Allowed

Bank of India v. Marvel Precision Engineering

DRT17 May 2023OA/331/2022

Case brief

AI extract

What is this about?

DT II Hyderabad allowed OA no. 331/2022 filed by Bank of India for recovery of Rs. 20,22,337.73 from respondents who remained ex parte, holding the claim secured by asset hypothecation.

What did the court decide?

Respondents to pay Rs. 20,22,337.73 with future interest at 10.80% p.a.; bank entitled to proceed against secured assets and defendants' properties; cost memo to be filed within 2 weeks; Recovery Cert

Bank of India versus Marvel Precision Engineering — Contract and Commercial Disputes | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

¶2

DATED THIS THE 17th DAY OF MAY, 2023

¶3

PRESENT: SH. RAI4ESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

¶4

Original Application NO. 331 OF 2022

¶5

Bank of India, Kompally Branch, lvledchel lvlalkajgiri District. Represented by its Principal Officer and GPA Holder Shrl Danduboina Sita Rama Raju, Chief Manager.

¶6

...Applica nt

¶7

Versus

¶8

lvl/s.14arvel Precision Eng ineering
Proprietor lvlr. Rohit Dunga la,
Plot No.198/6, Phase-2,
IDA patancheru,
H ydera ba d - 5 0 2 3 00.
2. lvlr.Rohit Du nqa la,
R/o. H. No.2- H H/440,
Street No.9, HMT
Swarna puri Colony,
Miyapur, Hyderabad-500049.
.. Defenda nts
Counsel for the Applicant ; Ms,K.Indira
Defendants : Exparte

¶9

:: qLLEB_::

¶10

The Applicant Bank filed the present OA for the recovery of a sum of Rs.zo,22,337.73 from the defendants^jointly and severally with ,ps lffi*

¶11

OA.No.331/2022

¶12

interest @ 10.80o/o per annum along with penal interest @ 2olo per month from the date of Application till the date of realisation along with costs, and in default, for sale of OA schedule assets.

¶13

The defendants 1 and 2 served summons through paper publication. The defendants were set exparte on 06.03.2023 as called absent and no representation.

¶14

The Applicant Bank examined D.Hari Babu, Credit lvlanager, as AW1 and marked 27 documents through him as Ex. A.1 to Ex. 427.

¶15

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

¶16

The point that arises for consideration is:-

¶17

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

¶18

As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A27 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are liable to pay the OA claim to the Applicant Bank with future interest and costs.

¶19

In the result, the present Original Application No.331/2022 is allowed as under: -

¶20

i) The Defendants are liable to pay to the Applicant Bank a sum of Rs.20,22,337.73ps with future interest @ (ru*

¶21

OA.No.331/2022

¶22

10.80o/o p.a. simple from the date of application till the date of realization;

¶23

ii) the OA claim is secured by way of hypothecation of assets as described in the schedules annexed to the OA and the applicant bank is entitled to^proceed against the same to realise its debt;

¶24

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

¶25

iv) the applicant bank is entitled for the costs.

¶26

B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶27

Issue Recovery Certificate accordingly.

¶28

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 17th day of May, 2023)^.

¶29

Ow,* 1nJ(wesnwnR^KorHE) PRESIDING OFFICER

Bank of India v. Marvel Precision Engineering

Case brief

What is this about?

What did the court decide?

Bank of India v. Marvel Precision Engineering

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Sri M Anil Kumar versus Bank of Baroda

Shailendra S/O Purushottam Mangal, versus State Bank of India

Hdfc Bank versus M/S Santpal Singh

Bank of Baroda versus M/S R. R. Enterprises

Punjab National Bank versus Sukhwant Singh

Sanjay Gokal @ Sanjay Sharma versus Tata Capital Housing Finance Limited