Allowed

Punjab National Bank v. M/S M.K.Polymers

DRT30 Oct 2023OA/743/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal of Hyderabad allowed an Original Application filed by Punjab National Bank for recovery of a cash credit dues of Rs. 34,99,143.29 along with interest and costs from multiple defendants who appeared ex-parte. The Tribunal held the defendants jointly and severally liable and directed the issuance of a recovery certificate.

What did the court decide?

The defendants are ordered to pay Rs. 34,99,143.29 with future interest and costs; Recovery Certificate is issued; proceeding against OA schedule assets and defendants' properties is permitted.

Punjab National Bank versus M/S M.K.Polymers — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY^{TRIBUNAL.IIAT HYDERABAD} DATED THIS THE 3oth^{DAY OF OCTOBER, 2023}

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PRESENT: SH. MMESHWAR^{KOTHE, B.Com.,L.LB. (Hons.), M.A'} PRESIDING OFFICER

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Origlnal Application^{No: 743 OF 2022}

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Punjab National Bank, Branch office at^SASTM, Circle Offi ce Secunderabad, 2nd Floor, Maharishi^House, Road No. 3, Banjara^Hills, Hyderabad-500034. Rep' by its chief Manager' ""^Applicant'

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Versus

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M/s. M.K. Polymers, A partnershiP firm Rep. by its Partners Mr. D. N. Seshagiri Rao, Unit at Plot No. 66 A, Shed No.5, Phase-IV,IDA, Jeedimetla, Hyderabad-500055. And also at: Flat No. 101, KGR Residency, Ir4IG-689, Phase-III, KPHB Colony, Kukatpally, Hyderabad-500072. 2. Mr. D. N. Seshagiri Rao, S/o. Mr. Venkata Reddy, Aged: 60 Years, Occ: Business, R/o. MIG-2-25-689 & 690, Flat No. 101, KGR Residency, Phase-III, KPHB Colony, Kukatpally, Hyderabad-500072.

fu*o

oa.No.7 4312022

I\4r. A.V.S.S. Kamesh, S/o. Mr. A.V.S. Subba Rayudu, Aged: 35 Years, Occ: Business, nfu.^prot rrro. zjs, viri"inn"!1,, KPHB Colony, Kukatpalty, Hyderabad-500072.

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Mr. D. lYahesh, S/o. Mr. D. N. Seshagiri Rao, Aged: 31 Years, Occ: Business, Flat No. 101, I{IG-2-25-689 & 690, KGR Residency,^phase-UI, KPHB Colony, Kukatpa y, Hyderabad-500072.

¶12

14r. A.V.S. Subba Rayudu, S/o. Mr, A. Kameshwar Rao, Agedt 76 Years, Occ: Business, R/o. Plot No. 239, Vasanthnagar, KPHB Colony, Kukatpally, Hyderabad-500072.

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..,Defendants

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Counsel for the Applicant Mr. V. Raghu Defendants Exparte

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Exparte

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:; qLLEB ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.34,99,143.29ps under Cash Credit account from the defendants jointly and severally with future interest @ 11.75olo p.a. with monthly rests from 01.09.2022 till the date of realisation along with costs and in default for sale of OA schedule assets.

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The defendants were set exparte on 05.03.2023 as called absent and no representation. /flX^o.t

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/flX^o.t u/

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oa-No.74312022

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The Applicant Bank examined t4.M Chisti, Manager, as AW-1 and marked 14 documents through him as Ex. A.1 to Ex. A.14.

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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 enti ed 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.14 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.

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In the result, the present Original Application No.74g/2O22 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.34,99,143.29ps under Cash Credit account with future interest @ 11.75olo simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of pledge/hypothecation of assets described in

Ax,*

oA.NO.74Xl2O22

the schedules annexed to the OA and the applicant bank is entiued to proceed against the same realise its debt;

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iri) the applicant bank is also enti ed to proceed against the person and properties of defendants for realization of its dues;

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iii) the applicant bank is entifled for the costs.

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The Applicant Bank is directed to file Cost lvlemo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certifi cate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated t-o the steno, corrected, signed and pronounced by me in the open court on this the 3orh day of October, 2023 ) .

¶38

PRESIDING OFFICER

Punjab National Bank v. M/S M.K.Polymers

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S M.K.Polymers

Case brief

What is this about?

What did the court decide?

What the court decided

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