Allowed

Uco Bank v. Bsb Industries

DRT20 Apr 2023OA/458/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by UCO Bank for recovery of loans against BSB Industries and two individuals. The respondents appeared ex parte. The tribunal held them jointly and severally liable for principal, interest, and costs.

What did the court decide?

Defendants ordered to pay principal and future interest; recovery certificate issued; applicant entitled to costs and proceed against assets.

Uco Bank versus Bsb Industries — Company and Corporate | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 2OTH DAY OF APRIL, 2023

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

¶3

oA. NO. 458 0F 2022

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UCO Bank S. D. Road Bra nch 9-1-38, YMCA Comptex S.P. Road, Secunderabad - 500 003. Rep. by its ChieF tlanager.

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... .Applicant.

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Versus

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I\4/s. BSB Industries Rep. by its^proprietor

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Mr. Battula Venkata Satya na ra ydna #5-3-395/ AN/311, Ambedkar Naga r Kukatpa y, Hyderabad-500072.

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Battula Venkata Satyanarayana S/o B. Veeraiah, Aged about 53 years Occ: Business, R/o plot No.86O/D H. No. 5-112/2, Vivekananda Nagar Colony Kukatpa y, Flat No.218ILIG, Btoak No.11/A Vaddepally, Hyderabad - 5OO 072.

¶10

Battula Bh utaksh mi W/o Battula Venkata Satyanarayana Aged about 50 years Occ: Business, R/o^plot No.860/D H. No. 5-112/2, Vivekananda Nagar Colony Kukatpally, Flat No,218/LIG, Block No.11/A Vaddepally, Hyderabad - 500 072.

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... Defendants.

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Cou nsel for the Applicant : Ms. P. Tarang in i. Defendants i Ex-Darte. ffi*')^

oa.4sal2022

:: ORDER^::

The Applicant^{Bank filed the presentOA for the recoveryof a} total sum of^{Rs.63,93,149 82Psi e} '^{Rs 18'81'78532Ps} towards^{TL WorkingCapital loan a/c No 06800610020463'} Rs.1,63,294/-^{towardsGECLloan a/c No 06800610018767'} Rs.9,68,824.50Ps^{towards CashCredit loan a/c No'0680051-} OOo0441^{from the Defendants jointly and severallyand} Rs.z?,7g,246/-^{towards Home Loana/c No 060800610018712'}

¶17

from the^{Defendants 2 and 3 jointly and severallywith further} interest @9.70olo,^{9.5oo/o,10 45olo and 7 3yo per annum} respectively^{with monthly rests from 03 '06'2022 till the date of} realisation^{alongwith costs and saleof OA scheduleassets}

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The 1't defendant^{was servedwith summons'whereas} defendants^{2 and 3 served summonsthroughpaper publication'} All the defendants^{were set exparte on 27 '02'?023as called} absent and^{no representation.}

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The Applicant^{Bank examined} P. Venkata Siva^Prasad ,^Chief 39 documents through^himas

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Manager as^{AW-1 and marked} Ex. A.1 to^{Ex. A.39.}

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Heard the Ld.^{Counselfor the Appllcant Bank and perused the} material Placed on^record.

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The^point that arises^{for consideration is:-} /ry""

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¶24

oA.45812022

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Whether the Applicant Bank is entitled for the OA claim against the Defendants and OA schedute assefs as prayed for?

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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.39 marked 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 claim to the Appricant Bank with future interest and costs.

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In the result, the present Original Application No.4Sg/2022 is allowed as under: -

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i) The Defendants 1 to 3 are joinHy and severally liable to pay to the Applicant Bank a sum of Rs.1B,B1,7B5.32Ps towards TL Working Capital loan a/c No. 06800610020463, Rs.7,63,294/- towards GECL loan a/c No.068006100L8767, Rs.9,68,824.50Ps towards Cash Credit loan a/c No.068005100O044t and defendants 2 and 3 jointly and severally liable to pay Rs.27,79,246/towards Home Loan a/c No.06080061OOLB7LZ, totalling to Rs.63,93,149.82Ps with future interest @7.3o/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 schedules

o(.45al2o2z

annexed to^{the OA and the applicant bankis} entitled to^{proceed againstthe same to realise its} dues;

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

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iv) the applicant^{bank is entitledfor the costs'}

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The Applicant^{Bank is directed to file Cost Memo within2 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' signedand pronounced by me} in the open court^{on this the20th day of April, 2023)'}

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ffi'*r)

¶40

PRESIDING OFFICER

Uco Bank v. Bsb Industries

Case brief

What is this about?

What did the court decide?

Uco Bank v. Bsb Industries

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

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