Allowed

Uco Bank v. Sri T. Subba Reddy

DRT27 Dec 2024OA/267/2024

Case brief

AI extract

What is this about?

This order allowed an Original Application filed by a bank for recovery of a restructured term loan amount. The court found evidence sufficient to establish the defendants' joint and several liability and directed the issuance of a recovery certificate.

What did the court decide?

The Defendants are liable to pay Rs. 1,21,97,034.54 with future interest, secured by mortgage property. A Recovery Certificate is issued.

Uco Bank versus Sri T. Subba Reddy — Execution and Attachment | DRT (2024)

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oRIGINAL^{APPLICATiON No: 267 OF 2OZ4}

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.....APPlicant'

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Versus

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Smt.T.Anuradha,^{W/o Sri T Subba Reddy'} Aoed Major,^{Occ: Business'} viira r',ro.b,^{Aditya'sEden woods,} Tellapu r^{Village,Ramachandrapu ram} [4andal. Sa^{nqa Reddy District,} Hyderabad - 502032,^T.S

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Also at:-

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Managing Director, M/s.Vanamaali Infra Pvt. Ltd., Flat No.A-801, Aparna Heights, Botanical carden Road, Near Chiree Public School Kondapur, Hyderabad - 500084, T.S.

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...Defendants ffi-{.tt^ ,t,,-

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oA,NO.26712024

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Counsel for the Applicant

: Ms.K.Nandini

Defendants

:Ex-parte

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.1,21,97,034.54ps as on 20.05.2024 under Restructured Term Loan A/c. No.2142O61OOO546O from the defendants jointly and severally with future interest @9.75olo p.a. plus 2o/o p.a. with monthly rests from the date of application till the date of realization along with costs and in default for sale of OA schedule property.

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Summons served on D1 and 2. They were set ex-parte^on 12.09.2024 as called absent and^{no representation.}

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The Applicant Bank^{examinedIndrajit Pramanik,AsstGeneral} l.4anager, as AW-1 and^{marked 16 documentsthrough himas} Ex. A.1 to^{Ex. A.16 and examined Padala PraveenKumar'} Senior^{Manager, as AW-2 and markedthrough himas Ex A 17'}

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Heard^{the Ld. Counselfor the ApplicantBank' Perused the} material Placed^{on record'}

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The^{point that arises for considerationis:-}

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w^{h e t h e r t h e o':} :' ::',:r\iY ;:^" : ;:':;:' ,ri"ou," for the^{the Defendantsctaim} .mao" ",ia,,,Zi ProPertY? ramained^{ex-Parte The} ,,;"n,ffii},, As^{stated suPra'} 'r^^{r"",- nefendants} ..,rtn tne 6. 'rutd"na" Affidavit coupleo^v'r't'

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oA.NO.26712024

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viz., Exs. A.1^{to A.17 marked on behalf of the Applicant Bank} clinches^{the claim of the Applicant Bank against the Defendants'} Hence, I^{hold that the Defendants are iointlyand severallyliable} to^pay the^{OA claim to the Applicant Bank with future interest} and costs.

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In the result,^{the present Original ApplicatlonNo'26712074is} allowed as^{under: -}

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i) The Defendants^{are jointly and severally} tiable to^{pay to the Applicant Bank a sum of} Rs.1,21,97,034.54ps^{as on 20.052024 under} Restructured^Term Loan Alc.^No. 21420610005460 wlth^{futureinterest} @7.25o/o^{p.a. simple from the dateof} application till^{the date of realization;}

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ii) the OA claim is secured^{by way of mortqage} of property described^{inthe schedule} annexed to the^{OA and the applicant bankis} entitled to^{proceedagainst the same to} realise its debt;

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iii) the applicant bank^{is also entitledto proceed} against the^{person and propertiesof} defendants for^{realization of its dues;}

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iv) the applicant bank^{ls entitledfor the costs.}

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The Applicant Bank is directed^{to flle Cost Memo within2 weeks} from the date of^{receipt of this order.} frry'"rl

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oA.NO.267 /2024

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9. Issue Recovery Certificate accordingly.

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communicate a copy of this order to the parties concerned. (Dictated to the steno, corrected, signed and p.rrO by me in the open court on this the 27th Day of December, 2024).

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(N''*o't (RAMESHWAR KOrHE) PRESIDING OFFICER

Uco Bank v. Sri T. Subba Reddy

Case brief

What is this about?

What did the court decide?

Uco Bank v. Sri T. Subba Reddy

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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