Allowed

Union Bank of India v. Sona Fashions

DRT25 May 2023OA/156/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of a debt exceeding 52 lakh rupees. Relying on evidence and documents marked on record, the Tribunal held the defendants jointly and severally liable, ordered interest at 10.85%, and directed issuance of a recovery certificate.

What did the court decide?

Defendants are jointly and severally liable to pay Rs. 52,31,963.19 with future interest at 10.85% p.a.; bank entitled to proceed against mortgage property and defendants' assets; Recovery Certificate

Union Bank of India versus Sona Fashions — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 2STH DAY OF MAY, 2023

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

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oA. NO. 156 0F 2022

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Union Bank of India (e-Andhra Bank) Assets Recovery Branch (ARB)^- Hyderabad, 249/3RT. l't Floor S.R. Nagar, Hyderabad-500038 Rep. by its Authorised Officer. ....Applicant. (Amended as per order dated 07,02.2023 in IA.263/2023).

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Versus

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M/s. Sona Fashions - Rep. by its Proprietor Mr S. Sudhir Kumar S/o S. Krishna Rao Aged about 59 years Occ: Business Shop No. 115 & 116 Nakoda Complex Hanuman Tekdi, Hyderabad - 500 01 Telangana State.

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Mr S. Sudhir Kumar S/o S. Krishna Rao Aged about 59 years Occ: Business Shop No. 115 & 116 Nakoda Complex Hanuman Tekdi Hyderabad - 500 01 Telangana State. 4*ry-^ ' / --r'.9.))

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oA.756/2022

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Mrs. S. Neeraja W/o S. Sudhir Kumar Aged: 54 years Occ: Business R/o H. No.4-1-1056 Boggulkunta, Tilak Road Hyderabad - 500 001. Telangana State. ... Defendants. Counsel for the Applicant : Ms. Tarangini Pisipati. Defendants i Ex-parte.

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... Defendants.

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:: ORDER ::

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The Applicant Bank filed the present OA for the recovery of a sum of Rs.52,31,963.19Ps with future interest @12.85o/o p.a, with monthly rests, from the Defendants 1 to 3 jointly and severally from 01.03.2022 till realisation along with costs and sale of OA schedule property.

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The defendants 1 and 2 served summons through paper publication, whereas 3'd defendant was served with summons. The defendants were set exparte on 27 .t0.2022 as called absent and no representation.

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The Applicant Bank examined Pramod Singodia, 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 and perused the and material placed on record.

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The point that arises for consideration is:- lwu-A

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oA. t56l2q22

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and the OA schedule property 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.19 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.156/2022 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.52,31,963.19Ps with future interest @10.85% p.a. simple from the date of appllcation till the date of realization;

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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 to realise its dues;

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iii) the applicant bank is also entitled to^proceed against the person and^properties of the defendants for realization of its dues; and

ffiq*

oA. 7s612022

lv) 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. (Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 25th day of May, 2023).

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W'!* MESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. Sona Fashions

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Sona Fashions

Case brief

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What did the court decide?

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