Allowed

Punjab National Bank v. Teegala Vijaya

DRT20 Apr 2023OA/215/2022

Case brief

AI extract

What is this about?

Drtn-II at Hyderabad allowed the bank's application for recovery of Rs. 24.58 million plus interest and costs. The court held defendants liable based on an ex-parte order and examined evidence annexed to the application, directing the bank to proceed against hypothecated assets and properties.

What did the court decide?

Defendants directed to pay Rs. 24,58,024.25 plus future interest at 11.75% p.a.; OA claim secured by hypothecated assets; bank entitled to proceed against defendants' properties; recovery certificate

Punjab National Bank versus Teegala Vijaya — Execution and Attachment | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 2OTH DAY OF APRIL, 2023

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

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oA. NO. 2r5 0F 2022

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Punjab National Bank (E. United Bank of India) L.B. Nagar Bra nch Rep. by its Chief Manager Circle SASTRA - Hyderabad Regency Plaza, lvlaitri Vihar Area Gayatri Nagar/ Plot No.3 Ameerpet, Hyderabad-500038.

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...Applicant

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Versus

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lY rs. Teegala Vijaya W/o lvl r. Teegala Naveen

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Prop: M/s. Vijaya Creations

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Flat No. 203, Vijaya Vihar Apartments

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H. No. 4-70, Dilsukh Nagar

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Opp: Dilsukhnaga r Public School

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Hydera bad - 500 060.

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Also at:

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H. No. 12- 1-871/C- 145 Sy. No.58, Fath u llaguda Ja ipuri Colony, Nagole Uppal Manda I Ranga Reddy Dist.500068.

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[4r. Teega la Naveen S/o Teegala Anjaia h H. No. 12- 1-87UC-145

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Sy. No.58, Fath u llaguda Jaipuri Colony, Nagole Uppal Manda I Ranga Reddy Dist.500068. \

.... Defenda nts.

oA.ztsl2o2z

Counsel^{for the APPlicant} Defendants

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: Mr. Srinivasa^{Rao Chakrala.}

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: Exparte.

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:: ORDER::

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The Applicant^{Bank filed the present OA for the recoveryof a} sumofRs.24,5B,O24.25Psfromthedefendantswithinterest @11.75olo^{p.a. from 37.0L.2022 till the date of realisationalong} with costs and^{sale of OA schedule assets'}

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The defendants^{served summonsthrough paper publication'} The defendants were^{set exparte on 23'09'2022as called} absent and^{no rePresentation.}

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The Applicant^Bank examined Sudesh^{KumarMeshram,Law} Officer, as AW-1^and marked 21 documents^{through him as Ex.} A.1 to Ex. A.21.

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Heard the Ld. Counsel^{for the Applicant Bank and perused the} written arguments^{and the materialplaced 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 and OA^schedule assefs as PraYed?

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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.21 marked on^{behalf of the Applicant Bank} clinches the claim of the^{Applicant Bank against the Defendants.} /x{Y-rb I / // /,/ v\n'^(-/

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¶32

oA.27512,022

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Hence, I hold that the Defendants are 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.2t5/2022 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.24,58,024.25Ps of with future interest @11.750lo^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 of assets described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its balance dues;

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iii) 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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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 20th day of April, 2023) .

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UK!*

¶43

(RAMESHWAR KOTHE) PRESIDING OFFICER

Punjab National Bank v. Teegala Vijaya

Case brief

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Punjab National Bank v. Teegala Vijaya

Case brief

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