Allowed

Omkara Assets Reconstruction Private Limited v. Tirumala Enterprises

DRT17 Mar 2023OA/117/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of Rs. 1.29 crore plus future interest from the defendants, finding them jointly and severally liable based on ex-parte evidence. The bank was also granted rights over scheduled properties and costs.

What did the court decide?

Defendants directed to pay Rs. 1,29,37,218.98 plus future interest at 12% p.a.; applicant bank allowed to proceed against mortgage properties and defendants' assets; cost memo directed.

Omkara Assets Reconstruction Private Limited… — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS^{RECOVERY TRIBUNAL'IIAT HYDERABAD} DATED THIS^{THE17TH DAY OF MARCH,2023} PRESENT: SH.^{RAMESHWAR KOTHE,B'COM., L.LB. (HONS.), M.A.} PRESIDiNG^OFFICER

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oA. NO. t77^{0F 2022}

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DBS Bank^{India Limited} (Erstwhlle The Lakshmi^{vilas Bank Limited)} Habsiguda^Branch No. 4-1-15/1,^{Veda Arcade} Snehapuri^ColonY Nacharam Main^Road Habsiguda,^HYderabad. nep. 5y its Senior Manager.

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Applicant'

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Versus

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M/s. Tirumala Enterprises Rep. by its ProPrietor Sri Ch. Panduranga^m Major, Flat No.^{201, 2"d Floor} 1-7-10, N.B.K. Estates Golconda^{'X' Roads} Musheerabad Hyderabad - 500 020.

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Srl Ch. Pand^u rangam S/o Sri Ch. Raghupati l4ajor, R/o Flat^{No 1} Sri Sai Srinivasa m Nagarjuna Nagar ColonY Street No.1, Ta rnaka Hydera bad - 500 017. ... Defendants.

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: Mr. P.V. Satyanarayana' Counsel for the Applicant Defenda nts : exoarte 6lV

oa.L17 /2022

:: ORDER::

The Applicant Bank filed the present OA for the recovery of a sum of Rs.1,29,3 7 ,279.ggps with future interest @11.50o/o p.a. with monthly rests joinfly and severally from the defendants from the date of application till the date of realisation along with costs and sale of OA schedule properties.

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The defendants served summons through paper publication. They were set exparte on 19.0g.2022 as called absent and no representation.

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The Applicant Bank examjned A. Devan Raju, Senior Manager, as AW-1 and marked 48 documents through him as Ex. A.1 to Ex. A.48.

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Heard the Ld. Counsel for the Applicant Bank and perused the

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written arguments and the materia I placed on record.

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The point that arises for consideration is:_

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Whether the Appticant Bank is enti ed for the claim made in the OA against the Defendants and the OA schedule properties as 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.48 marked on behalf of the Applicant Bank clinches the claim oF the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinHy and severally tiabte ,d*"-' )/

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oA.tL7l2O22

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to pay the OA claim to the^{Applicant Bank with futureinterest} and costs.

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In the result, the^{present Original Application No'Lt712022 is} allowed as under:^-

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i) The Defendants are^{jointly and severally} liable to^pay to the^{Applicant Bank a sum of} Rs.!,29,37,218.98Ps with^{future interest} @l2o/o^{p.a. simple from the date of} application till the^{date of realization;}

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ii) the OA claim is secured^{by way of mortgage/} hypothecation of^{propertiesas describedin} the schedules'A'and'B'annexed^{to the OA} and the applicant bank^{is entitledto proceed} against the same to^{realise its debt;}

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

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iv) the applicant bank^{is entitledfor the costs'}

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B. The Applicant Bank^{is directedto file Cost Memo within2 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 andpronouncedby mein} the open court on this the 17th day^{of March, 2023).}

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*rl''r'e

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Omkara Assets Reconstruction Private Limited v. Tirumala Enterprises

Case brief

What is this about?

What did the court decide?

Omkara Assets Reconstruction Private Limited v. Tirumala Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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