Allowed

Union Bank of India v. Pathakamuri Bharath Kumar

DRT22 Dec 2023OA/609/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's Original Application for recovery of loan dues of Rs. 55,52,863/- plus interest and costs from two defendants, holding them jointly and severally liable based on unopposed evidence.

What did the court decide?

Defendants directed to pay Rs. 55,52,863/- with future interest; OA claim secured by assets; entitlement to proceed against persons and properties; costs awarded.

Union Bank of India versus Pathakamuri Bharath Kumar — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL.II^{AT HYDERABAD}

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DATED THIS THE 22"d DAY OF DECEMBER,²⁰²³

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PRESENT: SH. RAN1ESHWAR KOTHE, B.COM,^{L.LB. (HONS.), M.A.}

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PRESIDING OFFICER

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ORIGINAL APPLICATION No. 609 OF 2023

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Union Bank of India (formerly Corporation Bank) Branch Office at 4/659, Chintalarayungudi Veedhi, Rep. by its Authorized OFficer App lica nt.

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Versus

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1.	PathakamuriBharathKumar S/oPDamodaraPrasad, Agedabout32^years,Male, Occ:Business,R/o11-512, Aravind^Nagar, NarpalaVillage,Near ShepherdSchool, Ananta^pur,AndhraPradesh-515001
2.	NutanapatiDeepa, Wo^{N. Chithambar,} Agedabout 43^years,female, Occ:Business,R/o11-512, Aravind^Nagar, NarpalaVillage,Near ShepherdSchool, Anantapur, AndhraPradesh-515001
	Alsoat: DoorNo.6-5-486,SriNilayam, JusticeM RangaReddyHouse, 1'tFloor, Near Ram Nagar Bridge, Anantapur-515004 Defendants.
	CounselfortheApplicant :lvlr.TaranginiPisipati
	Defendants :Exparte. /W""

oA.NO.609/2023

ORDER

The Applicant Bank filed the present OA for the recovery of a total sum of Rs.55,52,863/- i.e., (Rs.21,675l- under toan A/c No.560961000447318 with interest @12.55o/o p.a. and Rs.55,31,188/- under loan A/c Nos.56O931OOO 116325 with interest. @14.05% p.a.) joinfly and severally from the defendants with monthly rests from OS-07-2023 till the date of realization along with costs and in default for sale of OA schedu le assets.

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Summons served on D1 and 2. They were set ex-parte on 03.11.2023 as called absent and no representation.

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The Applicant Bank examined Mr. L. Lohith, Branch Manager, as AW-1 and marked 19 documents through him as Ex. A.1 to Ex. A.19.

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Heard learned counsel for the applicant. 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 su pra, defendants remained ex-parte. The Evidence

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Affidavit coupled with the recitals in the documents viz., Exs. A1 N*e

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3 oA.NO.609/2023

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to A.19 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.

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In the result, the^present Original Application No.609/2023^is allowed as under: -

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r) The Defendants are^jointly and severally liable to pay to the Applicant Bank a sum of Rs.55,52,863/- with future interest @10.7570 p.a. simple from the date of application tlll the date of realization;

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ii) the OA claim is secured by way of hypothecation/mortgage of assets described in the schedule annexed to the OA and the applicant bank is entitled to^proceed against the same for recovery of its dues;

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iii) the appllcant bank is also entitled to^proceed aqainst the^person and^properties of the defendants for realization of its dues;^{a'^i}

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iv) the applicant bank is entitled 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. /W*

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oA.NO.609/2023

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9. Issue Recovery Certificate accordingly.

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Communicate a copy gF]his order to the parties concerned. (oictated to the steno, cpwf2{dd, signed and pronounced by me in the open court on thi5 the 22"" day of Decembir, 2023).

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//$'r^,

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lnntrresnwen xorne; PRESIDING OFFICER

Union Bank of India v. Pathakamuri Bharath Kumar

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Pathakamuri Bharath Kumar

Case brief

What is this about?

What did the court decide?

What the court decided

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