Allowed

Punjab National Bank v. Sri.Vuruvakili Bhaskar Reddy

DRT3 Jul 2024OA/409/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Debt Recovery Application filed by Punjab National Bank against two defendants. The defendants were present ex-parte. Evidence documents established the bank's claim of Rs. 32,56,429/- leading to their liability to pay with interest and allowing the bank to proceed against mortgaged and defendant properties.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 32,56,429/- with future interest; Bank entitled to proceeds of mortgaged properties and defendant properties; Recovery Certificate issued.

Punjab National Bank versus Sri.Vuruvakili Bhaskar… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD DATED THIS THE O3.d DAY OF JULY, 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: 409 OF 2023

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PUNJAB NATIONAL BANK., Ana nthapur Bra nch, Circle Sastra Centre, 27-33-40,1"tFloor, Gudava lli Vari Street, Besant Road Cross, Governerpet, Vijayawada - 520002. Rep. by its Senior Manager.

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.....Applicant.

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Versus

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Sri.Vuruvakili Bhaskar Reddy S/o.V.Chenna Reddy, Age 51 Years, Occ: Agriculture, H. No.13-01-817- 14, Revenue Colony, Near Anjaneya Swamy Temple, Ananthapur District, Andhra Pradesh - 515001.

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Sri.V.Thulasi w/o.V.Bhaskar Reddy, Age 50 Years, Occ: House Wife, H. No.13-01-817- 14, Revenue Colony, Near Anjaneya Swamy Temple, Ananthapur District, Andhra Pradesh - 515001.

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... Defendants

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counsel for the Applicant : Yateendra Raju Defendants :exoarte ,fuit.A

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oA.NO.409/2023

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:: ORDER::

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The Applicant Bank filed the^present OA for the^{recovery a total} sum of Rs.32,56,4291- as on 24.02.2023 from the^defendants jointly and severally with future interest @9.37o p.a. with monthly rests together with^penal interest @^{2Vo p.a. from the} date of application 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 through^{paper publication} and^{was set} ex-parte on 04.03.2024, whereas summons served on^D2 through^{paper publication} and was set ex-parte on 26-06.2024, as called absent and no representation.

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The Applicant Bank examined Shiva Komara, Legal N4anager, as AW-1 and marked 14 documents through him as Ex. A.1 to Ex. A.L4.

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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 entitled for the claim made in the OA against the Defendants and OA schedule properties?

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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.14 marked on behalf of the Applicant Bank clinches the claim of the Applicant BanI..:against the Defendants. /V'%r'>t

t-,'

oA.NO.409/2023

Hence, I hold that the Defendants are^jolntly 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.409/2023^is 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.32,56,429l- with future interest @9.2% 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 mortgage of properties 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 O3'd Day of July, 2024).

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t/6{-"-'

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ESHWAR KOTHE) PRESIDING OFFICER

Punjab National Bank v. Sri.Vuruvakili Bhaskar Reddy

Case brief

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Punjab National Bank v. Sri.Vuruvakili Bhaskar Reddy

Case brief

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