Allowed

Union Bank of India v. Mr. Dhanavath Balu Naik

DRT9 Dec 2024OA/210/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Bank's application for recovery of Rs. 24,29,411/- outstanding under a Kisan Credit Card facility. The Defendant was absent. The Bank adduced evidence through its manager and documents, establishing the default and request decree for principal, interest, and costs.

What did the court decide?

Defendant to pay Rs. 24,29,411/- with interest @ 10.25% p.a.; right to proceed against secured properties and person; recovery certificate issued.

Union Bank of India versus Mr. Dhanavath Balu Naik — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.I AT HYDERABAD DATED THrs rHE 9rH DAy oF DECEMBER, zo24

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PRESENT: SRI GUMMADI GoPICHAND, PRESIDING oFFIcER

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OA.No.21O ot 2024

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Between:

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Union Bank of India, (formerly Corporation bank) Reddy colony branch, Miryalguda, Nalgonda dist, Telangana State, Represented by its Sr. Br. Manager

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Applicant

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VERSUS

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Mr. Dhanavath Balu Naik, S/o Ragya Naik, Aged major, occ: Agriculture, R/o Pedda Thanda Village, Damarcherla Mandal, Nalgonda dist.

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Defendant

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Counsel for the parties:

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For the Applicant For the Defendant

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Sri V. Raghu Exparte

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ORDER

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1' The Appricant Bank fired the present oA against Defendant for

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recovery of a total sum of Rs.24,Zg,4l1l_ (Rupees Twenty Four Lakhs Twenty Nine Thousand Four hundred and Eleven only)

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with subsequent interest @ 10.25% p.a with half yearly rests from

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(oA.210 of 2024)

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of hypothecated and mortgaged properties as described in the schedule to OA.

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As per the averments in the apprication, the Appricant Bank states that defendant availed Kisan credit card facility for a sum of Rs.20.00 lakhs on 07.08.2017 with a drawing power of Rs.12.00 lakhs. The defendant executed the letter of undertaking, mortgage deed, hypothecation agreement etc. The defendant agreed for hypothecation of standing crop and for deposit of originars of titre deeds in respect of immovabre properties. After avairing the roan facility, the defendant faired to compry the terms of sanction, hence the applicant bank was constrained to crassify the account as NpA and issued regar notice dated 13.03.2024. Inspite of severar requests and demands, the defendant did not crear the outstanding. Hence this OA.

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Defendant called absent and set exparte on 29.I0.2024.

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Sri K. Balasubrahmanyam, Senior Branch Manager of the Applicant

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Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A.1

0 I otc rf,t

(OA.210 of 2024)

The point that arise for consideration is whether the Applicant Bank is entitled for the claim made in the OA against the Defendant as prayed for?

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Defendant remained exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited rerevant documents as Ex.Al to A. 11. In view of the above, I hold that the Applicant Bank has established their claim made in the oA against the Defendant and hence the Applicant Bank is entitled to recover the claim made in the oA with future interest and costs.

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B. In the result, the present OA is allowed with costs, as under: The Defendant is riabre to pay to the Appricant Bank a totar sum of Rs.24,29,411l- (Rupees Twenty Four Lakhs Twenty Nine Thousand Four hundred and Ereven onty) with subsequent interest @ 10.25olo p.a from date of firing of oA tiil the date or realization.

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The Applicant bank is entitled to proceed against the hy-pothecated and mortgaged properties a schedule to OA .s

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towards rea lization of the j t e o€eryt

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(oA.210 of 20241

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The Applicant Bank is also entiUed to proceed against the person and properties of defendant towards realization of the debt due.

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The Applicant Bank is entiiled to the costs of the oA.

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t2. The Applicant shall file a cost memo within two weeks from the date of receipt of order.

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Issue Recovery certificate accordingly.

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communicate a copy of the order to the parties concerned.

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(Dictated to the P.A,, transcribed by her, corrected, signed and pronounced by me in the open court on this the 9tn day of Dec, 2024)

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sd/(G. GOPTCHAND) PRESIDING OFFICER

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hiP

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Assl. n1;.,,

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Union Bank of India v. Mr. Dhanavath Balu Naik

Case brief

What is this about?

What did the court decide?

Union Bank of India v. Mr. Dhanavath Balu Naik

Case brief

What is this about?

What did the court decide?

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