Allowed

Small Industries Development Bank of India v. Ambe Constructions and Minerals

DRT1 Aug 2023OA/357/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by SIDBI for recovery of a debt of Rs. 2.43 crore from four respondents. The tribunal held the respondents jointly and severally liable to pay the principal, future interest, and costs, securing the claim against the mortgaged assets.

What did the court decide?

Order allowed; Defendants jointly and severally liable to pay Rs. 2,43,72,144.80 with interest and costs; Recovery Certificate issued.

Small Industries Development Bank of India versus Ambe… — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 1St DAY OF AUGUST, 2023

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

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Original Applicatlon No: 357 OF 2022

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Small Industries Development Bank of India(SIDBI) Specialized Asset Recovery Branch(SARB), No.756L, Overseas Towers, Anna Salai, Chennai, Tamil Nadu, Pin: 600002. Rep. by its Asst. General Manager.

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......Appticant

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VERSUS

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Ambe Constructions & Minerals Rep. by its Managing Partners, Having office at Flat No. 303, Wing B, Solitaire, Jubilee Gardens Kondapur, Serilingampalle Ranga Reddy, Telangana State-500019.

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Also at:

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AN4BE Constructions & Mineralas R-epresented by its office at Flat No.9, 4'" Floor, Iswaryam Nilaysm, Dwarakapuri Colony, Punjagutta, Hyderabad-500082.

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Mr. Velineni Sarath, S/o. Velineni Koteshara Rao, Aged 47 Years, Occ: Business House No. !3-262, I^g Atea, Mancherial District, Telangana-504208.

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OA No.357/2022

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Also at:

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R/o H. No. t3-341, Reddy Colony, Mancherial District, Telangana-504208.

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Mr. Vijay Kumar Reddy, S/o. B. Veera Reddy, Aged 49 Years, Occ: Business 1-3-183/4OlL5O, lst Floor, SBI Colony, Gandhi Nagar, Near KGK Sliver Maple School, Secunderabad, Gandhinagar, Telangana State-5000g0.

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Also at:

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R/o Land Mark Enclave, Flat No CI, Road No L3, Happy Valley, Banjara Hills, Hyderabad, Telangana-500034

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Mr. CH, Vijaya Sri, D/o, T. Nageshwara Rao, Aged: Major, Occ: Business, House No. L3-262,I.B Area, Ward 21, Mancherial District, Telangana State-50420g.

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Also at:

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R/o. H. No. 13-34t, Reddy Colony, Mancherial District, Telangana-500034

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..Defendants

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Counsel for the Applicant : Mr. p. Bhiksheshwar Counsel for the Defendant : Ex-parte

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ORDER

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The Applicant Bank filed the present OA for the recovery of a total sum of Rs. 2,43,72,144.80ps as on 10.05.2022 from the

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OA No.357/2022

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Defendants jointly and severally to^pay with future interest @ 10.75olo p.a. with monthly rests from LO.O5.2O22 till the date of realization along with costs and OA schedule assets.

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Summons served on D1 and 3 through paper publication, summons sent to D2 & 4 returned with endorsement "Refused", hence deemed to be served. The defendants were set exparte on 13.01.2023 as called absent and no representation,

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The Applicant Bank examined Shri Palivela Venkata Srinivas, Asst. General Manager as AW-1 and marked 19 documents through him as Ex. A.1 to Ex. A. 19.

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Heard the Ld. Counsel for the Applicant Bank, 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 assets?

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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.19 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are^jolntly and severally liable to^pay the OA claim to the Applicant Bank with future interest and costs. /A**a/'_.,-^".1, o''"

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OA No.3S7 /2022

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In the result, the present Original Application No.357 /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. 2t43,72,744.80ps with future interest @ 7o.75o/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 hypothecation/mortgage of assets described in the schedule annexed to OA and the applicant bank is entitled to proceed against the same to realise its debt;

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iii) the applicant bank is also entiued 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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The Applicant Bank is directed to flle 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 1't day ofAugust,2023).

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':K,r">
'z/ /6ruo-t" -'
ESHWAR KOTHE)
PRESIDING OFFICER

Small Industries Development Bank of India v. Ambe Constructions and Minerals

Case brief

What is this about?

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Small Industries Development Bank of India v. Ambe Constructions and Minerals

Case brief

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