Allowed

Citiwide Financial Services Limited v. Sumathi Mohan

DRT16 Nov 2022OA/319/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application for the sale of mortgaged property to recover a dues of approximately Rs. 9.77 crores, holding the defendant liable personally and granting costs and recovery certificate.

What did the court decide?

Defendant liable to pay Rs. 9,77,75,750/- with interest at 10%, permission to sell mortgaged property, permission to proceed against defendant's person, costs awarded, recovery certificate issued.

Citiwide Financial Services Limited versus Sumathi Mohan — Specific Performance | DRT (2022)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 16TH DAY OF NOVEI4BER, 2022

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

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oA. NO. 3L9 0F 2022

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Between:

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M/s. Citiwide Financial Services Ltd. Registered Office 207, Diamond Tower Sarojini Devi Road Secunderabad Rep. by its lYanaging Director.

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...Applicant

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Versus

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Smt. K. Sumathi lvlohan W/o Sri K.V. Mohan Rao Aged about 66 years Occ: Business Res: H. No. 37-74/9 ). J, Nagat Sainikpuri Post Secu nde ra bad^- 50 0094 Telangana State.

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... Defendant

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Counsel for the Applicant : Mr. V.V. S. Satyanarayana. Defendant I Ex-parte

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::ORDER::

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The Applicant Company flled the^present OA seeking an order for sale of mortgaged property and to adjust the sale^proceeds towards the due amount of Rs.g,l7 ,75,750l-^(Rupees Nine Crore Seventeen Lakh Seventy Five Thousand Seven Hundred Fifty Only)^payable by the Defendant with costs and future interest @10olo p.a. from the auction till the date of realisation and ln case if the same is -,,, lrm><---^/i$.

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oa.3r912022

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insufficient to recover the balance amount^personally from the defen da nt.

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The Defendant served with summons through^{paperpublication.} Defendant was set ex-parte on L6.09.2022 as called absent and no representation.

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The Applicant Company examined Ramanathan Krishna Iyer, Managing Director as AW-1 and marked 64 documents through^him as Ex. A.1 to Ex. 4.64.

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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 is entitled for the claim made in the OA against the Defendant as prayed for?

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As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs.^A.1to A.64 marked on behalf of the Applicant Company clinches the claim of the Applicant against the Defendant. Hence, I hold that the Defendant is liable to^pay to the Applicant the claim made in the oA with future interest and costs.

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In the result, the present Orlginal Application No.319/2022^is allowed as under:^-

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i) the Defendant is liable to^pay to the Applicant a sum of Rs.g,77,75,7501- with interest @10%^p.a. simple from the date of application till the date of realization; Tnrrr-- -

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'j/'/rv^ro

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oA.3L9l2022

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

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iii) the Applicant is also entitled to proceed against the person and properties of the defendant for realization of its dues;

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iv) the Applicant Bank is entitled for the costs,

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The Applicant Bank is directed to file Cost Memo withln 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 November, 2022)

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fu,r,(RAMESHWAR KOTHE) PRESIDING OFFICER

Citiwide Financial Services Limited v. Sumathi Mohan

Case brief

What is this about?

What did the court decide?

Citiwide Financial Services Limited v. Sumathi Mohan

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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Case details

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