Allowed

State Bank of India v. Sri Niraj Sharma

DRT25 Sept 2023OA/173/2023

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application filed by State Bank of India for recovery of a total sum of Rs. 1,73,00,000/- from three defendants. The defendants were absent, and the Court found the evidence sufficient to establish joint and several liability with interest and costs.

What did the court decide?

Defendants directed to pay Rs. 1,73,00,000/- jointly and severally with future interest at 8.75% p.a. from the date of application till realization, along with costs.

State Bank of India versus Sri Niraj Sharma — DRT (2023) — LawSathi Research

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IN THE DEBTS RECOVERY^{TRIBUNAL.IIAT HYDERABAD} DATED THIS THE 25th DAY OF^{SEPTEMBER,2023}

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

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Original Application No: L73^{OF 2023}

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State Bank of India, Corporate Salary Branch, Ground Floor, Sri Arcade Building, Jaybheri Enclave, Gachibowli, Hyderabad.

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Rep. by its Branch Manager.

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.....Applicant.

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Versus

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Sri. Niraj Sharma,

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Occ: Service,

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S/o. Sri. S.S.Sarma. R/o. A1-901, Ramky Towers Elite, Gachibowli, Hyderabad-500032.

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And Also at:

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Sri. Niraj Sharma, F-601, Akme Ballet,

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Outer Ring Road, Doddanekundi, Behind Total Mall, Bangalore North, Karnataka-5600037.

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lYrs. Anita Sharma, Occ: Service, W/o. Niraj Sharma, R/o. A1-901, Ramky Towers Elite, Gachibowli, Hyderabad-500032.

And Also at:

Mrs. Anita Sharma,

e'W"u

oA.NO.173/2023

W/o. Niraj Sharma, House No. 470, Sector_31. Faridabad I21OO3, Haryana.

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M/s. Universal Realtors pvt. Ltd., Rep..by its Director Sri Vinod Saiianey, ptot No. 25, lsr Floor, Sri. Ganesh Magnum Opus, ]:Ilh"ii^{El.]3yg DLF Road, Gachibowii,} Hyderabad-500032.

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And also at: M/s. UniversalRealtors pvt. Ltd. Office, Lr::,.,::11"t::^{ProjectMain Entrance Gate,} t,esroesJaybheri Nexa Showroom, Jayheri Enclave Gachibowli. Hyderabad-500032.

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... Defendants

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Counsel for the Applicant

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Defendants

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lvlr. M.V. Janaki Ram

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Exparte

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:: oRDER::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs. 1,g7,O0,OOOI_ from the defendants 1 to 3 joinuy and severally i.e. Rs. 1,73,A5,247/_ from defendants 1 and 2 joinuy and severally and entire debt of Rs. 1,87,00,000/- from defendants no.3 with future interest @ g.75olo p.a. with monthly rests from the date of application till the date of realization along with costs.

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Summons served on D1 to 3. They were set exparte on 20.O4.2O23 as called absent and no representation.

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The Applicant Bank examined P. Madhava Rao, Manager, as AW-1 and marked 22 documents through him as Ex. A.1 to Ex.

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4.22. AY*'

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oA.NO.17312023

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Heard the Ld. Counsel for the Applicant Bank and 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 enti ed for the claim made in the OA against the Defendants?

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As stated supra, the Defendants remained ex-parte. The Evidence Amdavit coupled with the recitals in the documents viz., Exs. A.1 to A.22 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinfly 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.17312023 is allowed as under: -

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i) The Defendants 1 to 3 are joinuy and severally liable to pay to the Applicant Bank a sum of Rs. f ,B7,OO,O0O/_) defendants 1 & 2 shall be tiable to pay Rs. 7,73,85,247/- and i.e. 3.d defendant shall be liable to pay entire debt of Rs. 7,B7,OO,OOOI- with future interest @ 8.75olo 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 1 to 3 for realization of its dues; $a*

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oA.NO.173/2023

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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 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 September, 2023) .

¶46

frry^"* (RXN4ESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. Sri Niraj Sharma

Case brief

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State Bank of India v. Sri Niraj Sharma

Case brief

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