Allowed

Union Bank of India v. Sree R Enterprises

DRT26 May 2023OA/966/2022

Case brief

AI extract

What is this about?

This order in Debts Recovery Tribunal-II, Hyderabad, allowed an Original Application filed by Union Bank of India against M/s Sree R. Enterprises. The court held that the defendant was liable to pay the claimed principal sum along with future interest and costs, dismissing the defense due to an ex-parte status.

What did the court decide?

Defendant directed to pay Rs. 29,37,205.29 inclusive of future interest and costs; OA schedule properties made available for recovery; Recovery Certificate issued.

Union Bank of India versus Sree R Enterprises — Banking and Recovery | DRT (2023)

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]N THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 26th DAY OF MAY, 2023

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB.^(Hons.), lv'|.A. PRESIDING OFFICER

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Original Application No: 966 OF 2022

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Unlon Bank of India Begumpet Bra nch Represented by its Chief Manager Prakash man Nagar Branch Begumpet, Hyderabad.

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.....Applicant.

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Versus

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M/s Sree R.Enterprises Rep by its proprietor Naveen Kumar Pampary S/o.R.Gopal, Occ: Business, H. No.5-35/319, Plot No.2/A, Sai Baba Nagara, Kukatpally-500072. Also at; L2-70-s90/s8/8, Warasiguda, Sitaphalmandi-500061.

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...Defendant

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Counsel for the Appllcant : Ms.D.Sangeeta Jaiswal

Defendants

:Exparte fu*

oa.966/2022

:: ORDER::

The Applicant Bank filed the present OA for the recovery from the defendant a total sum of Rs.29,37 ,2o5.29ps i.e., a sum of Rs.26,10,491l- in Loan Account No.534105110000104 with future interest @ 10o/o p.a. and a sum of Rs.3,26,714.29ps in another Loan Account No.534106990000011 with future interest @ 9.55% p.a. both inclusive of penal interest of 2yo from 01.10.2022 till the date of realisation along with costs, and in default, for sale of OA schedule properties.

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The Summon served on sole defendant and was set exparte on 70.02.2023 as called absent and no representation.

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The Applicant Bank examined Goutham l.4ondal, Chief Manager, as AW-1 and marked 24 documents through him as Ex. A.1 to Ex.4.24.

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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 properties?

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As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.24 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is liabte to pay the OA claim to the Appllcant Bank with future interest and costs. AV- dv) u "*"

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0.A.96612022

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In the result, the present Original Application No.966/2022 allowed as under: -

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i) The Defendant is liable to pay to the Applicant Bank a total sum of Rs.29,37,205.29ps i.€., a sum of Rs.26,LO,49l/- in Loan Account No.534105110000104 and a sum of Rs.3,26,714.29ps in Loan Account No.534106990000011 with future interest @ 9.55o/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 hypothecation/mortgage of properties described in the schedules annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debu

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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;

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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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1. 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 26th day of May, 2023) .

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,* ''pl ESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. Sree R Enterprises

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Sree R Enterprises

Case brief

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What did the court decide?

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