Allowed

City Union Bank Limited v. Hemachandra Naidu

DRT24 Apr 2023OA/155/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by the bank for recovery of dues including SOD, term loans, and special loan total sums after accounting for partial payments made by the defendants under SARFAESI proceedings.

What did the court decide?

Defendants jointly and severally liable to pay balance claim; future interest @11.75% p.a.; issue of recovery certificate; costs allowed.

City Union Bank Limited versus Hemachandra Naidu — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY^{TRIBUNAL-]IAT} HYDERABAD DATED THIS^{THE 24th DAY OF APRIL,} 2023

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

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oA. NO. t55 0F 2022

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City Union Bank^Ltd. Chittoor Branch Chittoor District Rep. by its Branch^Manager.

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....Applicant.

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Versus

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N4r. Hemacha nd ra^Naidu S/o A. Ramachand^{ra, Major} lYaddipatlapalle Village M. Pa ipalle Post Irala Mandal, Chittoor Dist. Andhra Pradesh.

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Mr. T. Govindarajulu S/o A. Ramachandra Naidu, lYajor Buvaneswar Kandiga Village Naragallu Post, Chittoor Manda I Chittoor District.

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14 rs. Geetha Wo^{A. Hemachandra Naidu} Major, Ivladdipatlapalle Village M. Paipalle Post, Irala Mandal Chittoor Dist. Andhra Pradesh.

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M/s. Vijetha Ed ucational Trust Represented by its Chairman Mr. Govlndaraj u lu, and Secretary Mr. A. Hemacha ndra Naidu

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No. 20-189, Mosque Street Mittoor, Chittoor.

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..... Defendants. Mo

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oA.lssl2022

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Counsel for the Applicant : Mr. Ambadipudi Satyana raya na. Counsel for Defendants :Exparte.

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:: ORDER ::

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The Applicant Bank filed the present OA for the recovery of a sum of Rs.1/43,94,560/ - i.e., Rs.20,50,618.64ps towards SOD account, Rs.34,95,269l- towards Term Loan of Rs.40 lakhs, Rs.36,88,923.24Ps towards Term Loan of Rs.30 lakhs and Rs.51,59,749.20ps towards Special Loan of Rs.45 lakhs from the Defendants with interest @1S% p.a. with monthly rests from the date of the Application till the date of realisation along with costs and sale of OA schedule property.

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The defendants were served with summons and they were set ex-parte on 30.08.2022 as called absent and no representation.

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The Applicant Bank examined T. Senthil, Branch Manager, as AW-1 and marked 39 documents through him as Ex. A.1 to Ex. A.39.

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Applicant Bank filed Part Satisfaction lvlemo dated 10.04.2023 stating that during the pendency of OA, defendants^paid Rs.33.62 lakhs besides Rs.17.97 lakhs in pursuance of conditional order of the Tribunal dated 14.09.2021 in 5A.16l/2027 under SARFAESI Act, and^prayed for allowing the balance OA claim.

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Heard the Ld. Counsel for the Applica nt Bank. Perused the material^placed on record. s(o

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oa.t55l2022

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The point that arises for consideration is:-

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Whether the Applicant Bank is entitled For the balance OA claim against the Defendants and OA schedule^property as PraYed for?

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As stated supra, the defendants remained exparte. Under these circumstances, the Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.39 marked on behalf of the Applicant Bank proves the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are^jointly and severally liable to^pay the balance OA claim to^the Applicant Bank with future interest and costs after taking into account the amounts of Rs.33.62 lakhs and Rs.17,97 lakhs under SARFAESI proceedings deposited by the defendants on different dates mentioned in the^part satisfaction memo.

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In the result, the^present OA.755/2O22 is allowed as under:^-

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i) the Defendants are^jointly and severally liable to pay a total sum of Rs.l,43,94,560/- i.e., Rs.20,50,618.64Ps towards SOD account, Rs.34,95,269/- towards Term Loan of Rs.40 lakhs, Rs.36,88,923.24Ps towards Term Loan of Rs.30 lakhs and Rs.51,59,749.20Ps towards Special Loan of Rs.45 lakhs, less Rs,33,62 lakhs and Rs.17.97 lakhs paid on different dates mentioned in the part satisfaction memo to the Applicant Bank with future interest @11.75%

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oA.tssl2022

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p.a. simple from the date of application till the date of realizatlon;

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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 for realisation of 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; and

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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 within 2 weeks from the date of receipt of this Order,

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Issue Recovery Certificate accordi ng ly.

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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 24th day of April, 2023) .

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/7Y'-*,/ (Ra{TIESHWAR KOTHE) PRESIDING OFFICER

City Union Bank Limited v. Hemachandra Naidu

Case brief

What is this about?

What did the court decide?

City Union Bank Limited v. Hemachandra Naidu

Case brief

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What did the court decide?

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