Allowed

Union Bank of India v. M/S Kpm Warehousing Enterprises

DRT15 May 2024OA/14/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Debt Recovery Tribunal Original Application filed by Union Bank of India. Claiming joint and several liability and interest, the court directed recovery from defendants and issuance of recovery certificate.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 15,46,89,285.26 with future interest; bank entitled to proceed against properties; Recovery Certificate issued.

Union Bank of India versus M/S Kpm Warehousing Enterprises — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY^{TRIBUNAL-II AT HYDEMBAD} DATED THIS THE^{15thDAY OFIVIAY,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: 14 OF 2023}

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Union Bank of India Hi Tech City Bra nch, Madhapur, R.R.District.

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.....Applicant.

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Versus

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M/s.KPM Warehousing EnterPrises Rep by its Partner Mrs.Gali Saraswathi, Plot No.4o, 41, 3d Floor, Ventureast Plaza, Road^No.2,

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Financial District, Nanakramguda, Hyderabad, Telangana-500032.

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Mrs.cali Saraswathi Partner: M/s. KPM Warehouslng

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Enterprises, Wife of GMK Naidu, Major, Occ: Business. R/ at H.No.1-18, Venkatrama Puram, Ramachandrapuram, Kammapalle, Chittoor, Andhra Pradesh - 517561.

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Also at:-

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House No.252lA, Road No.12, MLA Colony, Banjara Hills, Hyderabad - 500034.

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Mrs. Maddipatla Kalpana Prasad, Partner: M/s.KPM Warehousing Enterprises, Wife of MVR Prasad, ry*

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oA.NO.14l2023

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Major, Occ: Business, R/o H. No.8-2-309/ 12, D1 Trendsetville Road No.3, Police Station, Banjara Hills, Hyderabad - 500034.

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Also at:Villa No.62 and 63, NSL Orian Villas, Besides Raidurgam^police Station, Serilingampally, Hyderabad -500032.

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M r. Maddipatla Vamsidhar, S/o.MVR Prasad, tvtajor, Occ: Business, Villa No.62 and 63, NSL Orian Villas, Besides Raidurgam^police Station, Serilingampa lly, Hyderabad - 500032.

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M/s.OSR Infra Private Limited., Rep by Mr. Maddipatla Vamsidhar, Managing Director, Major, Occ: Business, Plot No.40, 4t,3td Floor, Ventureast Plaza, Road No.2, Financial District, Nanakramguda, Hyderabad, Tela ng a na - 500032.

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... Defendants

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Counsel for the Applicant

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:M/s.P.Balaji

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Defendants

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:Exparte

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.15,46,89,285.26ps with future interest @ 16.30olo p.a. from the defendants jointly and severally with monthly rests from the date of filing till the date of realization along with costs and in default for sale of OA schedule properti

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oa.No.1412023

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Summons served on D1 to 5. They were set exparte 77.O7.2023 as called absent and no representation.

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The Applicant Bank examined lanmanchi Shashi Kumar, Manager, as AW-1 and marked 16 documents through him as Ex. A.1 to Ex. A.16.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits. 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 properties?

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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.16 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are^jointly 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 Orlglnal^{ApplicationNo.1412023is} 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.15,46,89,285.26ps with^future O'w*

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oA.NO.14l2023

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interest @14.30o/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 of properties described in the schedule 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 also entifled 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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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 this the 15th Day of May, 2024).

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fiw^

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(ffiE5sy7aR KorHE) PRESIDING OFFICER

Union Bank of India v. M/S Kpm Warehousing Enterprises

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S Kpm Warehousing Enterprises

Case brief

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What did the court decide?

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