Allowed

Union Bank of India v. Aldi Lakshmipathi

DRT22 Dec 2023OA/636/2023

Case brief

AI extract

What is this about?

In Original Application No. 636 of 2023, the Bench allowed the application filed by Union Bank of India for recovery of dues of Rs. 55,66,259/- from the defendants jointly and severally with future interest and costs, finding them liable based on the evidence affidavit and marked documents.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 55,66,259/- with future interest; issue of Recovery Certificate directed.

Union Bank of India versus Aldi Lakshmipathi — Banking and Recovery | 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. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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Original Application No: 636 OF 2023

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Union Bank of India, (formerly Corporation Bank) Branch office at 4/659, Chintalarayungudi Veedhi, Tadipatri, Ananthapur, Andhra Pradesh-51541 1. Rep. by its Authorized Officer.

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.....Applicant.

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Versus

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Aldi Lakshmipathi, S/o. A. Krishnaiah, Aged: 32 Years, Male, Occ: Business, R/o. 2/50, Vankara Kunta, BC Colony, Anantapur-5 15001.

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Nutanapati Deepa, Wo.^{N. Chithambar,} Aged: 43 Years, Female, Occ: Business, R/o. 11-5L2, Aravind Nagar, Narpala Village, Near Shepherd School, Anantapur, Andhra Pradesh-515001.

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Also at:

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Door No. 6-5-486, Sri Nilayam, Justice M Ranga Reddy House, 1tt Floor, Near Ram Nagar Bridge, Anantapur-515004.

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... Defendants

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Counsel for the Applicant : Ms. Tarangini Pisipati Defendants :Expartedw"

oA.NO.636/2023

:: qLLLB ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.55,66,259/- as on 04.O7.2023 from the defendants jointly and severally with future interest @ 14.05o/o p.a. with monthly rests from 05.07.2023 till the date of realization along with costs and in default for sale of OA schedule assets.

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Summons served on D1 and 2, They were set exparte on 26.09.2023 as called absent and no representation.

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The Applicant Bank examined L. Lohith, Branch Manager, as AW-1 and marked 11 documents through him as Ex. A.1 to Ex. A.11.

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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 entitled for the claim made in the OA against the Defendants and OA schedule assets2

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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.11 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinUy and severally liable to^pay the OA claim to the Applicant Bank with future interest and costs. Mn

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oA.NO.536/2023

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In the result, the present Original Application No.636/2023 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.55,66,259/- with future interest @ 17.75o/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 mortgage/hypothecation of assets described in the schedules annexed to the OA and the applicant bank is entitled to proceed against the same realise its debt;

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

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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.

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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 thisthe 22"d Day of December,2023).

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dN*" (RAMESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. Aldi Lakshmipathi

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Aldi Lakshmipathi

Case brief

What is this about?

What did the court decide?

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