Allowed

Karur Vysya Bank Limited v. Bharath Fried Gram Mill

DRT17 Nov 2023OA/535/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of dues. The defendants were adjudged jointly and severally liable to pay the claimed sum with future interest, and the bank was entitled to proceed against mortgaged properties and defendants' assets.

What did the court decide?

Defendants ordered to pay Rs. 1.49 Cr with future interest; bank allowed to proceed against mortgage and defendant properties; recovery certificate issued.

Karur Vysya Bank Limited versus Bharath Fried Gram Mill — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS^{RECOVERYTRIBUNAL-II AT HYDEMBAD} DATED THIS THE^{17th 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:^{535 OF 2022}

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The Karur Vysya^BankLimited, Asset. Recovery^Branch, D. No. 5-8-356^{to 362,} Third Floor, Chirag^{Ali Lane,} .....Applicant. Abids, Hyderabad.

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Versus

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M/s. Bharath Fried Gram^Mill, Rep. by its Proprietor Sri. Korrapati Jamal Bhasha, S/o. Sri. Ahmed Hussain, No.8-408H. JMD Ring Road, Gopavaram Panchayat, Proddatu r- 516360. Kadapa District. 2. sri. K. Mohammad Shafi, S/o. K. Shaik Jamal Bhasha, Occ: Business, Resident of 11-645, Mydukur Road, Proddutru-516360. Kadapa District. 3. Sri. Indela Rami Reddy, S/o. Yella Reddy, aged: 61 Years, R/o. D. No. 251986, Vasanthapeta Veedhi, Proddutur-515350. Kadapa District. eY^*

oa.No.53s/2022

'u"iffil|"

Sri. E_. prasanna Kumar Reddv lll:I"T,^{Reddy, ased: zii!i.,,} x.:lii?:."+ff ;??_,HX:.*",-ts5f ,:t:"", t Kurnar Reddv' UY3'.:.'f##"'1n :?:1.-r1 years, Resident of ptot No. 18, :-"I-"y".:T^{panchayat,Near} Si. Joseph, v,^{po,t, pu} a, n6 u o, #:{+il,,,,#i1.:1-

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...Defendants

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Counsel for the Applicant ; Mr. CH. T. Sreerama Murty Defendants : Exparte

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:: oRDER;:

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.1,41,91,441.35ps from the defendants joinfly and severally with subsequent interes rests arons with penar,***, Ltr;:';:""': l;1 ill TLitil application till the date of realization along with costs and in default for sale of OA schedule propefty.

¶15

No representation of D3, S and 6. WS not filed hence, their right of WS is hereby forfeited. They were set exparte on t3.O7.2023 as ca ed absent and no representatio " l^ry"*

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oa.No.s35/2022

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The Applicant Bank examined Chamarty Srinivasa Satish, Asset Recovery lYanager, as AW-1 and marked 10 documents through him as Ex. A.1 to Ex. A.10.

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Ld. Counsel for the Applicant Bank stated that 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 property?

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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.10 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.

¶22

In the result, the present Original Application No.535/2022 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.1,41,81,441.35ps with future interest @ 10.75olo simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of mortgage of property described in the schedules annexed to the OA and the applicant bank is 4ry^'o

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oa,No.53s/2022

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entitle to^{proceed againstthe same realise its} debit;

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iii) the^{applicant bank is also entitledto proceed} against the^{person and propertiesof} defendants^{for realization of its dues;}

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iv) the^{applicant bank is entitled for the costs'}

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The Applicant^{Bank is directedto file Cost Memo within 2 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'} irii"t"a a G^{ti""", toriected,signed and pronounced bv me in theopen courton} ihis the tz'dav^{oft'tovember,2023)'}

¶33

dY,* (nnMesnwan xorne) PRESIDING OFFICER

Karur Vysya Bank Limited v. Bharath Fried Gram Mill

Case brief

What is this about?

What did the court decide?

Karur Vysya Bank Limited v. Bharath Fried Gram Mill

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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