Allowed

Punjab National Bank v. Nelli Srivardhan Reddy

DRT18 Sept 2024OA/410/2023

Case brief

AI extract

What is this about?

The DRT allowed the bank's original application for recovery. The defendants were declared jointly and severally liable to pay the principal sum with future interest, and the secured mortgage property to be realized.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 26,57,742/- with future interest; OA schedule property to be realized; Recovery Certificate issued.

Punjab National Bank versus Nelli Srivardhan Reddy — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 18th DAY OF SEPTEMBER,2024

¶2

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

¶3

ORIGINAL APPLICATION No: 410 OF 2023

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PUN]AB NATIONAL BANK Circle SASTRA, Regency^plaza, Ameerpet, Hyderabad. Rep. by its Chief Manager.

¶5

.....Applicant.

¶6

Versus

¶7

Nelli Srivardhan Reddy, S/o.Chinna Narsimha Reddy, Aged 49 Years, Occ: Agriculture.

¶8

Mrs.Nelli Madhavi Wo,^Nelli Srivardhan Reddy, Aged 47 Years, Occ: Agriculture.

¶9

Mrs.Nelli Manemma, W/o.C. Narasimha Reddy, Aged Major, Occ: Agriculture.

¶10

Mr.Nelli Srinivas Reddy, S/o, Mr.N. Narasimha Reddy, Aged Major, Occ: Agriculture.

¶11

Mrs.Nelli Rajitha W/o. Mr. N.Srinivas Reddy, Aged Major, Occ: Agriculture.

¶12

All are residence of^pedda Karpamula Village and Mandal,^{peddakothapally} post, Mahabubnagar District. rZ1t*, - U'$o*

"'Defendants

oA.NO.410/2023

Counsel^{for the APPIicant}

¶17

Defendants

¶18

: M/s.S.Shekha^{r ReddY}

¶19

:Ex-Parte

¶20

::^{qLLLB ::}

¶21

The Applicant^{Bank filed the present OA for the recovery a total} sum of^Rs.26,57 ,7421-^{as on 01 10 2022 fromthe defendants} jointly and severally^{with future interest @11'3oo/op a with} monthly^{rests from 01 10 2022 till the date of realizationalong} with costs^{and in default for saleof OA scheduleproperty'}

¶22

Summons^{servedon D1 to 5They were set ex-parte on} f8.03.2024^{as called absentand no representation'}

¶23

The Applicant^{Bank examinedA'Soma Shekar' Chief Manager'} as AW-1^{and marked 10 documents throughhim as Ex A'1 to} Ex. A.10.

¶24

Ld. Counsel^{for the ApplicantBank reported orders may be} passed through^{merits Perused the materlal placed on record'}

¶25

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The^{point that arises for consideration is:-}

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Whether the^{AppticantBank is entitled} for the claim^{madein the OA against} the Defendants^{and OA schedule}

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ProPertY?

¶29

As^{stated supra, the Defendantsremained ex-parte The} Evidence Affidavit^{coupledwith the recitalsin the documents} viz., Exs. A.1^{to A 10 markedon behalf of the Applicant Bank} clinchestheclaimoftheApplicantBankagainsttheDefendants. Hence, I^{hold that the Defendants are jointlyand severallyliable}

¶30

P{roo\

¶31

oA.NO.41o/2023

¶32

to^{pay the OA claim to the Applicant Bank with futureinterest} and^costs.

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l. In the^{result, the present Original Application No'410/2023is} allowed^{as under:-}

¶34

The Defendants^{are jointly and severally}

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i) liable to^{pay to the Applicant Bank a sum of} Rs'26,57,742l-^{as on Ot'LO'2022with future} interest @11'30o/o^{p'a' simplefrom the date} of application^{till the date of realization;}

¶36

the OA^{claimis securedby way of mortgaged}

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ii) property described^{in the scheduleannexed} 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 propertiesof} defendants^{for realization of its dues;}

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iv) the^{applicant bank is entitledfor 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'}

¶42

¶43

Communicate^{a copv of this order to the parties} Tll""lill; pronounced^{bv me in the open court on}

¶44

ir?Jji::t^{ffi.-;.l" .J'l'""a,'ien'a} 'na ,hi, ,h.^{tStn Day of September, 2024)'}

¶45

ff*

¶46

MESHWAR^KOTHE) PRESIDING^OFFICER

Punjab National Bank v. Nelli Srivardhan Reddy

Case brief

What is this about?

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Punjab National Bank v. Nelli Srivardhan Reddy

Case brief

What is this about?

What did the court decide?

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