Allowed

Punjab National Bank v. Mr.Kolli Naga Krishna Prasad

DRT16 Apr 2024OA/254/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's original application for recovery of Rs. 40,18,736 principal plus interest and costs from the defendants, declaring them liable based on unchallenged documentary evidence.

What did the court decide?

Defendants ordered to pay Rs. 40,18,736/- with future interest from 16.02.2022; OA claim secured by assets; Recovery Certificate to be issued.

Punjab National Bank versus Mr.Kolli Naga Krishna… — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-Ii AT HYDERABAD DATED THIS THE 16th DAY OF APRIL, 2024

¶2

PRESENT: SH. RAIYESHWAR KOTHE, B.Com, L.L.B. (Hons.), M.A. PRESIDING OFFICER

¶3

RIGINAL APPLICATION NO. 254

¶4

Punja b National Bank (Formerly Oriental Bank of Commerce) SASTRA, Circle Office Secunderabad, 2nd Floor, Maharishi House, Road No.3, Banjara Hills, Hydera bad-500034, Rep by its Chief Manager.

¶5

...........Applicant.

¶6

Versus

¶7

Mr. Kolli Naga Krishna prasad S/o. Late Kolli Venkateswara Rao Aged major, Occ: Business, Flat No.403, Sandhya Enctave, Near Nirmala Hospita I Road, Suryapet Town and District-509213

¶8

Mrs. K. Sandhya Rani,

¶9

Wo.^{K. Ven} kateswara Rao, Aged Major, Occ: Business, H.No. 1- 1-396/6, KVR Apartments, Adjacent to AVM School Surya pet-508213.

¶10

Defenda nts.

¶11

Counsel for the Applicant : lY/s. V. Raghu Defendants :Ex-parte.

¶12

:Ex-parte.

¶13

ORDER

¶14

The Applicant Bank flled the present OA for the recovery of a sum of Rs.40,18,736/- frcm the defendants together with interest @9.25olo p.a. with penal interest @2olo monthly rests K*,

¶15

oA.NO.2s4l2023

¶16

from 01.10.2022^{till the date} of realisation^{alongwithcosts and} sale of OA^{scheduleassets.}

¶17

Summons^{served on D1 and 2 through} paper Publication. TheY called absent and^no

¶18

were set ex-parte^{on 30.08.2023,as} representation.

¶19

The Applicant Bank^{examined M. M. Chishti, Manager as AW-1} and marked 13 documents^{through her as Ex A l to Ex A 13'}

¶20

Learned Counsel^{for the applicant bank reported orders maybe} passed on merits.^{Perused the materialplaced on record'}

¶21

¶22

The^point that arises^{for considerationis:-}

¶23

Whether the^{Applicant Bank is entitled} for the claim^{madein the OA against} the Defendants^{and OA Schedule} assets?

¶24

As stated supra,^{defendantsremained ex-parte The Evidence} Affidavit coupled^{with the recitals in the documents viz', Exs Al} to A.13 marked on^{behalf of the Applicant Bank clinchesthe} claim of the Applicant^{Bankagainst the DefendantsHence, I} hold that the Defendants^{are liable to pay the OA clalmto the} Appticant Bank wlth^{future interestand costs.}

¶25

In the result, the^{present OriginalApplication No.254l2023is} allowed as under:^- i) the defendants are liable to^pay to^the Applicant Bank a sum of^{Rs.40,18,736l-with} future interest @8.60lo^p.a. simple from^the

¶26

¶27

oA.NO.2s4l2023

¶28

date of application i.e.,Lg.12.2022 till the date of realization;

¶29

ii) the OA claim is secured by way of hypothecation/mortgage of assets described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same for recovery of its dues;

¶30

iii) the applicant bank is also entiUed to proceed against the person and properties of the defendants for realization of its dues; and iv) the applicant bank is entifled for the costs.

¶31

The Applicant Bank is directed to fire cost Memo within 2 weeks from the date of receipt of this Order.

¶32

Issue Recovery Certificate accordingly.

¶33

Communicate a copy of this order to the parties concerned. (Dictated to the steno, signed and pronounced by me in the open court on this the 16th day of April, 2024).

¶34

,fl^wwar, ^* /// Y"*\u''

¶35

rrifrul)S,oR^KorHE) PRESIDING OFFICER

Punjab National Bank v. Mr.Kolli Naga Krishna Prasad

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Mr.Kolli Naga Krishna Prasad

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

Case details

Similar cases

State Bank of India versus M/S Biharilal Greenwood Pvt. Ltd. and Others

Punjab National Bank versus Ms Mobile Galaxy

Karnataka Gramin Bank versus Kurubara Sanna Mallappa

Sofikul Mandal versus Indian Bank

Icici Bank Limited versus Cherumeedi Raghuveera Varma

Hdfc Bank versus Kishore Kumar K