Allowed

Indian Overseas Bank v. Sri Venkatakrishna Industries Private

DRT22 Sept 2023OA/11/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by Indian Overseas Bank for recovery of dues totaling approximately Rs. 92.78 lakh from the defendants jointly and severally, with future interest. The court held the evidence marked by the bank clinched the claim.

What did the court decide?

Defendants liable to pay Rs. 92,78,912.52 with future interest; OA claim secured by hypothecation; recovery certificate issued.

Indian Overseas Bank versus Sri Venkatakrishna Industries… — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 22Nd DAY OF SEPTEMBER, 2023

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

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Original Apptication No: 11 OF 2023

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Indian Overseas Bank Branch office at l-7-79/A & B, 1-7-95 to 111, Legend Crystal, Mandalay Lane, P.c. Road, Secunderabad-500003. Rep. by its Asst. ceneral Manager.

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.....Applicant.

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Versus

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M/s. Sri Venkatakrishna Industries private Limited, 24-769/t/8, P.S. Cotony, rDpL, Gandhinagar, Balanagar, Hyderabad-500037. Telangana State, Rep. by its Directors

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Mrs. Vemuri Sri Vidya and

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Sri Vemuri Veera VUay Bhaskar.

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Mrs. Vemurl Sri Vidya W/o. Sri Vemuri Veera VUay Bhaskar, Aged: 34 Years, Occ: Director,

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M/s. Sri Venkatakrishna Industries^pvt. Ltd., R/o. 8-34, S.inivasa Nagar,^{poranki,(Rural)} Krishna District, Andhra^{pradesh-521137.}

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Sri Vemuri Veera Vijay Bhaskar S/o. Sri V. Venkateswara Rao, Aged: 36 Years, 8-34, Srinivasa Nagar, Poranki. (Rural), Krishna District, Andhra Pradesh-521 137.

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And Also at:

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R/o.^ptot No. 15, H.No. 24-83812/r/NR, Panchshell Colony, Ranga Reddy Nagar, Telangana State-500037.

...Defendants Ory*u

oa.No-LL|2O23

Counsel for the Applicant

M,/s. Gampa Rangaiah

Defendants

Exparte

:: qLLEE ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.92,78,912.52ps i.e. a sum of Rs. 79,95,378.21ps and Rs. 12,83,534.31ps under Cash Credit Loan and GECVWCLT respectively from the defendants joinuy and severally with future interest @ 10.5olo p.a. @8.25olo with monthly rests from the date of application till the date of realisation along with costs and in default for sale of OA schedule pledge.

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Summons served on D1 to 3 through paper publication. They were set exparte on 37.07.2023 as called absent and no rePresentation.

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The Applicant Bank examined M. Raju, Assistant Manager, as AW-1 and marked 18 documents through him as Ex. A.1 to Ex. A.18.

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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 hypothecated asssets? /vryo (/

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oA.NO.11/2023

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6, As stated supra,^{the Defendantsremainedex-parteThe} Evidence^{Affidavitcoupled with the recitals in the documents} viz., Exs.^{A.1 to A.18 marked on behalf of the ApplicantBank} clinches the^{claim of the ApplicantBankagainst the Defendants'} Hence, I hold^{that the Defendants are jointly and severallyliable} to^pay the^{OA claim to the Applicant Bankwith future interest} and costs.

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In the result,^{the present Original ApplicationNo 11/2023is} allowed as^under:-

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i) The Defendants^{are jointly and severally} liable to^{pay to the Applicant Banka sum of} RS.92,78,912.52PS^{i.e. asum ofRs'} 79,g5,37 8.21ps^{and Rs. 12,83,534 31ps} under Cash^{CreditLoan and GECVWCLT with} future interest @^{8.25olo lasimplefrom the} date of application^{till the date of realization;}

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ii) the OA claim^{issecured bY way of} hypothecation^{of assets described in the} schedule annexed^{tothe OA and the} applicant^{bank is entitled to proceed against} the same^{to realise its debt;}

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iii) the applicant^{bank is also entitledto Proceed} against the^{person and properties of} .defendants^{for realization of its dues;}

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iv) the applicant^{bank is entitled for the costs'} Yp

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oA,NO.1rl2023

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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.

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(Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 22s day o, Se^ptember, 2023 ) .

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Ow* thfruesnwan^rornrl PRESIDING OFFICER

Indian Overseas Bank v. Sri Venkatakrishna Industries Private

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. Sri Venkatakrishna Industries Private

Case brief

What is this about?

What did the court decide?

What the court decided

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