Allowed

Union Bank of India v. Wiarar Pharma Chem

DRT15 May 2023OA/268/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed Application No. 268/2022 filed by Union Bank of India to recover over Rs. 1.34 crore with interest and costs. The Tribunal, noting the defendants appeared ex-parte, held them jointly and severally liable based on the evidence filed by the bank.

What did the court decide?

The defendants were ordered to pay Rs. 1,34,38,880.70 with future interest at 2% p.a., along with costs, secured by the mortgaged property. A Recovery Certificate was issued.

Union Bank of India versus Wiarar Pharma Chem — Banking and Recovery | DRT (2023)

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IN THE DEBTS^{RECOVERY TRIBUNAL-II AT HYDERABAD} DATED THIS THE^{15THDAY OF MAY,2023}

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

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oA. No. 268^{OF 2022}

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Union Bank^{of India} (e-Andhra Bank) Santoshnagar^Branch Hyderabad Rep. by its^{BranchManager.}

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....Applicant.

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Versus

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M/s. Wiarar Pharma^Chem, Rep by its Managing^Partner Yaddala Ramana^ReddY S/o Dasarathram^{ReddY,Flat-216} Endicos County^APartments #7 -2-1793194,^StreetNo'1 Czech ColonY,^{HYderabad-500072'}

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Also at:

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M/s. Wiarar Pharma^Chem. ReP bY its Managing^Partner Yaddala Ramana^ReddY S/o Dasarathram^ReddY Plot No. 60, SY'^{Nos. 305,} 306, 308 Part^{and 312} S.V. CooP Industrial^Area IDA, Jeedimetla QuthbullaPur^Mandal Hyderabad - 500055.N,*

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0.A.268/2022

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Mr. Surasani Naryana Reddy S/o Venkataswamy Reddy Flat -207, APEX Residency Opp: SBH Bank, Anandanagar Colony Khairatabad, Hyderabad-500004

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Mr. Maddala Ramesh Reddy S/o Ramakrishna Reddy #B-2-601/B/22 Bhanu Coop Society Road No. 10, Banjara Hills Hyderabad - 500 034. ... Defendants. Counsel for the Applicant : Mr. Srinivasa Rao Chakrala. Defendants : Ex-parte.

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:: ORDER ::

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The Applicant Bank filed the present OA for the recovery of a sum of Rs.1,34,38,8g0.70ps from the Defendants joinUy and severally with further interest @t2.75o/o p.a. from 02.03.2022 till the date of rearisation arong with costs, and sare of oA schedule property.

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The defendants served summons through paper publication.

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The defendants were set exparte on 27.09.2022 as called absent and no representation.

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The Applicant Bank examined Gauri Shankar Prasad, Branch Manager as AW-1 and marked 30, documents through him as Ex. A.1 to Ex. A.30. wo

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0.A.26812022

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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 entitled for the claim made in the OA against the Defendants and OA schedule property as prayed for?

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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.30 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.

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In the result, the present Original Application No.26812022 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.1,34,38,880.70Ps with future interest @l2o/o p.a. simple from the date of application till the date of rea lization;

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ii) the OA claim is secured by way of mortgage of property described in the schedule annexed to the OA and the applicant bank is entitled to^proceed againsr the same to realise itt au"t7/ffi*

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0A.2.6812022 -

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iii) the applicant bank is also entitled to proceed against the person and propefties of the 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 accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno., transcribed by him, corrected, signed and pronounced by me in the open court on this the 15th day of May, 2023).

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Ow"'" (RAMESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. Wiarar Pharma Chem

Case brief

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Union Bank of India v. Wiarar Pharma Chem

Case brief

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