Allowed

Karnataka Bank Limited v. Ms Nine Projects

DRT9 Mar 2023OA/311/2022

Case brief

AI extract

What is this about?

In Writ No. 370 of 2022, the Debts Recovery Tribunal allowed the bank's original application for recovery of dues from defendants who appeared ex-parte. The court directed joint and several liability payment and secured the claim via mortgage properties.

What did the court decide?

Defendants held jointly and severally liable to pay Rs.3,78,51,273.66 with future interest; claim secured by mortgage; Recovery Certificate issued.

Karnataka Bank Limited versus Ms Nine Projects — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE^gTH DAY OF MARCH, 2023

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

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oA. NO. 37r OF 2022

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M/s. Karnataka Bank Limited Door No. l6-L1-740/8/7 A CMR Soni Arcade Near Metro Pillar No.A 1519 Gaddiannaram, Dilsukhnagar Hyderabad - 500 060. Rep. by its Branch Manager.

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....Applicant.

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Versus

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M/s. Nine Projects Plot Nos. 4, 5, B & 9 Madhumitra Builders Green Hills Colony Saroornagar Hyderabad - 500 035.

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Sri Cherukupally Srikanth S/o Sri Cherukupally Suryanarayana Aged about 36 years, Occ: Business R/o H. No. L2-94/2 Srinivasa Nagar Near Gowrinadha Hospital Kodada Mandal, Kodad Nalgonda - 508 206.

¶9

Sri Tadakamalla RajendraKumar S/o Sri Tadakamalla Sudhakar Rao Aged about 51 years, Occ: Business R/o H. No. 7-8-t02/A Srinagar Colony, Panagal Road Nalgonda - 508 001. . . . Defen da nts.

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oA.3tLl2022

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Cou nsel for the Applicant : lYr. G. Ramesh Babu. Defendants i Ex-parte

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::^qLLEB-::

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The Applicant Bank filed the^present OA for the^recovery of^a sum of Rs.3,78,5 7,273.66Ps from the^{Defendantsjointlyand} severally with future interest @15.30o/o^{p.a. compounded} monthly rests from 01.05.2022 till the date of^reallsation along with costs and for sale of OA schedule^properties.

¶15

The summons to 1't defendant returned as unclaimed and hence deemed to have been served, summons to D2 served through^{paper publlcation} and summons to D3^served. All^the defendants were set exparte on 06.09.2022 as called absent and no representation.

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The Applicant Bank examined Amarnath, Branch Manager as AW-1 and marked 15 documents through him as Ex. A.1to Ex. A.15.

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Heard the Ld. Counsel for the Appllcant 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 properties as prayed for? 7X\1w(P /:'/ ' "'o:' '

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oA.3LL{2022

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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.15 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.

¶22

In the result, the present Original Application No. 311/2022 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.3,78,51,273.66Ps with future interests @9.80%^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 mortgage of properties described in the schedule annexed to OA and the applicant bank is entitled to proceed against the same to realise its 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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oA.3LL|2072

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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 pronounced by me in the open court on this the 9th day of March, 2023).

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fu*

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Karnataka Bank Limited v. Ms Nine Projects

Case brief

What is this about?

What did the court decide?

Karnataka Bank Limited v. Ms Nine Projects

Case brief

What is this about?

What did the court decide?

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