Allowed

State Bank of India v. Vaibhav Poultry Farm

DRT6 Apr 2023OA/35/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application. Being the defendants ex-parte, the court held them jointly and severally liable to pay the claimed sum with future interest and costs, securing the dues through property schedules.

What did the court decide?

Defendants directed to pay Rs.44,79,076/- with future interest @10.55% p.a. simple; property and person of defendants subject to realization for dues.

State Bank of India versus Vaibhav Poultry Farm — Specific Performance | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I] AT HYDERABAD DATED THIS THE 6TH DAY OF APRIL, 2023 PRESENT: SH. RAIVTESHWAR_KOTHE, B.Com, L.LB. (Hons.), M.A. PRESIDiNG OFFICER oA. NO. 3s oF 2022 State Bank of India SMECC,^patny Secunderabad Rep. by Chief Manager. ....Appticant. Versus

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M/s. Vajbhav poultry Farm # H. No. 2-4-37211, RoaO trio. t 5nehapuri Colony, Nagole Hyoerabad _ 500 068 Rep. by its proorietor Sri Sadhu Kira n Kumar 2. Sri Sadhu Kiran Kumar S/o Sathi Reddy Sadhu Age: Major, Occ: Business R/o.H. No. 2-4_372/ 1, Road No.r Snehapuri Colony, Naoole

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Hyderabad - 5OO 068: ... Defendants. Counsel for the ADDIicant Defendants Mr. Arun Kumar Satyavolu. tx -pa rte. :: ORDER

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The Applicant Bank fited the present OA for the recovery of a total sum of Rs.44,t9,076/from the Defendants with further interest 6119.55o7o p.a. with monthly rests from the date of ffi"*

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oA.3sl2A22

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filing of the Application till the date of realisation along with costs, and for sale of OA schedule properties.

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The defendants served summons through paper publication. The defendants were set exparte on 30.08.2022 as called absent and no representation.

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The Applicant Bank examined R. Ranla Rao, Dy. Manager as AW-1 and marked B, documents through hirn as Ex. A.1 to Ex. A.B.

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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 consideraticln is:-

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Whether the Applicant Bank is entitted for the claim made in the OA against the Defendants and OA schedule properties as prayed for?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupred with the recitars in the documents viz., Exs. A.1 to A.B nrarked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy and severally liable to pay the oA craim to the Appricant Bank with future interest and costs.

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In the result, the present Original Application No.35/2022 is attowed as under: 7fr*

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oA.?512022

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.44,79,076l- with future interest @10.55% 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/ mortgage of properties described in the schedules annexed to the 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 entiUed to proceed against the person and properties of the defendants for realization of its dues; and

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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., transcribed by him, corrected, signed and pronounced by me in the open court on this the 6th day of April, 2023).

¶23

(RAMESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. Vaibhav Poultry Farm

Case brief

What is this about?

What did the court decide?

State Bank of India v. Vaibhav Poultry Farm

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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