Allowed

South Indian Bank Ltd. v. Arabian Eagles

DRT14 Sept 2023OA/494/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of a disputed principal sum from the defendants, holding them jointly and severally liable.

What did the court decide?

The defendants are jointly and severally liable to pay the applicant bank the principal sum with future interest and costs, entitled to proceed against hypothecated assets and properties.

South Indian Bank Ltd. versus Arabian Eagles — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 14th DAY OF SEPTEMBER, 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: 494 OF 2022

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South Indian Bank Llmited Suchitra Junction, Shop Nos. 4 & 5, Venkateswara Enclave, Jeedimetla, Quthbullapur, hyderabad. Rep by its Branch Manager .....Applicant.

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Versus

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M/s. Arbain Eagles Rep. by its Proprietor Sri Dola Vijaya Kumar Son of Rajasekhar, Aged: 44 Years, Plot No. 303, Manjula Mansion 1't Floor, Bhagyalaxmi co Operative Housing Society, Quthubullapur Main Road, Hyderabad-500055.

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Smt. Dola Leela Rani w/o. Sri Dola Vijaya Kumar, Aged: 4oYears, Plot No.303, Manjuala Mansion 1st Floor, Bhagyalaxmi Co Operative Housing Society, Quthubullapur Main Road, Hyderabad-500055. Telangana State. ...Defendants

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OY"*

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oA.NO.494/2022

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Counsel for the Applicant

Mr. A. Satyanarayana

Defendants

Exparte

::^g-LLLR ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.1,44,87,674.59ps i.e. sum of Rs. 44,00,982.66ps under CCOL account, Rs. 75,29,726.677ps under TL account and Rs. 25,56,965.32ps under ECGLS account respectively from the defendants jointly and severally with future interest @ 12.00o/o, @ 9.7oo/o and @ 9.25olo p.a. with monthly rests from the date of application till the date of realisation along with costs and in default for sale of OA hypothecation assets.

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They were set exparte on 13.01.2023 as called absent and no representation.

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The Applicant Bank examined Hemanth K. Das, Branch Manager, as AW-1 and marked 25 documents through him as Ex. A.1 to Ex. A.25.

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Heard the Ld. Counsel for the Applicant Bank and perused the material placed on record.

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5, 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 hypothecation assets?

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oA.NO.494/2022

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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.25 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 Applicant Bank with future interest and costs,

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In the result, the present Original Application No.494/2022 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.7,44t87,674.59ps i.e. sum of Rs. 44,0O,982-66ps under CCOL account, Rs. 75,29,726.67ps under TL account and Rs. 25,56,965.32ps under ECGLS account respectively with future interest @ 9.25olo 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 of assets described in the schedule annexed to the 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 entitled 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.

/%*

oA.NO.494/2022

The Applicant Bank is^{directedto file Cost lvlemowithin 2 weeks} from the date of receipt^{of this Order.}

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Issue Recovery Certiflcate^accordingly.

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Communicate a copy of^{this order to the partiesconcerned.} (Dictated to the steno, corrected, sjSned and^{pronouncedbymein} the^{open courton} this the 14t day^{ofseptember,2023} )^.

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r7xe knXiaesHwen^rorHe) PRESIDING OFFICER

South Indian Bank Ltd. v. Arabian Eagles

Case brief

What is this about?

What did the court decide?

South Indian Bank Ltd. v. Arabian Eagles

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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