Allowed

Punjab National Bank v. B Sridhar

DRT9 Dec 2022OA/288/2022

Case brief

AI extract

What is this about?

In this Debt Recovery Tribunal matter, the Bank applied for recovery of loan dues. The Defendants appeared ex-parte. The Tribunal examined the applicant's evidence affidavit and documents filed. It held the Defendants jointly and severally liable to pay the claimed amount with interest and costs, and ordered the issuance of a recovery certificate.

What did the court decide?

Directed Defendants to pay Rs. 29,80,187.95 with future interest, allowed bank to proceed against mortgaged property, granted costs, and issued Recovery Certificate.

Punjab National Bank versus B Sridhar — Contract and Commercial Disputes | DRT (2022)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 9TH DAY OF DECEMBER, 2022

¶2

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

¶3

oA. NO. 288 0F 2022

¶4

Punjab National Bank CO Secunderabad 2nd Floor, lvlaharishi House Banjara Hills, H ydera bad - 500 0 34 Rep. by its Chief t4anager.

¶5

....Applicant

¶6

Versus

¶7

B. Srldhar, S/o B.V.S. Vara Prasad

¶8

H. No. 15-8-304/ Rotary Nagar Khammam - 507002

¶9

Ms. B. Udayani, D/o Narsimha Bandi H.No. 15-8-304/ Rotary Naga r Khammam - 507002. ..... Defendants Counsel for the Applicant : lvls. Sangeeta Jaiswal. Defendants I Ex-parte

¶10

:: ORDER ::

¶11

The Applicant Bank filed the present OA for the recovery of a total sum of Rs.29,80,187.95Ps i.e., Rs.21,35,194l- towards Loan A/c No.2112300500002, Rs.8,09,5741- towards Loan A/c. No.2112300 004121 and Rs.35,419.95Ps towards Loan A/c No.2112300003780 jointly and severally from the Defendants with interest @9.35o/o p.a. along with penal lnterest @1% p.a. with monthly rests from u ,/)tryg,-..yw^'n'-

¶12

oa.za8l2022

¶13

O1.O3.2022 along with costs,^{and in} default, for sale of OA^schedule prope rty.

¶14

The defendants served summons through^paper publication. The defendants were set exparte^on 16.09.2022 as they are ca lled absent and no representation.

¶15

The Applicant Bank examined W.A, Safwi, Manager (Law), as AW-1 and marked l8 documents through^him as Ex. A.1 to Ex. A.18.

¶16

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

¶17

5, The^point that arises for consideration is:-

¶18

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

¶19

As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.18 marked on behalf of the Applicant Bank cllnches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are^jointly and severally liable to^pay the OA claim to the Applicant Bank with future interest and costs.

¶20

In the result, the present Original Application No.288/2022 is allowed as under:^-

¶21

i) The Defendants 1 and 2 are^jointly and severally liable to pay to Applicant Bank a total sum of Rs.29,80,187.95Ps i.e., a sum of Rs.21,35,194lAx.-n

¶22

oA.28812022

¶23

towards Loan A/c No.2112300500002, Rs.8,09,574ltowards Loan A/c. No.2112300004121 and Rs.35,419.95Ps towards Loan A/c No.2112300003780 with future interests @9.350/o p.a. simple from the date of application till the date of realization;

¶24

ii) the OA claim is secured 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;

¶25

iii) the applicant bank is also entiiled to proceed against the against the person and properties of the defendants for realization of its dues;

¶26

iv) the applicant bank is entitled for the costs.

¶27

B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶28

Issue Recovery Certificate accordingly.

¶29

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 9th day of December,2022) .

¶30

(RAMESHWAR KOTHE) PRESIDING OFFICER

Punjab National Bank v. B Sridhar

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. B Sridhar

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Shri Ashish So Arun Kumarwar versus Yavatmal Urban Co-Operative Bank

State Bank of India versus Gautam Kumar and Others

Punjab National Bank versus M/s Sidhi Vinayak Vision and Others

K G Bhingradiya Vidayalay and Ors. versus Varthana Finance Private Limited

Rajesh Prasad Singh versus Dakshin Bihar Gramin Bank

Hdfc Bank versus Suraka Educational Society