Allowed

Indian Overseas Bank v. K Narasimha Rao

DRT18 Jul 2023OA/946/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by Indian Overseas Bank for recovery of Rs. 1.80 crore jointly and severally from Defendants with future interest and costs, finding them liable based on evidence marked by the bank on behalf of the applicant.

What did the court decide?

Defendants to pay Rs. 1,80,25,183.52 jointly and severally with future interest; recovery certificate issued.

Indian Overseas Bank versus K Narasimha Rao — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY^{TRIBUNAL-IIAT HYDERABAD} DATED THIS THE 18th^{DAY OF JULY,2023}

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

¶3

oA. No.946 0F 2022

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Ind ian Overseas^Bank. Branch at Plot No.36,Vidyuth^Nagar, Anantapur-51500 1, Andhra^Pradesh. Represented by its Chief^Manager.

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...Applicant

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Versus

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K.Narasimha Rao S/o.K.Seshagiri^Rao, Major,Occ:Business,R/o^{Flat No 503,} 5thFloor,Sri Sai castle.^Apartments, Aravind Nagar,II Crosss, Ananthapur-51 5001,Andhra^Pradesh.

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2.Smt. K.Sunitha W/o Sri.K.Narasimha^Rao, Major,Occ:Housewife, R/o^{Flat No.503,} 5thFloor,Sri Sai castle.^Apartments, Aravind Nagar,II Crosss, ... Defenda nts Ananthapur-515O01,Andhra Pradesh.

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Counsel for the Applicant^{: Mr. GampaRangaiah.} Defendant i Ex-Parte

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::qB-D-LB::

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The Applicant Bank filed the^{present OA for the recovery of a} total sum of Rs.1,80,25,183.52ps. iointly^{and severallyfrom} the Defendants with further interest @9.90o/o^{p.a.withmonthly} ffi*'

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OA No.946/2022

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rests from the date of Application till the date of realisation with costs and sale of OA schedule assets.

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The defendants 1& 2 served with summons. The defendants were set ex-parte on 02.02.2023 as called absent and no representation.

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The Applicant Bank examined Mr.Anish p.V., Chief Manager as AW-1 and marked 26 documents through him as Ex. A.1to Ex. A.26.

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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 assets as prayed for?

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As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz./ Ex. A.1 to Ex.A.26 marked on behatf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are join y and severally liable to pay to the Applicant Bank the claim made in the OA with future interest and costs.

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In the result, the present Original Application No.946/2022 is allowed as under: -

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i) the Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs. dw*

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OA No.94612022

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1,80,25,183.52ps. joinUy and severally from the Defendants with future interest @9.90o/o p.a. simple from the date of Application till the date of realisation;

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ii) the OA claim is secured by way of hypothecation/mortgage of assets described in the schedules 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 entiued 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 entiUed 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., transcribed by him, corrected, signed and pronounced by me in the open court on this the lBrH day of Juty 2023.)

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Ar,,rr*- - //6e (kAMESHWAR KOTHE) PRESIDING OFFICER

Indian Overseas Bank v. K Narasimha Rao

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. K Narasimha Rao

Case brief

What is this about?

What did the court decide?

What the court decided

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