Allowed

Punjab National Bank v. M/S Vijaya Industries

DRT8 Dec 2022OA/102/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Punjab National Bank for recovery of Rs.82,48,728.76 along with future interest. The tribunal held defendants jointly and severally liable and directed sale of mortgaged property.

What did the court decide?

Defendants jointly and severally liable to pay Rs.82,48,728.76 with interest; OA claim secured by mortgage property; recovery certificate issued.

Punjab National Bank versus M/S Vijaya Industries — Banking and Recovery | DRT (2022)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 8TH DAY OF DECEN4BER, 2022

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PRESENT: SH. RAMESHWAR KOTHE, B.Com, L.LB. (Hons.), M,A. PRESIDING OFFICER

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oA. NO. 102 0F 2022

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Punjab National Bank Circle SASTRA Hyderabad Plot No.03, Regency Plaza Ameerpet, Hyderabad-500038 Rep. by its Chief Manager.

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....Applicant

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Versus

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M/s. Vijaya Industries, Rep. by its Proprietor Sri S. Rajendra Prasad, S/o S. Lazaru, Aged about 36 years, Occ: Business R/o Plot No.58, Modi Bunglows Cherlapally, Hyderabad-500051.

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Smt. Jallapalli Amaramma, W/o Dasharatha Aged about 54 years, Occ: House Wife R/o Plot No.7, Blind Colony

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Opp: Eshwapuri Colony, Road No.5 Near Masjid, Jaipuri Colony, Nagole H ydera bad^- 500068.

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Also at: Plot No. 7 & I Viswapurl Colony Adj. to Jaipuri Colony, Nagole Hyderabad - 500068.

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Sri Jallapalli Vijay Yadav, S/o Dasharatha Aged about 35 years, Occ: Business R/o Plot No.7, Blind Colony Opp: Eshwapuri Colony, Road No.5 Near Masjid, Jaipuri Colony, Nagole Hydera bad^- 50 006r. u .*ngl (j/ 'tv-

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oa.t02l2022

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Also at: Plot No. 7 & 8 Viswapuri Colony Adj. to Jalpurl Colony, Nagole Hyderabad - 500068.

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Sri Jallapalli Vinesh, S/o Dasharatha Aged about 34 years, Occ: Business R/o Plot No.7, Blind colony Opp: Eshwapuri Colony, Road No.5 Near 14asjid, laipuri Colony, Nagole Hyd era bad^- 50 0 068.

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Also at: Plot No. 7 & 8 Viswapuri Colony Adj. to Jaipuri Colony, Nagole Hyderabad - 500068.

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..... Defenda nts

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Counsel for the Applicant : Mr. K.P. Sarad hi. Defendants I Ex-parte

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:: 9-LLLB-::

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The Appllcant Bank filed the present OA for the recovery of a sum of Rs.82,48,728.7 6Ps^jointly and severally from the Defendants^with interest @10.45olo^p.a. compounded monthly rest from the date of Application along with costs, and in default, for sale of OA schedule property.

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The l"t defendant was served summons through^{paperpublication,} whereas 2nd defendant served with summons. Summons to defendants 3 and 4 returned unclaimed, hence deemed to be served. All the defendants were set exparte on 19.09.2022 as they are called absent and no representation.

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The Applicant Bank examined Vijay Kumar, Asstt. Manager, as AW1 and marked 12 documents through him as- Ex. A.1 to Ex. A.12. lfryu",

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oA.1.O2l2022

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Heard the Ld. Counsel for the Applicant Bank and perused the material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule property as Prayed^for?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.12 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants 1 to 4. Hence, I hold that the Defendants 1 to 4 are jointly and severally liable to pay the OA claim to the Appllcant Bank with future interest and costs.

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In the result, the present Original Applicatlon No.102/2022 is allowed as under:^-

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i) The Defendants 1 to 4 ar€j jointly and severally liable to pay to Applicant Bank a sum of Rs.82,48 ,728.76Ps with future interests @10.45olo p.a. simple from the date of application till the date of realization;

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ii) the OA claim is securecj by way of mortgage of property described in OA schedule and the applicant bank is entitled to proceed against the same to realise its dues;

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iii) the applicant bank is also entitled to proceed against the against the person and properties of the defendants for realizatlon of its dues;' /-,/ ' --'Bn'-

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oA.70212022

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iv) the applicant bank is entitled for the costs.

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B, 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 accordingly.

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Communicate a copy of this order to the^{parties concerned.} (Dictated to the steno., transcribed by him, corrected, signed and^pronounced by^{me in the} open court on this the 8th day of December,^2022).

¶39

PRESIDING OFFICER

Punjab National Bank v. M/S Vijaya Industries

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Vijaya Industries

Case brief

What is this about?

What did the court decide?

What the court decided

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