Allowed

Thummala Sri Ram Reddy v. Indian Overseas Bank

DRAT4 Oct 2023REGULAR APPEAL/52/2020

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal allowed the appeal at the consent of the bank and the third respondent. The impugned order setting aside the auction sale was set aside, and the sale in favor of the appellants and the third respondent was automatically revived.

What did the court decide?

Impugned order set aside; appeal allowed; auction sale in favor of appellants and respondent no. 3 revived.

Thummala Sri Ram Reddy versus Indian Overseas Bank — Execution and Attachment | DRAT (2023)

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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA

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Appl. No. 52 of 2020

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THE HON’BLE JUSTICE SHRI ANIL KUMAR SRIVASTAVA, CHAIRPERSON

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04.10.2023

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Sri Thummala Sri Ram Reddy, residing at Mega Residency, Champapet, Rangareddi, Telengana 500079.

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Sri Satu Srishailam, residing at H.No.3-16, Kishan Nagar, Pidikriyal, Mahubnagar – 509410.

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… Appellants

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The Authorized Officer, Indian Overseas Bank, D. No. 1-14-1, 3^rd floor, IOB Building, Shivajipalem, Viskhapatnam, A.P.,

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The Branch Manager, Indian Overseas Bank, Suryarapet Branch, East Godavari District.

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Sri Kanchustamnam Venkata Satya Prasad, residing at 69-3-17/5A, Nagavanam, Kakinada, East Godavari Dist. PIN 533005.

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….. Respondents

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For Appellant : Mr. K. Ramajo Geswara Rao, ld. Advocate Ms. Swarnali Dutta, ld. Advocate. Mr. Gourav Singh, ld. Advocate.

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For Respondents : Ms. Aparajita Ghosh, ld. advocate.

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Mr. Souvik Ghosh, ld. Advocate. Ms. Aditi Roy, ld. Advocate.

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THE APPELLATE TRIBUNAL :

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Instant appeal preferred against the judgement and order dated 10.10.2019 passed by the learned DRT, Visakhapatnam in S.A. No. 103 of 2019 whereby S.A. was allowed and auction sale held on 19.11.2018 in favour of appellant no. 1 and 2, Sri Thummala Sri Ram Reddy and Sri Satu Srishailam, was set aside.

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Today, an affidavit is filed by respondent no.3 wherein it is prayed that the appeal filed by the appellants may be allowed.

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Learned counsel for the respondent no. 1 and 2 bank submits that they have no objection if the appeal is allowed.

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By the impugned order learned DRT has set aside the sale which was conducted in favour of appellant no. 1 and 2 and respondent no. 3 for different properties. If the appeal is allowed the order would become nonest and auction sale in favour of appellant no. 1 and 2 and respondent no. 3 is hereby automatically revived.

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In view of the statement made by respondent no.3 in the Affidavit filed today as well as consent given by the learned counsel for respondent no. 1 and 2 bank, Appeal No. 52 of 2020 is allowed and judgement and order dated 10.10.2019 passed by learned DRT, Visakhapatnam in S.A. No. 103 of 2019 and I.A. No. 1672 of 2019 is set aside. Accordingly, S.A. stand dismissed.

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File be consigned to record room.

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Copy of the order be supplied to the appellant and the respondents and a copy be also forwarded to the concerned DRT. Copy of the judgement/Final Order be uploaded in the Tribunal’s website.

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Order dictated, signed and pronounced by me in the open Court on this the 4^th day of October, 2023.

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(Anil Kumar Srivastava, J) Chairperson

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Dated : 04.10.2023 01 /pkb

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Thummala Sri Ram Reddy v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

Thummala Sri Ram Reddy v. Indian Overseas Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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