Allowed

Uco Bank v. Vasam Shashidhar

DRT9 Dec 2022OA/134/2022

Case brief

AI extract

What is this about?

In an ex-parte recovery application, the Debts Recovery Tribunal held that defendants remained jointly and severally liable to pay the claimed sum with interest and costs, allowing the bank to proceed against mortgaged property.

What did the court decide?

Defendants held liable to pay Rs. 84,57,816.06 plus interest and costs; Bank entitled to proceed against mortgaged property and defendants' assets; recovery certificate issued.

Uco Bank versus Vasam Shashidhar — Banking and Recovery | DRT (2022)

¶1

IN THE DEBTS RECOVERY TR]BUNAL-]I AT HYDERABAD DATED THIS THE gTH DAY OF DECEMBER, 2022 PRESENT: SH. RAMESHWAR KOTHE, B.Com, L.LB. (Hons.), M.A.

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PRESIDING OFFICER

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oA. NO. 734 0F 2022

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UCO Bank S.D. Road Branch #9- 1-38,^yN4CA Comptex City Civit Centre, Sp Road Secunderabad Tela nga na - 50000 3 Rep. by its Chief Manager.

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...Applica nt

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Versus

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Vasam Shash idhar S/o Late Vasam Ba laia h Aged about 48 years Occ: Business.

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Vasam Swarna Latha W/o Vasam Shash idhar Aged about 41 years Occ: Business

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Both 1 & 2 R/o H.No.5-14-48 Plot No.27, Sy. No. 217 Srinivas Nagar Colony Gajularamaram Village Quthbullapur^MandaI Ranga Reddy District Telanga na-500 055.

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Bothl&2also R/o Flat No.105 Sai lyothi Apartments Kartikeya Nagar Nacharam, Tarnaka Secunderabad-500076.

... Defendants

V-.vv

oA.r!412022

Counsel^{for the APP|icant} Defendants

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: Ms.^{TaranginiPisiPati'} t Ex-Parte

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::ORDER::

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The Applicant^{Bank filed the present OA for the recovery of a sum of} Rs.84,57,816.06Ps^{from Defendants with costs and furtherinterest} @l2.2Oo/o^{p.a. with monthlyrestsfrom Ot'02'2022till the date of} realisation^{and in defaultfor sale of OA scheduleproperty'}

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The summons^{sent to defendants1 and 2 were unclaimed'Hence} they are^{deemedto be served' They were set ex-parte on} 24.08.2022^{as called absentand no representation'}

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The Applicant^{Bank examined P'V' Siva Prasad'Chief Manager as} AW-landmarkedlldocumentsthroughhimaSEx.A.ltoEx. A. 11.

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HeardtheLd.CounselfortheApp|icantBankandperusedthe material Placed^{on record'}

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The^point that^{arises for consideration is:-}

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Whether the^{Applicant Bank is entitledfor} the ctaim^{made in the OA against the} Defendants^{and OA schedulepropertyas} 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.11 marked^{on behalfof the Applicant Bank clinches the claim of} the Applicant^{Bank againstthe Defendants1 and 2' Hence' I hold} fl^-n,,,,

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oA.t34/2022.

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that the Defendants 7 and 2 are joinUy and severally liable to pay to the Applicant Bank the claim made in the OA with future interest and costs.

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In the result, the present Original Application No.L34/2022 is allowed as under: -

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i) the Defendants I and 2 are joinfly and severally liable to pay to the Applicant Bank a sum of Rs. 84,57,816.06Ps with interest @10.20olo p.a. simple from the date of application till the date of realization;

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ii) the claim of the Applicant Bank is secured by way of mortgage of property described in the Schedule attached to the OA and the Applicant Bank is entitled to proceed against the same towards realization of its debt;

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iii) the Applicant Bank is also entiued to proceed against the person and properties of the defendants for realization of its dues;

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iv) the Applicant Bank is entitled for the costs.

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B. The Applicant Bank is directed to fire 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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C_ommunicate 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 9th day of December, ZOl2)

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1fu"'-' (RAMESHWAR KOTHE) PRESIDING OFFICER

Uco Bank v. Vasam Shashidhar

Case brief

What is this about?

What did the court decide?

Uco Bank v. Vasam Shashidhar

Case brief

What is this about?

What did the court decide?

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