Allowed

Union Bank of India v. Vagdevi Innoscience Pvt. Ltd.

DRT18 Jul 2023OA/266/2022

Case brief

AI extract

What is this about?

In this Debt Recovery Tribunal case, the bank filed an original application for recovery of dues totaling Rs.72.67 lakh from corporate and individual defendants. The defendants appeared ex-parte. The court accepted the bank's evidence and held the defendants jointly and severally liable, allowing the application and directing the issuance of a recovery certificate.

What did the court decide?

Defendants jointly and severally liable to pay Rs.72,67,535.93 plus interest; Bank entitled to proceed against hypothecated assets and properties for realization; Recovery Certificate to be issued.

Union Bank of India versus Vagdevi Innoscience Pvt. Ltd. — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE l8th DAY OF JULY, 2023

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

¶3

Original Application No: 266 OF 2022

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Union Bank of India (Erstwhile Andhra Bank) SME Nacharam Branch, 9-24, Street No.1, Plot No.63, HMT Nagar, Nacharam, Hyderabad. Rep by its Authorised Officer.

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.....Applicant.

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Versus

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M/s.Vagdevi Innoscience Pvt Ltd., Represented by its Director Dr. D.Subrahmanyam, Regd. Office at H.No.1-9-32711, Ramnagar Gundu, Hyderabad-500044.

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Also at:-

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Factory H.No.5-A/8, IDA Nacharam, Hyderabad-500076.

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Dr.D.Subrahmanyam S/o Mr.Someswara Rao, Aged about 57 years, Occ: Business, R/o Plot No.22, Balaji West Conty, Nizampet, Kukatpally, Hyderabad-500072.

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V.S,Aijay S/o Ramachandra Murthy Aged about 46 years, Occ: Business, R/o.H.No.302, 3'd Floor, fffi*

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0.A.26612022

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H.No.1-9-629, Sri Ram Nivas, Ram Nagar Gundu, Vidyanagar, Hyderabad-500044.

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V.S.Vijay S/o Ramachandra Murthy Aged about 46 years, Occ: Business, R/o.H.No.3O2, 3'd Floor, H.No.1-9-629, Sri Ram Nivas, Ram Nagar Gundu, Vidyanagar, Hydera bad- 500044.

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. . . Defendants

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Counsel for the Applicant Mr.Srinivasa Rao Chakrala

Defendants

:Exparte

:: ORDER::

The Applicant Bank filed the present OA for the recovery from the defendants joinUy and severally a total sum of Rs.72,67,535.93ps i.e., a sum of Rs.18,52,635/- under Open Cash Credit Account No.103113100000724, a sum of Rs.25,72,015.03ps under Term Loan-I Account No.103130100003280 and a sum of Rs,2B,42,gB5.90ps under Term Loan-II Account No.103130100003907 together with subsequent interest @ 9.650/o, 11.15o/o & 10.50o/o p.A. respectively wilh 2o/o penal interest with monthly rests from date of application till the date of realisation along with costs, and in default, for sale of OA schedule assets.

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The Summons served on D1 to 4 through paper publication. They were set exparte on 27.09.2022 as called absent and no representation.

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¶23

oA.266/2022.

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The Applicant Bank examined Rohit pandey, Chief Manager, as AW-1 and marked 35 documents through him as Ex. A.1 to Ex. A,35.

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Heard the Ld. Counsel for the Applicant Bank and perused the written arguments and material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is entitted for the claim made in the OA against the Defendants and OA schedule assets?

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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.35 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. 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 Original Application No.266/2022 is allowed as under: -

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i) The Defendants are jointly and severally . liable to pay to the Applicant Bank a total sum of Rs.72,67,535.93ps i.e., a sum of Rs.18,52,635/- under Open Cash Credit Account No.103113100000724, a sum of Rs.25,72,015.03ps under Term Loan-I Account No,103130100003280 and a sum of dx*

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0.A.26612022

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Rs.28,42,885.90ps under^{Term Loan-II} Account No'103130100003907^{with future} interest @ 9'650/o^{p.a simple from the date} of application till^{the date of realization;}

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ii) the OA^{claim issecured bY way of} hypothecation of^{assets describedin the} schedule annexed to^{the OA and the} applicant bank^{is entitledto 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^propertiesof 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 within2 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 pronouncedbyme in the open court on} this the 18ih day of^{July, 2023).}

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dw"'o

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Krrt**oR^KorHE) PRESIDING OFFICER

Union Bank of India v. Vagdevi Innoscience Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Vagdevi Innoscience Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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