Allowed

Bank of India v. M/S Sri Savitru Marketing

DRT27 Sept 2023OA/27/2023

Case brief

AI extract

What is this about?

The DRT allowed the application filed by Bank of India for recovery of Rs. 27,07,099.56 plus future interest and costs from the defaulting debtors, who appeared ex-parte. The court held the debtors jointly and severally liable based on filed evidence and ordered issuance of a recovery certificate.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 27,07,099.56 with future interest @ 7.5% p.a., costs, and execution against assets and persons.

Bank of India versus M/S Sri Savitru Marketing — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD

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DATED THIS THE 27th DAY OF SEPTEMBER, 2023

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

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Original Application No: 27 OF 2023

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BankofIn Malkajgiri Rep.byit GeneralP	dia, Branch, sPrincipalOfficer& owerofAttorneyHolder. .....Applicant.
Versus
1.	M/s. SriSavitruMarketing (Prop: Smt.L.UmaDevi) Aged:48Years, Shop No. 23, F. No.3/FF,Vasudha Residency, Opp.Foot BallGround,Trimulgherry. Secunderabad-500015.
2.	Mrs. LingalaUma Devi w/o.Ivlr.Lingala RamaMohan, Agedi 44Years,R"/o.Flat No.305, VasudhaResidency,Opp.Foot BallGround, Tirmulgherry,Secuderabad-500015.
3.	Mr.Lingala RamaMohan, S/o. SriLingala Raja GopalChetty, Aged:56Years,R"/o.Flat No.305, Vasudha Residency,Opp.Foot BallGround, Trimulgherry,Secunderabad-500015. ...Defendants
Cou	nselfortheApplicant :Ms.K.Indira
Def	endants :Exparte Ay*o

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oA.NO.2712023

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::^qB]LEB ::

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The Applicant Bank filed the present OA for the recovery of a total sum of Rs. 27,07,099.56ps from the defendants joinuy and severally with future interest @ 10.50 9o p.a. plus @ 2.00o/o penal interest with monthly rests from the date of application till the date of realization along with costs in default for sale of OA schedule property.

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Paper publication filed on D1 to 3, they were set exparte on 18.05.2023 as called absent and no representation.

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The Applicant Bank examined Sravan Kumar, Credit Manager, as AW-1 and marked 41 documents through him as Ex. A.1 to Ex. A.41.

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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 and OA schedule assets?

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As stated supra, the Defendants remained ex-parte. The Evidence Amdavit coupled with the recitals in the documents viz., Exs. A.1 to A.41 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. AYp

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oA.NO.2712023

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In the result, the present Original Application No.27 /2023 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. 27,07,099.56ps with future interest @ 7.5Oo/o 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/mortgage of assets 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 Certifi cate 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 thisthe 27sday of September, 2023) .

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Kuq,lrY ESHWAR KOTHE) PRESIDING OFFICER

Bank of India v. M/S Sri Savitru Marketing

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S Sri Savitru Marketing

Case brief

What is this about?

What did the court decide?

What the court decided

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