Allowed

Union Bank of India v. Babuji Enterprises

DRT26 Sept 2023OA/272/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Union Bank of India against M/s. Babuji Enterprises. Since the defendant remained in ex-parte, the Tribunal held the defendant liable to pay the claim secured by assets.

What did the court decide?

Defendant directed to pay Rs. 29,89,269.71 with future interest at 12.45% p.a.; bank entitled to proceed against schedule assets, defendant's properties, and awarded costs.

Union Bank of India versus Babuji Enterprises — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 26th DAY OF SEPTEIYBER, 2023 PRESENT; SH. MMESHWAR KOTHE, B.Com., L.LB. (Hons.)_ M.APRESIDING OFFICER

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Original Apptication No: 212 OF 2022

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Union Bank of India (Formerly Andhra Bank) IDA, Cherlapatly, Hyderabad-500051 Telangana State. Rep by its Chief Manager .....Applicant. Versus M,/s. Babuji Enterprises, Proprietor: Kadiyala Babu, S/o. Late Kadiyata yadaiah, Aged: 48 Years, plot No. 54, Phase-IV, IDA, Cherlapally, Hyderabad-5000 51 . And also at: lvlls. Babuji Enterprises, Proprietor: Kadiyala yadaiah, Aged; 48 Years, # 2-Z-4, Phase-I, Near Bus Stop, Pedda Cherlapatty, Ghatkesar-501301. ...Defendant

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Counsel for the Applicant : Mr,Srinivasa Rao Chakrala
Defendants
: Exparte
Ow*

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oa.NO.272lm22

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:: ORDER::

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The Applicant^{Bankfiled the presentOA for the recoverya total} sum^{of Rs.29,89,26971ps i'e a sum of Rs' 9'58'680'46psand} Rs. 20,30,589.2sps^{as on 28 03 2022 from the defendantwith} future^{interest@ 13o/o p a' with monthlyrests from 2a'O3'2O22} tillthedateofreallsationalongv{ithcostsandindefaultfor sale of^{OAscheduleassets'}

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) Summons^{served on soledefendant' They were set exparteon} 28.Og.2OzZ^{as called absent and no representation'}

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The^{Applicant BankexaminedVijay KumarGukanti'Asst'} Manager,^{as AW-1 and marked 15 documents through her as} Ex. A.1^{to Ex.A.15'}

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Heard the^{Ld' Counsel for the Applicant Bankand perusedthe} material Placed^{on record'}

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The^{pointthat arisesfor consideration ls:-}

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Whether^{the Applicant Bank is entitled} for the^{claimmadein the OA against} the^{Defendant and OA schedule} assets?

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As stated^{supra, the Defendant remained ex-parteThe} Evidence^{Affidavitcoupledvvith the recitals in the documents} viz., Exs.^{A.1 to A'15 marked on behalf of the ApplicantBank} clinches^{the claim of the Applicant Bank against the Defendant'} Hence, I^{hold that the Defendant is liableto pay the OA claim to} the Applicant^{Bankwith future interest and costs//X lt} 2i\ /'," '{hq'' '

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oa.No.272/2022

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In the result, the present Original Application No.272/2O22 is allowed as under: -

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i) The Defendant is tiabte to pay to the Applicant Bank a total sum of Rs.29,89,269.71ps i.e. a sum of Rs. 9,58,680.46ps and Rs. 20,30,589.2sps with future interest simple @ 12.45olo from the date of application till the date of realization;

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ii) the OA claim is secured by way of pledged/hypothecation/mortgage of assets described in the schedules annexed to the OA and the applicant bank is entiHed to proceed against the same realise its debu

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

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iv) the applicant bank is entiued 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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C_ommunicate a copy of this order to the parties concerned, (ulctated to the steno, corrected, signed and pronounced by me in the open court on this the 26s day of September, 2023).

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OX""* 1{6esxwan xornel PRESIOING OFFICER

Union Bank of India v. Babuji Enterprises

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Babuji Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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