Allowed

Union Bank of India v. M/s Panuganti Tejaswi

DRT24 Nov 2023OA/338/2022

Case brief

AI extract

What is this about?

In an exparte hearing where defendants did not appear, the Debts Recovery Tribunal analyzed bank documents and evidence. The tribunal held defendants jointly and severally liable, allowing the applicant bank's claim for principal, interest, and costs secured by mortgage properties.

What did the court decide?

Order directed to pay Rs. 36,74,590.22 with future interest, allowing recovery from properties and persons, and directing filing of cost memo.

Union Bank of India versus M/s Panuganti Tejaswi — Contract and Commercial Disputes | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 24th DAY OF NOVEMBER, 2023

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), I\4.A. PRESIDING OFFICER

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Original Application No: 338 OF 2022

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Union Bank of India, SR Nagar Branch, SR Nagar, Hydera bad - 50 20 38.

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.....Applicant.

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Versus

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Ms. Panuga nti Tejaswi, D/o. Venkateswara Rao, Aged: 30 Years, Flat No. 302,

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Libra Madhehally Enclave, # L-7-7/18, Golconda X Roads,

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Musheerabad, Secu nd era bad - 500020.

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Mr. Panuganti Venkateswar Rao, S/o. Rajeswar Rao, Aged: 58 Years, Flat 302, Libra Madhahally Enclave, # 7-7-7/18, Golconda X Roads, Musheerabad, Secunderabad-500020.

¶12

Mrs. Panuganti Kavitha,

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Wo.^Venkateswar Rao, Aged: 54 Years, Flat 302, Libra Madhahally Enclave, # 7-1,-7/78, colconda X Roads, Musheerabad, Secundera bad-500020.

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... Defendants

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Counsel for the Applicant : Mr. Srinivasa Rao Chakrala

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Defenda nts tExearte OY\vt

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oA.NO.338/2022

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:: ORDER::

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The Applicant^{Bank filed the present OA for the recoverya total} sum of^{Rs.36,7 4,5g0.22psas on 13'04 2022 from the} defendants^{jointly and severally withfutureinterest@ 13'950/o} p.a. with monthly rests^frcm14 '04 '2022^{till the dateof} realization along^{with costs and in default for sale of OA} schedule^proPerties.

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Summons^{served on Dl to 3 through paper publicationThey} were set exparte^{on 14.10.2022 as called absent and no} representation.

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The Applicant^{Bank examinedUsha Rani Thota, Senior} Manager, as^{AW-1 and marked 20 documentsthrough her as} Ex. A.1 to^{Ex. A.20.}

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Heard the Ld.^{Counselfor the Applicant Bank and perused the} material^{placed on record.}

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The^point that arises^{for considerationis:-}

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Whether the Applicant^{Bank is entitled} for the claim^{madein the OA against} the Defendants^{and OA schedule} properties?

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As stated supra, the^{Defendants remalned ex-parte The} Evidence Amdavit^{coupledwith the recitalsin the documents} viz., Exs. A.1 to A.20^{markedon behalf of the Applicant Bank} clinches the claim of the^{Appllcant Bank against the Defendants'} Hence, I hold that^{the Defendantsare jointly and severally liable} AK*

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oA.NO.338/2022

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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.338/2022 allowed as under:^-

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i) The Defendant is liable to^pay to the Applicant Bank a sum of Rs.36,74,590.22ps with future interest @ 11.50o/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 moertgage of properties described in the^schedule annexed to the OA and the applicant bank^is entitled to^proceed against the same to realise its debU

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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;

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iv) the applicant bank is entitled 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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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 24th Day of November,2023).

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[4K*' (RAM-ESHWAR KOTHE)

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(RAM-ESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. M/s Panuganti Tejaswi

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/s Panuganti Tejaswi

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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