Allowed

Union Bank of India (e-Andhra Bank) v. M/S Sri Vidya Handlooms

DRT14 Feb 2024OA/268/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an Original Application for debt recovery of Rupees 50,78,421 from three respondents. The respondents remained absent. The court held them jointly and severally liable to pay the claim plus interest and costs, allowing the bank to proceed against secured assets and the respondents' properties.

What did the court decide?

Defendants ordered to pay Rs.50,78,421 with future interest; OA claim secured by mortgage/hypothecation; entitlement to recover from persons and properties and costs.

Union Bank of India (e-Andhra Bank) versus M/S Sri… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS^{RECOVERYTRIBUNAL-II AT HYDEMBAD}

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DATED THIS THE^{14hDAY OF FEBRUARY,2024}

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PRESENT:^{SH. MMESHWARKOTHE, B'Com', L LB' (Hons')'M'A'} PRESIDING^OFFICER

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Original Application^{No: 258 OF 2023}

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Union Bank^{of India,} Tirupathi, ThiruPathi^Dist., Andhra Pradesh.

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" "APPlicant'

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Versus

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l' M/s. Sri^{VidyaHandlooms,}

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ReP. bY its ProPrietor,

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Sri. V. Venuqopal^Naidu,

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H. No. 11-1-116,

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Gandhi Road,^{TiruPati-517501'}

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Sri. V.^{VenugoPal Naidu,}

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S/o. V. Nagama^Naidu,

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Aqe: Major, Occ:^Business, Flat No.4O5, 4tn^Floor, Seven Hills Arcade,

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Perur Village GramPanchayat. Tirupathi, Andhra^{Pradesh-517501.}

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Ms. V. Lakshmi,

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W/o. V.Venugopal^Naidu, Age: Major, Occ:^Household, Flat No.4o5,^{4th Floor,} Seven Hills Arcade, Perur Village^{GramPanchaYat} Tirupathi, endtrra^{praaesn-si'z5O t.}

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"'Defendants

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: Mr. V.Raghu counsel for the Applicant Defendants :ExparteN'

oA.NO.268/2023

:: ORDER::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.50,78,421l- i.e. (Rs.3,OO,O74l-, Rs.30,03,758.46ps P€.6,00,554.87ps and Rs.11,74,033.42ps) from the defendants with future interest @ 8o/o, @ 7,50o/o, @ 8.55o/o and @ 11.90o/o p.a. respectively with monthly rests from 17.01.2023 till the date of realization along with costs and in default for sale of OA schedule assets.

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Summons served on D1 to 3. They were set exparte on 16.05.2023 as called absent and no representation.

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The Applicant Bank examined Chirevella Adarsh, l"lanager, as AW-1 and marked 31 documents through him as Ex. A.1 to Ex. A.31.

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Ld. counsel for the Applicant Bank reported orders may be passed on 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 entiued for the claim made in the OA against the Defendants and OA schedule assets?

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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 joinHy and severally liable to pay the OA claim to the Applicant Bank with future interest and costs. 4%^"

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oA.NO.268/2023

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In the result, the present Original Application No.268/2023 is allowed as under: -

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i) The Defendants are joinuy and severally tiable to pay to the Applicant Bank a sum of R9.5O,7A,42U- i.e. (Rs.3,OO,O74l-, Rs.30,03,758.46ps Rs.6,00,554.87ps and Rs.11.74,033.42ps) with future interest @ 7.5Oo/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/hypothecation of assets described in the schedules annexed to the OA and the applicant bank is entiued to proceed against the same to realise its debit;

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iiD the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues; and

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iv) the applicant bank is entiHed 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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a Issue Recovery Certificate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to thesteno, signed and pronounced by me in tt e open court on ttris ttre 14"' Day of February, 2024) .

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Owu"
(RAMESHWAR KOTHE)
PRESIDING OFFICER

Union Bank of India (e-Andhra Bank) v. M/S Sri Vidya Handlooms

Case brief

What is this about?

What did the court decide?

Union Bank of India (e-Andhra Bank) v. M/S Sri Vidya Handlooms

Case brief

What is this about?

What did the court decide?

What the court decided

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