Allowed

Punjab National Bank v. G Prasad

DRT11 May 2023OA/58/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Punjab National Bank for recovery of dues from two defendants. The court held defendants jointly and severally liable to pay the claimed sum with interest and secured by hypothecated properties.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 56,15,35,61/- with future interest; OA claim secured by hypothecated properties; bank entitled to proceed against person and properties; costs awarde

Punjab National Bank versus G Prasad — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 1lTH DAY OF MAY, 2023 PRESENT: SH. RAMESHW{R KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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oA. NO. 58 OF 2022

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Punjab National Bank 2nd Floor, Maharishi House Road No.3, Banjara Hills Hyderabad - 500 034. On behalf of its Branch Office, Sanga Reddy Rep. by its Chief Manager and Circle Sastra Office.

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,...Applicant

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Versus

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G. Prasad, S/o G. Mallesham

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Aged: 48, Occ: Business R/o H. No. 2-23, Gaarakurthy Medak-502 306.

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Also at:

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H. No.6-3-11/1/D,^plot No.2 Raghavendra Colony Sadashivpet, Medak-502 291.

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M/s V & V Granuals, Medak Sy. No. tO6, tO7 Vill: Meddikunta Mandal: Sadashivpet Medak - 502 29t.

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..., Defendants.

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Counsel for the Applicant : Mrs. Kalpana Ekbote Defendants : E xparte.^i'ur!

Ow*

oA.5812022

:: ORDER::

The Applicant^{Bank filed the present OA for the recovery of a} sum of^{Rs.56,15,376'61Psfrom the 1't defendantwith future} interest @8.70%^{p'a' plus penal interest@2olo p'a' and} Rs.32,95,481.12Ps^{from the 2nd defendant with future@7'55olo} p.a.^{plus penal interest @2olo p'a' from the date of filingof the} Application^{till the date of realisation along with costs and sale} of OA^schedule Properties'

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The 1't defendant^{servedwith summons' whereas 2nd defendant} servedSummonsthroughpaperpublication.Boththe defendants^{were set exparteon 11'11'2022as called absent} and no^{representation'}

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The Applicant^{Bank examined Wafi Aziz Safwi' Manager (Law)'} as AW-1^{and markecl 23 documents through him as Ex' A'1 to} Ex. A.23.

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HeardtheLd.CounselfortheApplicantBankandperusedthe 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^{ctaim madein the OA against} the^{Defendantsand OA schedule} propertY as PraYed?

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ex-Parte.^The A As stated^{supra, the Defendantsremained} Evidence^{Affidavitcoupledwith the recitals in} the documents viz., Exs.^{A.1 to A'23 marked on behalf of the} Applicant^Bank W>o

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oA.s&/2022

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clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinfly 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.58/2022 is allowed as under: -

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i) The Defendants 1 and 2 are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.56,15,35,61Ps, restricting the joint liability in the case of 2nd defendant to only Rs.32,95,481.12Ps with future interest @7.55o/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 properties described in the schedules annexed to the OA and the applicant bank is entitled to proceed against the same to realise its dues;

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

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iv) the applicant bank is entitled for the costs.

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B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this order. frw* al

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oA.s8l2022

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o Issue^{RecoveryCertificate accordingly'}

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Communicate (Dictated to the^{steno, a copy to"etted, of this signed order and pronounced by me in to the parties concerned'the open court on} this the^{11th daY of MaY,2023)'}

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V"'ft) \'0r''

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(RAMESHWAR KOTHE) PRESIDING^OFFICER

Punjab National Bank v. G Prasad

Case brief

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Punjab National Bank v. G Prasad

Case brief

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