Allowed

Union Bank of India v. Mithra Coutures

DRT24 Nov 2023OA/403/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of dues amounting to Rs. 1,16,18,423.90 along with interest and costs, holding the defendants jointly and severally liable.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 1,16,18,423.1 plus future interest at 10% p.a.; Bank entitled to proceed against OA schedule assets and personal properties; Costs awarded.

Union Bank of India versus Mithra Coutures — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 24th DAY OF NOVEMBER, 2023

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PRESENT: SH. RAMESHWAR KOTHE, B.COM, L.LB.^(HONS.), IY.A. PRESIDING OFFICER

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ORIGINAL APPLICATION NO. 4O3 OF 2022

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Union Bank of India, ( Erstwhile Andhra Bank) Ra ma ntha pu r Bra nch, 3-5-10, N H 163, Indira Nagar, Nehru Nagar, Ra mantha^pur, Hydera bad, Telangana 500013 Represented by its Chief Manager .........Applicant.

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Versus

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lvl/s. Mithra Coutures Represented by its Proprietary, 8-2-608/304, Road No. 10, Banjara Hills, Hydera bad^- 5000 34

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Mrs. Adavally Sumitra Devi, W/o. Sri K. Rajendra Prasad Aged about 48 years, Occ: Business, R/o H. No. 6-3-58/8-304, Venkata Ramana Colony, Near ZP office, Anand Nagar Colony, Khairatabad, H^ydera ba d^- 500004

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Sri K. Rajendra Prasad, S/o Guravaiah Major, Occ: Business, R/o H. No. 6-3-58/8-304, Venkata Ramana Colony, Near ZP office, Anand Nagar Colony, Khairatabad, Hyderabad-500004 Defendants.

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Counsel for the Applicant : Mr. V. Sethu lvladhava Rao Defendants : Exparte. /Wr**

oA.4O3l2022

O-R-D-E-R

The Applicant Bank filed the present OA for the recovery of a sum of Rs.1,16,18,423.90ps⁽ Rs.1,00,83,477.19ps towards A/c. No.048513100000636, Rs.5,63,305.14ps towards Alc. No.048530100154937 and Rs.9,71,641.57ps towards A/c. No.048530100155811) from the defendants jointly and severally with interest @ 11.650/o p.a.(9.650/o+20/o p.a. penal interest) in respect of first and second loan accounts and @10olo p.a. (8o/o12o/o p.a. penal interest) with monthly rest from the date of OA till the date of realization along with costs and sale of OA schedule assets.

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Summons served on D1 returned with endorsement unclaimed. hence deemed to be served. Summons served on D2 & 3 served through paper publication. They were set ex-parte on 09.72.2022 as there was no representation on their behalf.

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The Applicant Bank examined Mr. Prahalad Puranik, Chief Manager as AW-1 and marked 17 documents through him as Ex. A.1 to Ex. A.17.

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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 schedule assets? //fu-*g u/

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oA.40312022

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As stated supra, defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A1 to A.17 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally 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 No.4O3l2022 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.1,16,18,423.1gps (Rs.1,00,83,477.tgps, Rs.5,63,305.14ps. and Rs.9,71,641.57ps) from the defendants jointly and with future interest @8olo p.a. simple from the date of application till the date of realization;

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rii) the OA claim is secured by way of hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same for recovery of its balance dues;

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

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v) the applicant bank is entitled for the costs.

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The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order. /W"

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oa.4o3l2022

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Issue Recovery Certincate accordingly.

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Communicate a copy of this order^{to the parties concerned'} (Dictated to the steno, corrected, siSned and^pronounced by me in the^{open courton} this the 24$ day of November,2023).

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Ow"* (RAMESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. Mithra Coutures

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Mithra Coutures

Case brief

What is this about?

What did the court decide?

What the court decided

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