Allowed

Bank of India v. Mude Mahadeva Naik

DRT15 Jul 2024OA/281/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Bank of India against two borrowers. The court held defendants jointly and severally liable to pay dues with future interest, secured by mortgaged property, and directed issuance of a recovery certificate.

What did the court decide?

Direct judgment debt of Rs.34,27,244/- with future interest; debt secured by mortgaged property; recovery certificate issued.

Bank of India versus Mude Mahadeva Naik — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

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DATED THIS THE 15th DAY OF ]ULY, 2024

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PRESENT: SH. RAMESHWAR KoTHE, B.com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 281 OF 2023

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BANK OF INDIA, New Balaji Colony Branch, Tirupath i, Andhra^pradesh.

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Rep. by its Constituted Attorney.

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... ..Applicant.

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Versus

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Mude Mahadeva Naik, S/o. Ramu Naik,

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Aged about 37 Years, R/o.3-269, S V Nagar, Janachaitanya Layout, Perumalla Palli, Tirupath i City, Andhra Pradesh - 517501.

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Bukke Prathyusha,

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Wo.Mude^Mahadeva Naik, Aged about 31 Years, R/0.3-269, S V Nagar, Janachaitanya Layout, Perumalla Palli, Tiru path i City, Andhra Pradesh - 517501.

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... DeFendants

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Counsel for the Applicant : lvlls. K.V. Nageswa ra Rao Defendants : Exparte

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oA.NO.281/2023

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::^{qLLLB ::}

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The Applicant^{Bank filed the present OA for the recovery a total} sum of Rs.34,27,i441-^{as on 10 01'2023 ie,a sum of} Rs.32,7g,8g7 /-^{towardsHome Loan A/c No 869575110000075} with future interest^{at the rate of 8'600/o p a includingpenal} interest @^{2o/o p.a. dnd a sum of Rs'1,47,3471- lowards} COVID-19^{Personal Loan A/c.No869560110000064with future} interest @ 6.85o/o^{p.a. including penal interest@ 2olo p'a' from} the defendants^{jointlyand severally with monthly rest from the} date of application^{till the date of realization along withcosts} and in default^{for sale of OA scheduleproperty'}

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Summons served^{on D1 and 2. Theywere set ex-parteon} 04.04.2024 as^{called absentand no representation'}

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The Appllcant^{Bank examinedM.Naga Raju, SeniorManager'as} AW-1 and marked^{24 documents throughhim as Ex' A'1 to Ex'} A.24.

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Ld. Counsel for the^{ApplicantBank reported ordersmay be} passed through merits^{Perused the material placed on record'}

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

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Whether the Applicant^{Bank is entitled} for the claim made in the^{OA against} the Defendants and^{OA schedule} property?

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As stated supra, the Defendants^{remained ex-parte. The} Evidence Affldavit coupled wlth^{the recitalsin the documents} viz., Exs.A.1 to A.24^marked on^{behalf of the ApplicantBank} clinches the claim of the^{Applicant Bank againstthe Defendants.} ffio.'u

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oA.NO.281l2023

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Hence, I hold that the Defendants are jointly 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 Original Application No.2Bl/2O23 allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.34,27,244l- with future interest @8.70olo 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 mortgaged property described in 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 entitled 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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B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

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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, signed and pronounced by me in the open court on this the 15th Day ofJuly, 2024).

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/tttt'!,/^vab :6'.tr'-

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Bank of India v. Mude Mahadeva Naik

Case brief

What is this about?

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Bank of India v. Mude Mahadeva Naik

Case brief

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