Allowed

Union Bank of India v. M/S A-1 Cold Storage Private Limited

DRT15 Feb 2024OA/133/2023

Case brief

AI extract

What is this about?

In an original application for recovery, the Debts Recovery Tribunal-II at Hyderabad, bench of Sh. Rameshwar Kotha, heard the case ex-parte. The tribunal held that the evidence established the bank's claim and directed recovery of the said amount along with interest and costs from the respondents. The application was allowed.

What did the court decide?

Directing respondents to pay Rs. 7,48,34,818.38 with interest and costs, sale of OA schedule assets, and issuance of Recovery Certificate.

Union Bank of India versus M/S A-1 Cold Storage Private Limited — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 15th DAY OF FEBRUARY, 2024

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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Original Application No: 133 OF 2023

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Unlon Bank of India, (e-Andhra Bank), Balanagar, Hyderabad.

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.....Appticant.

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Versus

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M/s A-1 Cold Storage Pvt. Ltd., F.No. c-1, # 6-3-1104, Priya Surpass Apartments, Raj Bhavan Road, Somajiguda, Hyderabad-500082, Telangana State.

¶8

2, Mr, Duvvuru Varua, Wo.^D.Subba Rami Reddy, Major, H.No.36, Santosh Nagar, Mehdipatnam, Hyderabad-500028.

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Mrs. Bollu Hymvathl, ryo.^Bollu Srinivasa Rao, Major. G-3 Visishta Apartments, Kothapet, Chirala, Prakasham District, Andhra Pradesh-s23157.

¶10

Mr. Kolanu Srinivas Reddy, S/o. Tulast Reddy, Major, # 7-2-47/4 & 5, Nizampet Road, Nizampet Village, Quthbullpur^Mandat, R R District-500049, T.s.

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Mr. Bollaboina Shekar, S/o. B. Muthyalu, Major, # 3-83/UN2lt, Gokul Nivas Apartments,

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eY*^

¶13

oA.NO.133/2023

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Nizampet, Kukatpally, Hyderabad, T.S.

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Mr. 14adhanachary Kanchari, S/o. lvlonachary Kanchari, Age: 32 Years, # 2-28, Nancherla, Gandeed, Rangareddy-509337, T.b.

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...Defendants

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Counsel for the Applicant

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: Mr. Srinivasa Rao Chakrala

Defendants

: Exparte

:: qLLLB ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.7,48,34,818.38ps from the defendants joinHy and severally with future interest @ 12.10olo p.a. with monthly rests from the date of OA ill the date of realization along with costs and in default for sale of OA schedule assets.

¶23

Summons served on D2 and 3, summons sent to D1 returned with endorsement "Unclaimed" hence, deemed to be served, whereas summons served on D3,5 and 6 through paper publicatlon. They were set exparte on 08.09.2023 as called absent and no representation.

¶24

The Applicant Bank examined Mohammad Ashraf, Asst. Manager, as AW-1 and marked 37 documents through him as Ex. A.1 to Ex. A.37.

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Ld. counsel for the Applicant Bank reported orders may be passed through merits. perused the material placed on record.

@$,t

oA.NO.133/2023

The point that arises for consideration is:-

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Whether the Applicant Bank is entiued for the claim made in the OA against the Defendants and OA schedule assets?

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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.37 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinfly and seyerally liable to pay the OA claim to the Applicant Bank with future interest and costs.

¶32

In the result, the present Original Application No.133/2023 is allowed as under: -

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i) The Defendants are joinHy and severally liable to pay to the Applicant Bank a sum of Rs. Rs.7,48,34,818.38ps with future interest @ 8.40olo 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 to realise its debit;

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iii) the applicant bank is entiued to proceed against the person and properties of defendants for realization of its dues; and

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oA.NO,133/2023

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iv) the^{applicant bank is entitled for the costs'}

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The Applicant^{Bank ls dlrectedto file Cost Memowithin2 weeks} from the^{date of receipt of this Order'}

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Issue Recovery^{Certificate accordingly'}

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Communicate^{a copyof this orderto the parties concerned'} ioi""iii,.itt"^{,Lr", tiinldand pronouncedbyme in theopencourtonthisthe} 156 DaY of^{February,2024)} '

¶41

OY*^ (RAMESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. M/S A-1 Cold Storage Private Limited

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S A-1 Cold Storage Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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