Allowed

Bank of Baroda (e-Dena Bank) v. M/S Narasimha Timber and Traders

DRT16 Mar 2023OA/61/2022

Case brief

AI extract

What is this about?

In this Debt Recovery Tribunal order, the Presiding Officer allowed the bank's application for recovery of dues against defendants who appeared ex parte. Evidence affidavits and documents were accepted as sufficient to establish joint and several liability.

What did the court decide?

Defendants jointly and severally liable to pay Rs.1,39,81,292/- with interest; OA claim secured by mortgage; entitlement for costs.

Bank of Baroda (e-Dena Bank) versus M/S Narasimha Timber and… — Banking and Recovery | DRT (2023)

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IN THE DEBTS^{RECOVERY TRIBUNAL-II AT HYDEMBAD} DATED THIS THE^{16TH DAY OF MARCH,2023}

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PRESENT: SH.^{RAMESHWARKOTHE, B.COM, L.LB. (HONS.),M'A.} PRESIDING OFFICER

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oA. NO. 6t oF²⁰²²

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Bank of Baroda (Erstwhile Dena Bank) ROSAR Branch,^Saifabad Khairatabad^Mandal Hyderabad. ...Applicant. Rep. by its Chief^Manager.

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Versus

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1.	M/s.Narasimha^{TimberandTraders} RepbyitsProP:^{Mr. Gatla Srikanth} H.No.30-3/23,^Kanajiguda Tirumala Nagar,^{Secunderabad.}
2.	Mr. GatlaSrikanth S/o Mr. Gatla^{Laxminarayana} Age: 42Years R/o H. No.6-t-r2}ltL/2 (ord6-1-120/11) Padmarao Nagar Secunderabad.
3.	Mr.ViyyapuNageswara^Rao Aged:Major R/o H, No.r4-t-2tt/622/4/27 Parvath Nagar, AllaPur Borabanda, Hyderabad-SO0018. "'Defendants'
	Counselfor theApplicant^{:Mr.Trivikram Chitturu'} Defendants iEx_parte M

oa.6u2022

:: ORDER ::

The Applicant Bank filed the present OA for the recovery of a sum of Rs.1,39,91,292/- joinfly and severally from the Defendants with future interest @1O.7oolo p.a. with monthly rests from the date of Application till the date of realisation along with costs and for sale OA schedule property.

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The summons sent to lst defendant returned unclaimed, hence D1 is deemed to be served. The D2 served with summons, whereas D3 served summons through paper publication. A the defendants were set exparte on Og.ll.2022 as called absent and no representation.

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The Applicant Bank examined E. Ravikanth, Sen ior Manager as

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AW-1 and marked 10 documents through him as Ex. A.1 to Ex.

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A. 10.

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Heard the Ld. Counsel for the Applicant Bank, perused the written arguments filed by the applicant bank and 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 entitted for the claim made in the OA against the Defendants and OA schedule property as prayed ?

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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 Nagainst the Defendants.

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o A.6L|2O22

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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. 61/2022 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.1,39,81,2921- with future interest @10.10o/o p.a. simple from the date of application till the date of rea lization;

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ii) the OA claim is secured by way of mortgage of property 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 the defendants for realization of its dues;

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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.

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Issue Recovery Certificate 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 1.6th day of March, 2023).

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kr'",n,, (RAMESHWAR KOTHE) PRESIDING OFFICER

Bank of Baroda (e-Dena Bank) v. M/S Narasimha Timber and Traders

Case brief

What is this about?

What did the court decide?

Bank of Baroda (e-Dena Bank) v. M/S Narasimha Timber and Traders

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Parties & counsel

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