Allowed

Bank of Baroda v. M/S Sree Saptagiri Stores

DRT1 Nov 2023OA/371/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Debts Recovery Tribunal application filed by Bank of Baroda for recovery of loan dues from the respondent borrowers jointly and severally, along with future interest and costs, and directed the issuance of a Recovery Certificate.

What did the court decide?

Directed respondents to jointly and severally pay Rs.68,57,379/- with future interest; secured by mortgage; Recovery Certificate to be issued.

Bank of Baroda versus M/S Sree Saptagiri Stores — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 1't DAY OF NOVEMBER, 2023

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

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Original Application No: 371 OF 2023

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Bank of Baroda, Ananthapur Branch, Ananthapur. Rep. by its Authorized Officer.

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.....Applicant.

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Versus

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M/s. Sree Sapthagiri Stores,

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Rep. by its Prop.

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Mr. Pabbisetty Sapthagiri,

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D. No. 17-246, Tilak Road,

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Old Town, Ananthapur-515001.

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Mr. Pabbisetty Sapthagiri, S/o. P. Venkata Narayana,

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Aged: 38 Years, D. No. L7-246,

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Tila k Road, Old Town, Ananthapur -515001.

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I4rs. P. Sampath Lakshmi, W/o. P. Venkata Narayana,

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Aged: 62 Years, D. No.77-246, Tilak Road, Old Town, Ananthapur-515001.

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...Defendants

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Counsel for the Applicant

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: M/s. Trivikram Chitturu

Defendants

tExPafte OY'*

oa.No.37112023

:: qLLEB::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.68,57,379/- i.e. a sum of Rs. 51,80,896.55ps and Rs.76,76,482.45ps under Cash Credit Loan and BGECL loan accounts from the defendants jointly and severally with future interest @ 11.35o/o and @ 9.25olo p.a. respectively with monthly rests from the date of application till the date of realization along with costs and in default for sale of OA schedule properties.

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Summons served on D1 to 3. They were set exparte on 28.06.2023 as called absent and no representation.

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The Applicant Bank examined T. Kiran Kumar, Senior Manager, as AW-1 and marked 18 documents through her as Ex. A.1 to Ex. A.18.

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Ld. Counsel for the Applicant Bank reported orders may be passed on merits. 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 mortgaged properties?

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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.18 marked on behalf of the Applicant Bank cllnches the claim of the Applicant Bank against the Defendants.

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4Ko

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oA.NO.371/2023

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Hence, I hold that the^{Defendants are jointly and severallyliable} to pay the OA claim to^{the Applicant Bankwith future interest} and costs.

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In the result, the^{present Original Application No.37l/2O23} allowed as under:^-

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i)	TheDefendantsare^jointlyand^severally
	liableto^paytotheApplicant^{Banka sum of}
	Rs.68,57,379/-i.e. a sum of Rs.
	51,80,896.55psand Rs.^{16,76,482.45Ps}
	underCashCreditLoanand^BGECLloan
	accountswithfutureinterest@^9.25olop'a.
	simplefromthedateof^{applicationtillthe} dateofrealization;
ii)	theOAclaimissecuredby^wayof^mortgage ofpropertiesdescribedinthe^schedule annexedtotheOAandtheapplicant^bankis
	entitledto^proceedagainstthe^sameto realise itsdeb!
iii)	theapplicantbankisalsoentitledto^proceed againstthe^personand^propertiesof defendantsforrealization ofitsdues;
iv)	theapplicant bankisentitled for the^costs'

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ffi.r>

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oA.NO.371l2023

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

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q 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 of November,2023).

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,4x'"* lnhfiesnwan rornel PRESID]NG OFFICER

Bank of Baroda v. M/S Sree Saptagiri Stores

Case brief

What is this about?

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Bank of Baroda v. M/S Sree Saptagiri Stores

Case brief

What is this about?

What did the court decide?

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