Allowed

Indian Overseas Bank v. Sri Maha Lakshmi Enterprises

DRT15 May 2023OA/345/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by a bank which was heard ex-parte against the defendants. The tribunal held the defendants liable to pay the claimed dues, interest, and costs, and issued a recovery certificate.

What did the court decide?

Direct payment of Rs. 39,27,065/ with interest, permission to proceed against secured and other assets, and issuance of recovery certificate.

Indian Overseas Bank versus Sri Maha Lakshmi Enterprises — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 15TH DAY OF MAY, 2023 PRESENT: SH. RAMESHWAR KOTHE, B.Com, L.LB. (Hons.), M.A. PRESIDING OFFICER

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OA. No. 345 OF 2022

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Indian Overseas Bank Secunderabad Branch Legend Crystal Building P.G. Road, Secunderabad Rep. by its Senior Manager.

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....Applicant.

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Versus

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M/s. Sri Maha Lakshmi Enterprises Rep. by its^prop. Bandari Rani W-lo Amarnath, H. No.1-7_ S7B/3t/A 2"' Floor, Mathns Nilayam Gemini Colony, Musheerabad Hyderabad, T.S.

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Smt. Bandari Rani W/o Amarnath

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H. No. 1-7-578/3L/A

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2no Floor, Mathns Nilayam Gemini Colony, Musheerabad Hyderabad, T.S.

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.... Defendants.

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Counsel for the Applicant : Mr. K. Mallikarjuna Rao. Defendants i Ex-parte

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:: ORDER ::

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J. The Applicant Bank filed the present OA for the recovery of a total sum of Rs.39,27,065/- i.e., Rs.34,57,185/- towards Cash Credit Account and Rs,4,69,880/- towards Term Loan Account

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ow"

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oA.943lZO22

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from the Defendants^{with futureinterest@11'30o/o p'a' with} monthly rests^{from the date of Applicationtill the date of} realisation and^{sale OA schedule assets'}

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2, The defendants^{served summonsthrough paper publication'} Defendants were^{set exparteon 12'09'2022as called absent} and no representation'

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The Applicant^{Bank examinedM. SeemaDatta, Senior Manager} as AW-1 and^{marked22 documentsthrough her as Ex'A'1to} Ex. A.22.

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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} Pro7erties^as PraYed^or?

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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.22^{marked on behalf of the Applicant Bank} clinches the claim of^{the Applicant Bank against the defendants} for payment of OA claim. Hence, I^{hold that the defendants are} liable 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 \o.345/2022^is artowed as under: - /Wr"

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oA.943/2022

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i) The defendants are liable to pay Rs.39,27,065/- i.e., Rs.34,57,185/_ towarcts Cash Credit Account and Rs.4,69,gg0/_ to the Applicant Bank with future interest @10olo 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 of assets mentioned in the schedule annexed to the OA and the applicant bank is entiUed to proceed against the same to realise its dues;

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

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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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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 15th day of May, 2023).

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c#p SHWAR KOTHE) PRESIDING OFFICER

Indian Overseas Bank v. Sri Maha Lakshmi Enterprises

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. Sri Maha Lakshmi Enterprises

Case brief

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What did the court decide?

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