Allowed

Union Bank of India v. Aqua Feena Induatries

DRT13 Apr 2023OA/195/2022

Case brief

AI extract

What is this about?

The tribunal adjudicated an Original Application filed by Union Bank of India for recovery of dues from M/s. Aqua Feena Industries and its proprietor. After the defendants remained ex-parte, the tribunal upheld the bank's claim, holding them jointly and severally liable to pay the principal amount, future interest, and costs.

What did the court decide?

Defendants held jointly and severally liable to pay Rs. 55,70,011.85 with future interest and costs; recovery certificate issued.

Union Bank of India versus Aqua Feena Induatries — Contract and Commercial Disputes | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 13TH DAY OF APRiL, 2023

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PRESENT: SH. RAN1ESHWAR KOTHE, B.COM, L.LB.^{(HONS.), M.A.} PRESIDING OFFICER

¶3

oA. NO. t95 0F 2022

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Union Bank of India (Formerly Andhra Bank) Habsig uda Branch Hyderabad - 500 040 Rep. by its Chief Manager

¶5

...Applicant.

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Versus

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M/s. Aqua Feena Industries Regd. office: H.No. 12- 11- 139/4/1 Warasiguda, Jamai Osmania Raghavendra Nagar Secunderabad -Rep. by its Proprietor Mr. Neerudu Venkanna. Also at: M/s. Aqua Feena Industries Plot No. 66, Karremula Ghatkesar Mandal Ranga Reddy District. 2. Mr. Neerudu Venkanna H.No. 12- 11- 139/A/1 Warasiguda, Jamai Osmania Raghavendra Nagar Secunderabad. ... Defendants.

¶8

Counsel for the Applicant : Ms. K. Srilatha Defenda nts i Ex-parte ,,-7/trt9.. (_:,.

oa.tgsl2022

:: ORDER ::

The Applicant Bank filed the present OA for the recovery of a total sum of Rs.55,70,011.85Ps from the Defendant with future interest @13.75olo p.a. from 0f .04.2027 till the date of realisation along with costs.

¶13

The summons served on 1st defendant, whereas summons sent to 2nd defendant returned unclaimed, hence he is deemed to be served. The defendants were set exparte on 01.09.2022 as called absent and no representation.

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The Applicant Bank examined Randhir Kumar Choudhary, Senior Branch Manager-Authorised signatory as AW.1 and marked 59 documents through him as Ex. A.1to Ex. A.59.

¶15

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 as^prayed ?

¶18

As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.59 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.

¶19

/*-

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oA.Lgs/2022

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In the result, the present Original Application No. 195/2022 is allowed as under: -

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i) the Defendants are joinUy and severaily liable to pay to the Applicant Bank a sum of Rs,55,70,011.85ps with future interest @12olo p.a. simple from the date of application till the date of realization;

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

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iii) the applicant bank is entiued 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.

¶27

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 13th dayof April, 2023).

¶28

Ow*

¶29

(RAMESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. Aqua Feena Induatries

Case brief

What is this about?

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Union Bank of India v. Aqua Feena Induatries

Case brief

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