Allowed

Indian Overseas Bank v. K Gurunadham

DRT16 Dec 2022OA/104/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by a bank for recovery of a principal sum of Rs.56 lakh plus future interest against a defendant who appeared ex-parte, directing the defendant to pay the amount and confirm the mortgage on schedule property.

What did the court decide?

Defendant to pay Rs.56,66,850- with 8% future interest; OA secured by mortgage on schedule property; Recovery Certificate issued.

Indian Overseas Bank versus K Gurunadham — Arbitration | DRT (2022)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II^{AT HYDERABAD} DATED THIS THE 16TH DAY OF DECEII4BER,²⁰²²

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PRESENT: SH, RAMESHWAR KOTHE,^{B,COM, L.LB. (HONS.), M,A.} PRESIDING OFFICER

¶3

oA. NO.104 0F 2022

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Indian Overseas ba nk Tirumala Branch, II Floor Balaji Ban king Complex Tirumala - 577 5O4 Chittoor District, A.P. Rep. by its Branch Manager/PoA^Holder.

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... .Applica nt

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Versus

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Sri K. Guru nadha m S/o K. Narasimha Reddy Aged about 42^years Occ: Employee of lOB R/o 20-4-31-8, Survey No.131/7 Ward No.20, Korlagunta Maruthi Nagar, 4th Street Kothapalli, Tirupati - 517 501 Chittoor District, A. P.

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..... Defendant.

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Cou nsel for the Applicant lvl/s. Gampa Ranga^ia h. Defenda nts Ex -pa rte

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:: O-LLEB-::

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The Applicant Bank filed the^present OA for the recovery of a total sum of Rs.56,66,850/- from the Defendant with future^interest @8olo^p.a. from 07.02.2022 along^{with costs, and in default, for sale} of OA schedule^property. fu*

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oA.t0412022

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The defendant deemed to be served summons as the same returned with an endorsement "Refused". He was set exparte on 29.04.2022 as called absent and no representation.

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The Applicant Bank examlned c. Mahesh Babu, Branch Manager as AW-1 and marked 20 documents through him as Ex.A.1 to Ex. A.20.

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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 Defendant and OA schedule property as prayed for?

¶18

As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.20 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.104/2022 is allowed as under: -

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i) The Defendant is liable to^pay to Applicant Bank a sum of Rs.56,66,850/- with future interests @8%^p.a. simple from the date of application till the date of rearization; dfft-

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oA.to4/2022

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ii) the OA claim is secured by way of mortgage of property described in schedule annexed to the OA and the applicant bank is entiUed 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 defendant for realization of its dues;

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iv) the applicant bank is entifled 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 16th day of December, 2022) .

¶28

il,>'(RAMESHWAR KOTHE) PRESIDING OFFICER

Indian Overseas Bank v. K Gurunadham

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. K Gurunadham

Case brief

What is this about?

What did the court decide?

What the court decided

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