Allowed

Union Bank of India v. Nuthi Subba Rao

DRT24 Apr 2023OA/2/2022

Case brief

AI extract

What is this about?

DRT allowed the bank's Original Application for recovery of ₹276,70,631/- towards loans from two defendants. The court found defendants jointly and severally liable based on evidence filed, ordering payment with interest and costs, and issuance of a Recovery Certificate.

What did the court decide?

Defendants to pay ₹2,76,70,631/- with interest; OA claim secured by mortgage; Recovery Certificate issued; Costs awarded.

Union Bank of India versus Nuthi Subba Rao — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 24TH DAY OF APRIL, 2023

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (HonS.), IV].A. PRESIDING OFFICER

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oA. NO. 20F 2022

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Union Bank of India ( E-Andhra Bank) Khairatabad Branch Hyderabad-500004 Rep. by its Chief lvlanager. .....Applicant.

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Versus

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Mr. Nuthi Subba Rao @^M/s. N. Subba^Rao S/o Veeraiah, Age: 76 years # 18- 191, Opp: Saibaba Temple Shadnagar, Farooqnagar Mahaboobnagar - 509 216, T.S. 2. Mr. Bandla Nageswara Rao S/o Raghavaiah, Major # 18- 191, Opp: Saibaba Temple Shadnagar, Farooqnagar N4ahaboobnagar - 509 216, T.S. ... Defenda nts.

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Counsel for the Applicant : Mr. Srinivasa Rao Chakrala. Defendants : Exparte

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:: (LB.D.LB :J 1. The Applicant Bank filed the^present OA for the recovery of a total sum ot Rs.z,76,70,631/- i.e., Rs.1,50,50,848/- towards Open Cash Credit Account, Rs.94,45,059/- towards Worklng Capita Term Loan account and Rs.31,74,724l- towards Term

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oA.2l2022

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Loan account from^{the defendants from the date of application} till the date of^{realisationalongwith costs and sale of OA} schedule ProPerties.

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The defendants^{servedwith summonsAfter forfeitingtheir} right to file^{Written Statement,the defendants were set exparte} on 09.17.2022^{as called absentand no representation}

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The Applicant^{Bank examined A. K Sekhar, Chief Manager, as} AW-1 and marked^{47 documentsthrough her as Ex A l to Ex'} A.47 .

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Heard the Ld. Counsel^{for the Applicant Bank,perused the} written arguments filed^{by the applicant bank and the material} placed on record

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

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Whether the Applicant^{Bank is entitled} for the claim^{madein the OA against} the Defendants and^{OA schedule} properties?

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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.47^{marked on behalf of the ApplicantBank} clinches the claim^{of the Applicant Bank against the Defendants'} Hence, I hold that^{the Defendants are jolntlyand severallyliable} to^pay the OA claim to^{the Applicant Bank with futureinterest} and costs.

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In the result,^{the present OriginalApplication No'212022is} alowed as under: - AY.*t

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oA.2l2022

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.2,76,7O,637/- i.€., Rs.1,50,50,848/towards Open Cash Credit Account, Rs.94,45,059/- towards Working Capita Term Loan account and Rs.31 ,74,724/- towards Term Loan account with future interest @11.25olo^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 mortgage of properties as described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debt;

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

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iv) the applicant bank is entitled 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 according ly.

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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 thisthe24hdayof April,2023)

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O,,Xfrr,r, (RAfrESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. Nuthi Subba Rao

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Nuthi Subba Rao

Case brief

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What did the court decide?

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