Allowed

Punjab National Bank v. M/S Cristal Polymers Private Limited

DRT3 May 2024OA/203/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's original application ex parte. The court held defendants jointly and severally liable to pay a sum of Rs.56,07,978.16 with future interest and secured the claim via mortgage of properties.

What did the court decide?

Defendants jointly and severally liable to pay Rs.56,07,978.16 with 10.40% per annum interest; bank entitled to proceed against mortgaged properties and defendants' assets; costs awarded to applicant.

Punjab National Bank versus M/S Cristal Polymers Private Limited — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE O3RD DAY OF MAY, 2024

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PRESENT: SH, RAMESHWAR KOTHE, B.Com., L.LB. (HonS.), T4.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 203 OF 2023

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PUNJAB NATIONAL BANK Represented by Ch ief Manager, Circle Office, Secu nderabad, 103, 8-2-248/ A, lvlaharishi House, Road No.3, Banjara Hills, Hydera bad - 500034.

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.....Applicant.

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Versus

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M/s.Cristal Polymers Private Limited, (Erstwhile - M/s Amruta Agropoly Private Limited Directors Mr.M.Venkata Ramana Rao & Mr.E.A.Vincent, Plot No.19412, IDA, Phase-U, Cherlapally, Hyderabad - 500051.

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Mr.M.Venkata Ramana Rao Aged 52 Years,

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Plot No.194/2, IDA, Phase-II,

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Cherlapally, Hyderabad - 500051.

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Mr.E.A.Vincent, @ Vincent Edward Anthony, Aged 27 Years, Plot No.194/2, IDA, Phase-II, Cherlapally, Hyderabad - 500051.

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Mrs. Konala Ananda Kumarl, W/o M.V.Ramana Rao, Aged 46 Years, Flat-101, Aryam Enclave, Savarkar Nagar, Nacharam x Roads, Seconderabad-500076. /fu2t"-\ "^Defendants

(-l/ '1,.e- '

oA.NO.203/2023

Cou nsel for the Applicant

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Srinivasa Rao Chakrala

Defendants

:Exparte

:: ORDER::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.56,07,978.16ps from the defendants joinfly and severally which includes interest calculated as per the contractual rate up to 37.08.2022, which is 1 year MCLR + 1.95olo which works out to be 1O.5Oo/o p.a. from the date of application till 01.09.2022 atong with costs and in default for sale of OA schedule properties.

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Summons served on D1 to 4 through paper publication. They were set exparte on 27.09.2023 as called absent and no representation.

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The Applicant Bank examined M.tvt.Chishty, Senior Manager, as AW-1 and marked 23 documents through him as Ex. A.1 to Ex. A.23.

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

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oA.NO.20312023

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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.23 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy 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 Originat Application No.203/2023 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.56,07,978.16ps with future interest @10.40% 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 ln 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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oA.NO.2o3/2023

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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,^{signedand pronounced by me in the open courton} this the^{o3'dDayof MaY,2024).}

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OY**' (RAVESHwAR KorHE) PRESIDING OFFICER

Punjab National Bank v. M/S Cristal Polymers Private Limited

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Cristal Polymers Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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