Allowed

Bank of India v. Mrs.Arakala Rani @ Rani Asi Reddy

DRT18 Oct 2023OA/130/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed Bank of India's Original Application No. 130/2022 against defaulting defendants, ordering joint and several liability for the outstanding debt with future interest and direction to proceed against mortgaged property.

What did the court decide?

Defendants held jointly and severally liable to pay Rs. 35,75,253.76 with future interest; OA claim secured by mortgage; recovery certificate to be issued.

Bank of India versus Mrs.Arakala Rani @ Rani Asi Reddy — Execution and Attachment | DRT (2023)

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IN THE DEBTS^{RECOVERYTRIBUNAL-II AT HYDERABAD} DATED THIS^{THE18th DAY OF OCTOBER, 2023}

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PRESENT: SH.^{Ml'4ESHWARKOTHE, B Com, L LB' (Hons )' lv1'A'} PRESIDING OFFICER

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Original Application^{No: l3O OF 2022}

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Bank of India, Vasavinagar^Branch, Secunderabad, Hyderabad. Rep. by its Constituted^Attorney.

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.....Applicant.

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VeTSus

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Mrs. Arakala Rani @^{Rani Asi Reddy,} Wo.^{Santosh Reddy,} Flat No. G-3, SriruPa^Nivas, Plot No.70, MediPallY, Sainagar ColonY, Hyderabad-500098.

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Also at:

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Ms. Asireddy Rani, D/o. Veera Reddy, Renikunta Village, Rajapet lvlandal, Yadadri Bhuvangiri Dist.-508105.

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And Business at: Plot No.26, Sushma Sai Nagar, S.R.DIGI School, Vanasthalipuram, Hyderabad-500070.

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Arakala Santosh Reddy,
FIat No. G-3, Srirupa Nivas,
OY"*

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oA.NO.130/2022

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PIot No. 70, Medipa y, Sainagar Colony, Hyderabad-500098. ...Defendants Counsel for the Applicant Mr. K.V. Nageshwara Rao Defenda nts Exparte

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...Defendants

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs. 35,75,253.76ps from the defendants joinuy and severally with future interest @ 8.80o/o p.a. with compounded monthly rests include 2olo penal interest from the date of application till the date of realisation along with costs and in default for sale of OA schedule property.

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Summons served on D1 & 2. They were set exparte on 30.08.2022 as called absent and no representation.

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The Applicant Bank examined P.Nirmala, Credit Officer, as AW1 and marked 18 documents through her, 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 property?

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oA.NO.130/2022

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupred with the recitats in the documents viz', Exs. A.1 to A.1g marked on beharf of the Appticant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hord that the Defendants are joinily ancr severaily riabre to pay the oA craim to the Appricant Bank with future interest and costs.

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In the resurt, the present originar Apprication No. L30/2022 is allowed as under: -

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i) The Defendants are joinfly and severaily liable to pay to the Appricant Bank a sum of Rs. 35,75,253.76ps with future interest @ B.B0o/o 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 of property described in the schedules annexed to the OA and the applicant bank is entitled to proceed against the same rearise its debt;

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ii i) the applicant bank is arso entiued to proceed against the person and properties of defendants for reatization of its dues;

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iii) the applicant bank is entiUed for the costs.

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ffi.o

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oA.NO.130/2022

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The Applicant^{Bank is directedto file costMemo 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'} (oictatea to ttre steno,^{coriected,signed and pronounced by me in theopen courton} this the^{18s day ofOctober,2023).}

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OY'"* (RA14ESHWAR KOTHE) PRESIDING OFFICER

Bank of India v. Mrs.Arakala Rani @ Rani Asi Reddy

Case brief

What is this about?

What did the court decide?

Bank of India v. Mrs.Arakala Rani @ Rani Asi Reddy

Case brief

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What did the court decide?

What the court decided

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