Delhi, Demand of payment duly invoking BG raised by M/s. The Director General, Married Accommodation Project, Kashmir House, Rajaji Marg, New Delhi got issued to applicant bank for Rs. 3,95,11,672/-, Intimation of invocation of BG to 1st defendant which was made by M/s. The Director General, Married Accommodation Project, Kashmir House, Rajaji Marg, New Delhi supported with its acknowledgements, BG issued to Karnataka State High Ways Improvement Project, Bangalore vide BG No:04/2011, dt. 31.05.2011 Rs. 15,01,20,994/- along with copies of order passed by the hon'ble Prl. City Civil & Sessions Judge, at Bangalore and its supporting documents - restraining the applicant bank not to make any payment to Karnataka High Ways Project in which an amount of Rs. 15,01,20,994/- of BG issued by Applicant bank, Counter Guarantee executed by 1st defendant for Rs. 35.00 Crores in favour of applicant bank, Acknowledgement of Debt duly signed by Borrower & Guarantors, Sec. 13 (2) Under the provisions of SARFAESI Act notice got issued to defendants supported with its acknowledgements by the applicant bank, Publication of Sec. 13 (2) Under the provisions of SARFAESI Act notice caused in Indian Express and Eenadu of Hyderabad and Vijayawada Editions on 15.01.2016 by the applicant bank, Possession Notice under SARFAESI act got issued by applicant bank against the secured assets supported with its acknowledgements, Publication of Possession Notice Under the provisions of SARFAESI Act notice caused in Indian Express and Eenadu of Hyderabad, Vizag and Vijayawada Editions on 17.04.2016 by the applicant bank, Auction Notice under Rule 6 (2) & 8 (2) of SARFAESI Rules on 02.07.2016 got issued by applicant bank against the secured assets supported with its acknowledgements and returned covers of defendants, Publication of E-Auction Notices caused in Indian Express and Eenadu of Hyderabad, Vizag and Vijayawada Editions on 02.07.2016 by the applicant bank by Applicant bank, Memorandum of Deposit of Title Deeds duly registered, EM register abstract maintained at applicant bank, Sale Deed Number 581/2010 standing on the name of 7th Defendant herein, Statement of accounts for OD facility in A/c No:947096014, Statement of accounts for Defaulted BG in A/c No:9422656743/Statement of accounts for Defaulted BG in A/c No:6384559503, General Power of Attorney, respectively.

Thus the Applicant prays that the Tribunal to pass an order and issue a Recovery Certificate for a sum of Rs. 26,15,77,553-85 ps [Rs. 6,44,79,902.78 ps in OD A/c No:947096014, Rs. 4,08,75,326.37 ps in BG A/c No:6422656743, Rs. 56,19,034.70 ps in BG A/c No:6384559503 & Rs. 15,06,03,290/- in BG A/c No:0004/2011-12] along with future interest @13% p.a. with monthly rests plus @2%p.a. penal interest till the date of realization.

5. Heard the learned Counsel for applicant bank and having perused the OA, and also evidence affidavit filed along with documents and marked as above exhibits, and in view of the uncontroverted averments made in the application, the claim of the applicant bank is proved against defendants and OA deserves to be allowed with costs, for recovery of an amount of Rs. 26,15,77,553-85 ps [Rs. 6,44,79,902.78 ps in OD A/c No:947096014, Rs. 4,08,75,326.37 ps in BG A/c No:6422656743, Rs. 56,19,034.70 ps in BG A/c No:6384559503 & Rs. 15,06,03,290/- in BG A/c No:0004/2011-12] along with future interest @13% p.a. w

Please Login To View The Full Judgment!

ith monthly rests from the date of OA, till the date of realization, to be recovered from the defendants jointly & severally. 6. In the result, the OA is allowed with costs. Issue Recovery Certificate for an amount of Rs. 26,15,77,553-85 ps [Rs. 6,44,79,902.78 ps in OD A/c No:947096014, Rs. 4,08,75,326.37 ps in BG A/c No:6422656743, Rs. 56,19,034.70 ps in BG A/c No:6384559503 & Rs. 15,06,03,290/- in BG A/c No:0004/2011-12] along with future interest @13% p.a. with monthly rests from the date of OA, till the date of realization, to be recovered from the defendants jointly & severally and personally and also by sale of mortgaged/hypothecated property, if any. Accordingly issue Recovery Certificate. Let the copy of order be made available to the parties as per rule. [Typed to the dictation, corrected and pronounced by me in the open court on this 3rd day of January, 2010.]
O R