Allowed

Union Bank of India (e-Andhra Bank) v. M/S J W Industries Pvt. Ltd.

DRT15 Feb 2024OA/193/2023

Case brief

AI extract

What is this about?

In Debts Recovery Tribunal proceedings, the tribunal allowed an original application filed by Union Bank of India for recovery of a principal sum, interest, and costs against several defendants, declaring them jointly and severally liable and authorizing proceedings against mortgaged properties.

What did the court decide?

Defendants jointly and severally liable to pay Rs.1,51,99,174.50 plus future interest and costs; bank entitled to proceed against mortgaged properties and defendant assets; recovery certificate to be

Union Bank of India (e-Andhra Bank) versus M/S J W… — Execution and Attachment | DRT (2024)

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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: 193 OF 2023

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Union Bank of India, (e-Andhra Bank), Santoshnagar, Hyderabad.

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.....Applicant.

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Versus

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M/s J W Industries Pvt Ltd., Rep. by its Directors Mrs. Talagadadevi Bharathi and Mr Karanam Madhu Kumar, Plot No. 8, Sri Chakra Enclave, Sainikpuri, Secunderabad-500094.

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And also at:

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M,/s J W Industries Pvt Ltd., Rep. by its Directors Mrs. Talagadadevi Bharathi and Mr Karanam Madhu Kumar, Plot No. 1A. Phase No.3, IDA, Cherlapally, Hyderbad.

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Mr. Talagadevi Bharati, w/o. Subramanya Sastry, Age: 50 Years, Plot No.8, Sri Chakra Enclave, Sainikpuri, Tirumalagiri, Secunderabad-500094.

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Mr. Karanam Madhu Kumar, S/o. Venkateswarlu, 3 42-2A6-9 D, Plot No.66, New Maruthi Nagar, Moula-Ali, Malkajgiri, Hyderabad-500040. dY*"

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oA.NO.193/2023

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Mr. Talagadala Subramanya Sastry, S/o. Satyanarayana Murthy, Age: 56 Years, Plot No.8, Sri Chakra Enclave, Sainikpuri, Tirumalagiri, Secunderabad-sooog4. ...Defendants

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Counsel for the Applicant : Mr. Srinivasa Rao Chakrala Defendants : ExparteExparte

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: ExparteExparte

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:: ILLLLR ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.1,51,99,174.50ps from the defendants with future interest @ L!.7Oo/o p.a. from the date of OA ill the date of realization along with costs and in default for sale of OA schedule properties.

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Summons served on D1 to 4, They were set exparte on 18.08.2023 as called absent and no representation.

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The Applicant Bank examined Gauri Shankar^prasad, Branch Manager, as AW-1 and marked 31 documents through him as Ex. A.1 to Ex. A.31.

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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 entitled for the claim made in the OA against the Defendants and OA schedule properties?

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oA.r{o.193/2023

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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,31 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 Original Application No.193/2023 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.1,51,99,174.50ps with future interest @ 17.7Oo/o p.a. 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 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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iv) the applicant bank is entitled for the costs. dW

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oA.NO.193/2023

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B' The Appricant Bank is directed to fire 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, signed and pronounceO Uy meinIil open court on this the 156 Day of Februa ry, zOiql .

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dw^ (RAMESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India (e-Andhra Bank) v. M/S J W Industries Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Union Bank of India (e-Andhra Bank) v. M/S J W Industries Pvt. Ltd.

Case brief

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What did the court decide?

What the court decided

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