Allowed

Bank of India v. Sri Vemalla Srikanth Reddy

DRT27 Jun 2023OA/131/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of India's Original Application for recovery of a home loan amount of Rs. 32,18,379.75 plus future interest and costs from the co-defendants, holding them jointly and severally liable despite their absence, and ordered the issuance of a Recovery Certificate.

What did the court decide?

Defendants held jointly and severally liable to pay Rs. 32,18,379.75 with future interest and costs; Recovery Certificate issued and bank entitled to proceed against mortgaged property.

Bank of India versus Sri Vemalla Srikanth Reddy — Civil Procedure and Limitation | DRT (2023)

¶1

IN THE DEBTS RECOVERY^{TRIBUNAL-II AT HYDEMBAD} DATED THIS THE 27th^{DAY OF JUNE, 2023}

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PRESENT: SH. RAMESHWAR^{KOTHE, B,Com., L.LB' (Hons'), M'A'} PRESIDING OFFICER

¶3

Original Application^{No: 131 OF 2022}

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BANK OF INDIA Vasavi Nagar Branch, Plot No.28, Laxmi^EnclaveLane, Opp, Furniture^{World, VasaviNagar,} Secundera bad, HYderabad, Telangana-500015. Represented bY^its Constituted Attorney

¶5

""'Applicant'

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Versus

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Sri.Vemalla Srikanth^Reddy S/o Sri.Vemalla^{Muralidhar Reddy,} Aged Major, Occ:^Business, Flat No.607, 6tn^Floor, SMR Sky CitY,^RamanthaPur, Hyderabad- 500013.

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Also at:-

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H.No.3-3-9, Nehru^{Park Road,} Janagoan, Warangal, Telangana-506167.

¶10

Smt.Arakala^Rani W/o Sri.Santhosh^Reddy, G-3, Sri RuPa^Nivas, Plot No.70, MediPallY, Sai Nagar Colony, Hyder#ad-500098

¶11

"'Defendants

¶12

Counsel for the Applicant : K'V'Nagestrv"ara^Rao Defendants , exoa,te V/ffie

¶13

oA.73L/2O2?

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery of a sum of Rs.32,18,379.75ps under Home Loan Account No.861475110000164 from the defendants joinily and severally with future interest @ g.g0o/o p.a. compounded monthly rests incrusive of 20lo penar interest from date of apprication ti, the date of rearisation arong with costs, ard in defaurt, for sare of OA schedule property.

¶16

summons served on D2, whereas summons served on Dl through paper publication, they were set exparte on 26.08.2022 as called absent and no representation.

¶17

The Applicant Bank examined p.Nirmala, Credit Officer as AW_1 and marked 17 documents through him as Ex, A.1 to Ex. A.17,

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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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As stated supra, the Defendants remained ex_parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.17 marked on behalf of the Applicant Bank crinches the craim of the Appricant Bank against the Defendants. Hence, I hold that the Defendants are joinfly and severally liable

O'Y"*

oA.73712022

to pay the OA claim to the Applicant Bank with future interest and costs.

¶26

In the result, the present Original Application No.131/2022 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.32,18,379.75ps under Home Loan Account No.861475110000164 with future interest @ B.B0o/o p.a. simple from the date of application till the date of realization;

¶28

ii) the OA claim is secured by way of mortgage of property described in the schedule annexed to the 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 entitled to 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.

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B. The Applicant Bank is directed to 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, corrected, signed and^{pronounced by me in the open court on} this the 27'h day of June, 2023)^.

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owo@

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Bank of India v. Sri Vemalla Srikanth Reddy

Case brief

What is this about?

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Bank of India v. Sri Vemalla Srikanth Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

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