Allowed

Indian Overseas Bank v. Tirumalesh Pasuvula Dana and Processing Unit

DRT6 Mar 2023OA/172/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by Indian Overseas Bank for recovery of loan dues from three defendants. The court held the defendants jointly and severally liable to pay the principal, future interest, costs, and proceeded against the secured assets.

What did the court decide?

Defendants to pay Rs.44,02,765/- with future interest and costs; bank entitled to proceed against secured assets and defendants' properties.

Indian Overseas Bank versus Tirumalesh Pasuvula Dana and… — Execution and Attachment | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 6TH DAY OF MARCH, 2023

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

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OA. No. 172 OF 2022

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Indian Overseas Bank Nandyal Branch Nandyal - 518 501 Kurnool District, A.P. Rep. by its Senior Manager & Power of Attorney Holder. ....Applicant.

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Versus

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M/s. Tirumalesh Pasuvula Dana & Processing Unit, Sy. No.273/AL Chindukuru Village, GadivemulaMandal, Kurnool Dist. A.P. 518 511 Andhra Pradesh - Rep. by its Proprietor - Sri S. Nagarjuna Reddy S/o S. Brahmananda Reddy

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Sri S. Nagarjuna Reddy S/o S. Brahmananda Reddy Aged about 37 years Occ: Business, R/o 4-LL7 Chindukuru Village, GadivemulaMandal, Kurnool Dist. Andhra Pradesh - 518 511.

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Sri S. Brahmananda Reddy S/o Sri Vengal Reddy Aged about 69 years Occ: Business, Rlo 4-L77 Chindukuru Village, GadivemulaMandal, Kurnool Dist. Andhra Pradesh - 518 511.

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...Defendants.

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Counsel for the Applicant : Mr. Gampa Rangaiah. Defendants : Ex-partedw

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oA.r72l2022

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:: ORDER^::

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T. The Applicant^{Bank filed the present OA for the recoveryof a} total sum of^{Rs.44,02,7651-le , Rs 15'10'393/-towardsTerm} Loan-I Account^{and Rs'28,92,372l- towardsTermLoan-II} Account from^{the Defendants1 to 3 jointlyand severallywith} future interest^{@10.450/op.a. and 8 6090 p a respectivelywith} monthly^{rests and costs from01 03 2022 till the dateof} realisation^{and for sale OA schedule properties'}

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The summons^{sent to defendants 1 to 3 returned "refused"'} hence^{they are deemed to be served'Theywere set exparte on} f8.7o.2022^{as called absent and no representation'}

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Madhusudan^{Mahali, Senior}

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1. The APPlicant^{Bank examined} 21 documents^{through himas}

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Manager^{as AW-1 and marked} Ex.A.1 to^{Ex. A.21.}

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Heard the^{Ld. Counselfor the} Applicant^{Bank and} Perused^the material Placed^{on record'}

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The^point that^{arises for conslderationis:-}

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Whether the^{Applicant Bank is entitled} for the claim^{made in the OA against} the Defendants^{and OA schedule} properties as^{prayed or?}

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As stated^{supra, the Defendants remained ex-parte'The} Evidence Affidavit^{coupledwith the recitalsin the documents} viz., Exs. A.1^{to A.21 markedon behalf of the Applicant Bank} clinches the^{claimof the Applicant Bank againstthe defendants} jointly and severally^{for payment of OA claim' Hence' I hold} ,.Av/.a /'./ - k'

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oa.t72l2o2z

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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.772/2022 ls allowed as under: -

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i) The defendants 1to 3 are jointly and severally liable to pay Rs.44,O2,765/- to the Applicant Bank wlth future interest @8.600/0 p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecation/ mortgage oF Schedules A & B assets 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 against the person and properties of the defendants for realization of its dues;

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iv) the applicant bank is entitled for the costs.

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The Applicant Bank ls 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, transcribed by him, corrected, signed and pronounced by me in the open court on this the 5rh day of March, 2023) .

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TYtlt,z tr-t>)

¶34

ESHWAR KOTHE) PRESIDING OFFICER

Indian Overseas Bank v. Tirumalesh Pasuvula Dana and Processing Unit

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. Tirumalesh Pasuvula Dana and Processing Unit

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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Case details

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