Allowed

Union Bank of India (Formerly Andhra Bank) v. M/S Sravani Minerals

DRT21 Aug 2024OA/337/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of dues totaling Rs. 4,82,69,194/- along with future interest and costs from the respondent defendants, holding them jointly and severally liable based on the evidence filed.

What did the court decide?

Defendants liable to pay Rs.4,82,69,194/- with future interest; bank entitled to proceed against mortgaged and personal properties for realization; costs awarded.

Union Bank of India (Formerly Andhra Bank) versus M/S Sravani… — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.II^{AT HYDERABAD} DATED THIS THE 21ST^DAY OF^{AUGUST, 2024}

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PRESENT: SH. RA[4ESHWAR KOTHE,^{B.COM.,L.LB. (HONS.),M'A.} PRESIDING OFFICER

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ORIGINAL APPLICATION No: 337^{OF 2022}

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UNION BANK OF INDIA ( Formerly Andhra Bank), Rajampet Branch, Kadapa Distrlct, A.P - 516115. Rep. by its Branch Manager.

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.....Applicant.

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Versus

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M/s.Sravani Minerals A Partnership Firm Rep by its l4anaging Partner Mrs.Alugunuru Sravani, Survey No.246-1, 248-1, Govindampally(V), RajamPet, Kadapa District, Andhra Pradesh - 516115.

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lvl/s.Vaishnavi Minerals, Rep by its Propritrix Mrs.Alugun uru Saroja, Survey No.246-1, 248-1, Govinda mpa lly(V), RajamPet, Kadapa District, Andhra Pradesh - 516115.

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lYr.Alugunuru Rajashekar S/o.lvl r.A. Seshadri, Aged Major, Occ: Business, D.No.8/48-V, Beside Ma nnur Police Station, Balija Street, Rajampet, Kadapa District, /N'"o

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oA.NO.337 12022

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Andhra Pradesh - 516115.

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Ms.Alug u nuru Srava ni, D/o. Rajashekar, Aged Major, Occ: Business, D.No.8/48-V, Madras Road, lYannur Police Station & Post, Rajampet, Kadapa District, Andhra Pradesh - 516115.

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M rs.Alugunuru Saroja, W/o. Rajashekar, Aged Major, Occ: Business, D.No.8/48-V, Mad ras Road, lvlannur Police Statjon & Post, Rajampet, Kadapa District, Andhra Pradesh - 516115.

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Mrs.Alugunuru Seshamma, (Since died per LR's D3,D7,D8 and D9)

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(Amended as per orders in tA 2933/2023 in OA 337 /2022, Oated 26.02.2024)

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M rs.Cheja rla Subhadra W/o.C.Rama Subba raju, Aged Major, Occ: Business, D. No.4-79, l',1 ulakkayatapalty(V), Rajampet, Kadapa District - 516115.

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Mrs.Kadimella Swamirajugari Sujatha D/o. Late A.Seshamma(D6), Aged Major, Occ: Household, C/o.l'4r. K. Raja Shekar, Aged Major, Occ: Business, D.No.8/48-V, Balija Street, Beside 14an nur Police Station, Rajampet, Kadapa District, Andhra Pradesh - 516115.

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Mrs.Kadimella Ramasubbamma D/o. Late A.Seshamma(D6), Aged f4ajor, Occ: Household, C/o. M r. K. Raja Shekar, Aged Major, Occ: Business, .'{eK'.rt'Y

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oA.NO.337/2022

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D.No.8/48-V, Balija Street, Beside Mannur Police Station, Rajampet, Kadapa District, Andhra Pradesh - 516115.

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Amended as per orders in IA 2933/2023 in OA 337 /2022, Dated 26.02.2024.

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... Defenda nts

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Counsel for the Applicant : lY/s.V. Raghu Defendants :Exparte

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:Exparte

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:: qLqLB ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.4,82,69,1941- i.e., a sum of Rs.2,21,70,549.93ps under TLMEI 048030100073517 with subsequent lnterest @ 77.40o/o p.a., a sum of Rs.2,25,22,624.48ps under TLMEI 048030100073508 with subsequent interest @ 11.40%^p.a., a sum of Rs.11,78,292.50ps under HLGEN 048030100055112 wlth subsequent interest @ 10.50o/o p.a. and a sum of Rs.23,97,727/- under ABPTL 0480301000109326 with subsequent interest @ 9.650/o^p.a. from the defendants^jointly and severally with monthly rests from 07.05.2022 till the date of realization along with costs and in default for sale of OA schedule properties.

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Summons served on D1 to 7 and were set ex-parte on 08.12.2022 as called absent and no representation. Summons served on D8 and 9 and was set ex-parte on 16.07.2024 as catled absenr and no represent xanlQ$*:\

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oa.No,337 /2022

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The Applicant Bank examined V.Amareswara Reddy, Sr. Branch Manager, as AW-1 and marked 56 documents through him as Ex. A.1 to Ex. A.56.

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Ld. Counsel for the Applicant Bank reported orders may be passed through 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 enti ed for the claim made in the OA against the Defendants and OA schedule properties?

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6, As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs.A.1 to A.56 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank agajnst the Defendants. Hence, I hold that the Defendants are joinfly 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.337lZO22 is allowed as under: -

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i) The Defendants are joinuy and severally liable to pay to the Applicant Bank a sum of Rs.4,82,69,194/- with future interest @9.650lo^p.a. simple from the date of apptication till the date ot realizationfu>v

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oA'No'337/2022

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the^{oA claimis securedby way of mortgaged}

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ii) properties^{describedin the scheduleannexed} to the^{OA and the applicantbank is entitled} to^{proceed againstthe same to realise its} debt;

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iii) the applicant^{bank is also entitled to proceed} against^{the person and propertiesof} 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 within2 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,^{signedand pronouncedbyme in the open court on} this the 21th^{Day of August, 2024).}

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HKg'q

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India (Formerly Andhra Bank) v. M/S Sravani Minerals

Case brief

What is this about?

What did the court decide?

Union Bank of India (Formerly Andhra Bank) v. M/S Sravani Minerals

Case brief

What is this about?

What did the court decide?

What the court decided

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