Allowed

Punjab National Bank v. Peruri Saidulu

DRT27 Sept 2023OA/193/2022

Case brief

AI extract

What is this about?

Allowed an original application by Punjab National Bank for recovery of Rs.61,38,255/- plus interest and costs from two defendants, who remained absent. Held defendants jointly and severally liable.

What did the court decide?

Directed defendants to pay Rs.61,38,255/- with interest; permitted bank to proceed against defendants' property; awarded costs and directed issuance of Recovery Certificate.

Punjab National Bank versus Peruri Saidulu — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 27th DAY OF SEPTEMBER, 2023

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PRESENT: SH. MMESHWAR KOTHE, B.Com., L.LB. (Hons.), I4.A. PRESIDING OFFICER

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Original Application No: 193 OF 2022

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Punjab National Bank, Circle SASTM, Hyderabad.. Rep. by Chief l"'lanager and Power of Attorney Holder.

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.....Applicant.

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Versus

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1.PeruriSaidulu
S/o.Perurilvlattaiah, R/o.New Janpahad, Nereducherla Mandal,Nalgonda-508218.
2.M/s.CGRCollaterallvlanagement Ltd, 4O7-LO2,4thFloor,KJCity Tower, Ashok Marg,C-Scheme, Jaipur,Rajasthan-302001. ...Defendants
Counselfor theApplicant :Mr.MannavaSravan Kumar
Defendants :Exparte

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:: ILLLEB ::

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The Applicant Bank filed the^{presentoA for the recovery a total} sum of Rs.61,38,255/- trom the^{defendants jointly and} severally with future^Interest @^{10.90o/o p.a. compounded} Q/*'r

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oA.NO.193/2022

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monthly including penal interest 2o/o from the date of application till the date of realization along with costs.

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They were set exparte on 06.03.2023 as called absent and no representation.

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The Applicant Bank examined N. Chandra Sekhar. Manager, as AW-1 and marked 7 documents through him as Ex. A.1 to Ex.

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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 entitled for the claim made in the OA against the Defendants?

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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.7 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy 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 Originat Apptication No.193/2022 is allowed as under: -

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i) The Defendants are joinHy and severally liable to pay to the Applicant Bank a sum of Rs.61,38,255/- with future interest @ . a^w'*Lt

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oa-No-t9312O22

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10.90olo simple from the date of application till the date of realization;

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

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iv) the applicant bank is entiued for the costs.

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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 276 day ofSeptember, ZO23).

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ESHWAR KOTHE) PRESIDING OFFICER

Punjab National Bank v. Peruri Saidulu

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Peruri Saidulu

Case brief

What is this about?

What did the court decide?

What the court decided

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Parties & counsel

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