Allowed

State Bank of India v. S Mulakalapalli Primary Agricultural Society Ltd.

DRT12 May 2023OA/148/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application (OA) filed to recover dues of Rs. 7.36 crores from the defendant cooperative society and its members. The court held the defendants liable to pay the claimed sum along with future interest and costs, as the defendants remained absent and evidence clinched the bank's claim.

What did the court decide?

Defendants liable to pay Rs. 7,36,20,338/- with future interest @10.5% p.a. and costs; Recovery Certificate issued.

State Bank of India versus S Mulakalapalli Primary Agricultural Society… — Arbitration | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL -II AT HYDERABAD DATED THIS THE 12TH DAY OF MAY, 2023

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PRESENT: SH.RAMESI-IWAR KOTHE, B.COM,L.LB.(Hons.), M,A. PRESIDING OFFICER

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oA.NO. 748 OF 2022

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M/s. State Bank of India, SARB-lI, Chikkadpally Opp: Sandhya theatre, RTC'X' Roads, Hyderabad. Represented by its Chief Manager.

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......Applicant

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VERSUS

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M/s S. Mulakalapalli Prlmary Ag ricu ltu ra I Cooperative Society Ltd, D.No.7B7, Chevitivari palli post, Nallacheruvu Mandal Anantapur District-515 551,

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Represented by its Chief Executive Officer.

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Mr.Kurukuru Niranjan Reddy

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S/o K.Suryanarayana aged 47 years, Occ: President of

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S. Mulakalapalli PACS Ltd,

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H.No.7-1 1, P.Kothapalli Nallacheruvu Mandal, Anantapur District-515 551.

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Mr.K.Prabanjana Reddy S/o K.Ramachandra Reddy Aged 57 years, Occ: Secretary/ CEO of S.Mulakalapalli PACS Ltd, H.No.17-278-1, Kotanna Gari Palli Kadiri-515591, Anantapur District.

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oA L4812022

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Mr.J.C.Anjinappa Naik S/o late J.Chinnajiappa Naik, Aged 49 years, Occ: Director of S.Mulakalapalli PACS Ltd, H.No.5-4, Balineni Thanda Nallacheruvu Mandal, Ananthapur District-515 55 1.

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Mr.M.Narasimhulu Naik s/o D.Venkat Reddy Aged 63 years, Occ: Director - S. Mulakalapalli PACS Ltd, H.N. 5-191, Balineni Thanda Nallacheruvu Mandal, Anantapur District-515 551.

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Mr,Dasari Siva Reddy S/o D.Venkat Reddy Aged 70^years, Occ: Director of S, Mulakalapalli PACS Ltd H.No. 13-100, Bommireddy Palli Jogannapeta Village Nallacheruvu Mandal Anantapur District-51 5 591.

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Mr.G.Ramalinga Reddy s/o Late G.Subbi Reddy Aged 57 years, Occ: Director of S.Mulakalapalli PACS Ltd H,No.3-141, Ratnalapalli Allugundu Village, Anantapur District -515 591.

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..........Defendants

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Cou nsel for the Applicant : M.Venkat Divakar Counsel for the DeFe nda nt :Ex-parte Oyp

oA L4812022

:: ORDER::

The Applicant Bank^{filed the presentOA for the recovery of a sum of} Rs.7,36,20,338/- from the^{Defendantsunder the Loan Account} No.33400654273 in favour^{of the applicant Bankand againstthe} Defendants herein and the^{membersof the DefendantNo.1 society} jointly and severally to pay with future^interest @10'600/o^{p'a' from} 02,02,2022 with monthly^{rests from the date of this Applicationtill the} date of realization along^{with cost.}

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The defendants served^{with summons. The defendantswere} exparte on 29.08.2022^{as called absent and no representation'}

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The Applicant Bank examined^{SrinivasuMaddi,Chief Manager as AW-1} and marked 19 documents^{through him as Ex' A.1 to Ex. A. 19.}

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Heard the Ld. Counsel for the Applicant^{Bank, 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 Defendant?

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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.1 to} A.19 marked on behalf of the Applicant Bank clinches^{the claim of the} Applicant Bank against the Defendant. Hence, I hold^{that the} Defendant is liable to^pay the OA claim to the Applicant^{Bank with} futu re interest and costs, /fu*

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oA 148/2022

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In the result, the present Original Application No.l4e/2022 is allowed as under: -

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i. the Defendant is liable to pay to the Applicant Bank a total sum of Rs.7,36,20,338/- with future interest @10olo^p.a. simple from the date of application till the date of rea lization;

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. the applicant bank is also entitled to proceed against the person and properties of the defendant for realization of its dues; and

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iii. the applicant bank is entitled for the costs.

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B. 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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(Dictatecl to the steno, correcled, signed and pronounced by me in the open court on this rhe l2 day of May, 2023).

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IVIESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. S Mulakalapalli Primary Agricultural Society Ltd.

Case brief

What is this about?

What did the court decide?

State Bank of India v. S Mulakalapalli Primary Agricultural Society Ltd.

Case brief

What is this about?

What did the court decide?

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