Allowed

Union Bank of India v. M/S. Sriven Life Science Private Ltd.

DRT27 Jul 2023OA/171/2022

Case brief

AI extract

What is this about?

In an ex-parte original application under the SARFAESI Act, the Tribunal allowed recovery of Rs. 47,22,092.79 with future interest and costs against three defendants. The court held the defendants jointly and severally liable to pay the bank dues. A recovery certificate was issued.

What did the court decide?

Declarations of joint and several liability to pay Rs. 47,22,092.79 with interest; entitlement to proceed against persons and properties; costs.

Union Bank of India versus M/S. Sriven Life Science Private Ltd. — Banking and Recovery | DRT (2023)

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IN THE^{DEBTSRECOVERYTRIBUNAL'IIAT HYDEMBAD} DATED^{THIS THE27th DAYOF ]ULY' 2023} PRESENT:^{sH. RAMESHWaR KorHEiFratff'} '^{L LB' (Hons )' M'A'}

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Original^{ApplicationNo: L77 of 2022}

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Union^{Bank Of India,} MadhaPur^Branch, Ranga^{ReddyDistrict,} Hvderabad. Represented^{bY Chief Manager}

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......ApPlicant

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VERSUS
1. M/s. Sriven Life Science Private LTD'
Reo. bv its Director
eeod dffice Plot No. D-24, Phase-v'
IDi leedimetla, HYderabad'
2. G. Veera Venkata Srinivas Rao'
S/o G. SatyanaraYana'
Aqed: Major, Occ: Business'
#-Plot No.5O5, Raaga Manor,
lai Bharathi Nagar, Nizampet,
KukatpallY, HYderabad-500085'
3. KadiYala Indira
w/o. G. Veera Venkata Srinivas Rao
Aged: Major, Occ: Business,
#Plot No.505, Raaga Manor,
Jai Bharathi Na9ar, NizamPet,
KukatPallY, HYderabad-500085'
.......Defendants

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OA o.U1l202:-

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Counsel for the Applicant : Mr. P. Balaji Counsel for the Defendant :Ex-Parte

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ORDER

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The Applicant Bank filed the present OA for the recovery of a total sum of Rs. 47,22,Og2.19ps from the Defendants joinuy and severally with future interest @ 13.20olo with monthly rests from the date of this Application till the date of realization along with costs.

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Summons served on D1 to 3 through paper publication, the

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defendants were set exparte on 19.09.2022 as called absent

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and no representation.

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The Applicant Bank examined Thalla Raju, Chief Manager as AW-1 and marked 13 documents through him as Ex. A.1 to Ex. A. 13.

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Heard the Ld. Counsel for the Applicant Bank, perused the

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material placed on record.

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The point that arises for consideration is:

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Whether the Appticant Bank is enti ed for the claim made in the OA against the Defendang and mortgage^-of properties?

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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.13 marked on behalf of the Applicant Bank ,d>:rv

(-.'t1"

OA No,7711202c-

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 wlth future interest and costs.

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In the result, the present Original Application No.17112022 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 47,22,O92.79ps with future interest @ !1.2Oo/o p.a. simple from the date of application till the date of realization;

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

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iii) the applicant bank is entitled for the costs.

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The Applicant Bank is directed to file Cost l"lemo within 2 weeks from the date of receipt of this Order.

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o Issue Recovery certifi cate accordingly.

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Communicate a copy of this order to the^parties concerned. (Didated to the steno, corrected, sign€d and paonounced by me in the open court on thisthe 27rh day ofJuly,2023).

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,x6:'ffr ESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. M/S. Sriven Life Science Private Ltd.

Case brief

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Union Bank of India v. M/S. Sriven Life Science Private Ltd.

Case brief

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