Allowed

South Indian Bank v. Leora Exports

DRT31 Aug 2023OA/495/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's Original Application for recovery of dues totaling Rs. 71,67,650.92 with future interest and costs, holding defendants jointly and severally liable based on marked documents.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 71,67,650.92 with interest and costs; proceedings directed against OA schedule assets, immovable property, and person/properties of defendants; issue

South Indian Bank versus Leora Exports — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 31St DAY OFAUGUST,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: 495 OF 2022

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The South Indian Bank Limited. Suchitra Junction, Shop Nos.4 & 5, Venkateswara Enclave, JeedimeHa, Quthubullapur, Hyderabad. Rep. by its Branch Manager. ...Applicant

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Versus

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M/s. Leora Exports Rep. by its^proprietor, Sri Dola Vuaya Kumar, S/o. Rajasekhar, Aged: 44 years, H. No. 6-3O3/3/t/ NR, ptot No. 5; Second Floor, Sri Krishna Nagar, JeedimeUa Vi age, euthubutEpur, tuta nda t, H yderabad_500055, Telangana State.

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Smt. Dola Leela Rani, w/o. Sri Dola Vijaya Kumar, Aged: 40^years, H.No. 6-303/3/1/NR, plot No. 5, Second Floor, Sri Krishna Nagar, JeedimeUa Village, euthubullapur Telangana State. ...Defendants

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Counsel for the Applicant : Mrs. Laxmi Chaya Defendants :E\pane/Vry:r,

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oA.NO.495/2022

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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. 71,67,650.92ps i.e. a sum of Rs. 37,73,677.L4ps, Rs. 14,47,014.90ps and Rs. 2O,O7,O18.8Bps under CCOL account, Term Loan account and ECGLS account respectively as on 19.08.2022 from the defendants joinuy and severally with future interest @ 11.15olo, @ 9.g5o/o and @ 9.25o/o p.a. respectively with monthly rests and penal interest @ 2olo simple from the date of application till the date of realisation along with costs and in default for sale of OA schedule assets.

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The defendants were set exparte on O8.O2.2O23 as ca ed absent and no representation.

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3, The Applicant Bank examined Hemanth K. Dass. lvlanager, as

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AW-l and marked 24 documents through her as Ex, A.1 to Ex. 4.24.

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Heard the Ld. Counsel for the Applicant Bank and 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 enti ed 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.24 marked on behalf of the Applicant Bank

,//,/ ''xt';^-

oa.No.495/2022

clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinHy 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-4gSl2O22 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. 71,67,65o.92ps i.e. a sum of Rs. 37,13,617 -!4ps, Rs. 14,47,014.90ps and Rs. 20,07,018.88ps under CCOL account, Term Loan account and ECGLS account respectively with future interest @ 9.25olo 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 of assets described in the schedules annexed to OA applicant bank is entitled proceed against the same to realise its debu

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iii) The applicant bank is also entitled to proceed against the immovable property attached wide order dated 26.08.2022 in IA No. 73l/2o22inthisoA;

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oA.NO.495/2022

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

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v) the applicant bank is enti ed 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.

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issue Recovery Certifi cate 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 31" day ofAugust, 2023).

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ESHWAR KOTHE) PRESIDING OFFICER

South Indian Bank v. Leora Exports

Case brief

What is this about?

What did the court decide?

South Indian Bank v. Leora Exports

Case brief

What is this about?

What did the court decide?

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