Allowed

Karnataka Bank Limited v. M/S P.K.Mallanna and Brothers

DRT28 May 2024OA/166/2023

Case brief

AI extract

What is this about?

A Debt Recovery Tribunal allowed an Original Application by Karnataka Bank Ltd. to recover approximately Rs. 3,05 lakh from five defendants jointly and severally, including future interest and costs, due to lack of material to rebut pleadings. A recovery certificate is issued from Dictated. para 29.

What did the court decide?

Recovery of Rs. 3,05,02,935.67 with future interest (10.45% p.a. simple) and costs; entitlement to proceed against secured assets.

Karnataka Bank Limited versus M/S P.K.Mallanna and… — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 28th DAY OF May 2024

¶2

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

¶3

oA. NO. 766 0F 2023

¶4

Karnataka Bank Ltd. Branch at20/28-L, Rajshri Hotel Complex Railway Station Road Adoni, Kurnool District Andhra Pradesh Rep. by its General Power of Attorney Sri. Karumuri Siva Rama Gopal.

¶5

....Applicant.

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Versu s

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M/s. P.K. Mallanna & brothers A Partnership Firm,Commission Agents, Agriculture Market Yard, Gowden No.8, Adoni, Kurnool dist. Andhra Pradesh-518301.

¶8

Sri. P.K. Veereshappa S/o. P.K. Siddalingappa, Aged: 53 years, Occ: Business Occ: Business, R/o. H.No. 2l/230/B Mandigiri, Adoni, Kurnool Dist. Andhra Pradesh-518301.

¶9

Sri. P. Mahaballeswarappa S/o. P.l(. Mallanna, aged: 59 years Occ: Business, R/o. D. No.21-230/C Mandigiri,Adoni, Kurnool Dist. Andhri^{pradesh-518301.}

¶10

ffi*

¶11

oA. t66l2023

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Sri. P. Viswanath S/o. P.K. Sidda Ramappa, Aged: 71^years, Occ: Business, R/o. D. No.21-230/8, Mandigiri Adoni, Kurnool District Andhra Pradesh^-518301.

¶13

Sri. Yaggatl Shiva Prasad

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S/o. Sri. Y. Rachappa Aged: 36^years, Occ: Business R/o. H. No. 271270,!'rtandigiti Adoni, Kurnool Dlst. Andhra Pradesh-518301.

¶15

.... Defendants.

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Counsel for the Applicant :^{Mr. N. Rama Rao} Defendants i Ex-Parte.

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:: !L3gEB_::

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a sum

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1. The Applicant filed the^{present OA for the recovery of} of Rs. 3,05,02,935.67ps from the^{Defendantsjointly and} severally with future^interest @15.65^{p.a compounded monthly} rests, from the date of Application till^{realisationalongwith} costs and sale of OA schedule assets.

¶20

The defendants were set exparte.

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The Applicant Bank examined Karumuri^{Siva GopalRam,} Branch as AW-1 and marked Ex.^A-1 to^{Ex. A-34documents.}

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Heard the Ld. Counsel for the Applicant.^{perused the material} placed on record.

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The^point that arises^{for conside .ation ist-} /Y*\

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oA. L5612023

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Whether the Applicant is entitled for OA claim against the Defendants as prayed for?

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In absence any material to rebut the applicant's^pleadings, I hold that the Defendants D1 to D5 are^jointly and severally liable to pay the OA claim to the Applicant Bank with^future interest and costs.

¶27

In the result, the present Original Application No. 166/2023^is allowed for Rs. 3,05,02,935.67ps with future^interest @10.45olo^{p.a. simple from the date of OA till realisation with} costs, the applicant is also entitled to^proceed against^the secured assets and^{personalproperties} of defendants^for realisation of its dues.

¶28

B. The Applicant is directed to file Cost Memo^{within2 weeksfrom} the date of receipt of this Order.

¶29

Issue Recovery Certificate accordingly.

¶30

Communicate a copy of this order to the^{partiesconcernedand} upload on Web Portal

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(Dictated to the steno, signed and pronounced by me in the open court^{on this the28th} dayofmay,2024).

¶32

(RAMESHWAR KOTHE) PRESIDING OFFICER

Karnataka Bank Limited v. M/S P.K.Mallanna and Brothers

Case brief

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What did the court decide?

Karnataka Bank Limited v. M/S P.K.Mallanna and Brothers

Case brief

What is this about?

What did the court decide?

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