Allowed

Indian Overseas Bank v. M/S Sunskulfi

DRT18 Sept 2024OA/415/2023

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by Indian Overseas Bank for recovery of dues secured by hypothecated assets. Holding the defendants jointly and severally liable based on default, it decreed payment of principal, adjusted interest, and allowed costs.

What did the court decide?

The applicants were directed to file a cost memo and issued a Non-Bailable Warrant and recovery certificate against the respondents.

Indian Overseas Bank versus M/S Sunskulfi — Company and Corporate | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE l8th DAY OF SEPTEMBER,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: 415 OF 2023

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INDIAN OVERSEAS BANK Office at l-7-791A&8, to 111, Legand Crystal, Mandalay Lane, PG Road, Secunderabad, Telangana - 500003. Rep. by its AGM.

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....,Applicant.

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Versus

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M/s.Sunskulfi Rep by its Proprietor Basupally Santosh Kumar Office at Plot No.147, Padma Nagar-2, Chintal, Hyderabad - 500054.

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Mr.Basupally Santosh Kumar S/o. Basupally Prabhu Das, Aged about 46 Years, Occ: Business, R/o. D.No.7-2 -1256, SRT 1001, Sanath Nagar, Near Hindu Public School, Sanath Nagar, Hyderabad - 500018.

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... Defendants

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Counsel for the Applicant : M/s.Gampa Rangaiah Defendants : Ex-parte

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.73,t4,252.26ps i.e., a sum of Rs.63,52,803.28ps fu*-

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oA.NO.415/2023

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under Cash Credit A/c. No.020033000000049, a sum of Rs.5,71,551.92ps under Working Capital Term Loan A/c. No.020003707000004 and a sum of Rs.3,89,897.06ps under Term Loan A/c. No.0200033040000001 from the defendants^jointly and severally with future interest @ 14.50o/o p.a. from the date of application till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 and 2. They were set ex-parte on 28.06.2024 as called absent and no representation.

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The Applicant Bank examined Syamalendu Kumar Patnaik, Manager, as AW-1 and marked 16 documents through him as Ex. A.1 to Ex. A.16.

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Heard the Ld. Counsel for the Applicant Bank. 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 hypothecated assets2

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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.16 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. 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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oA.NO.415/2023

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In the result,^{the present Original Application No 415/2023is} allowed^{as under: -}

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The Defendants^{are jointly and severally} i) liable to^{pay to the ApPlicant Banka sum of} Rs.73,14,252^{26PS ie'} a sum^of Rs.63,52,803.28ps^{under Cash Credit} SUM Of A/c.No.020033000000049,^a Rs.5,71,551.92ps^{under workingcapitaI} Term Loan^{A/c.No.020003707000004and a} sum of Rs.3,89,897.06ps^{under TermLoan} A/c. No.O200033O40OOOOO1^withfuture interest @10.05o/o^{p.a simple fromthe date} of application^{till the date of realization;}

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ii) the OA claim^{issecured bY way of} hypothecation of^{assets describedin the} schedule annexed^{tothe 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^{realizationof its dues;}

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iv) the applicant^{bank is entitledfor the costs'}

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B. The Appllcant Bank is directed^{to file Cost Memo within 2 weeks} from the date of receipt of^{this Order.} ru"

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1. Issue Recovery^{Certlficate accordingly'}

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oA.NO.41sl2023

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communicate a copy of this order to the parties concerned.

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(Dictated to the steno,.corrected, signed ana pa_rna"O by me in the open court on this the 18ti Day of September, 20241.

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fu.*t (RAMESHWAR KOTHE) PRESIDING OrrTCrN

Indian Overseas Bank v. M/S Sunskulfi

Case brief

What is this about?

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Indian Overseas Bank v. M/S Sunskulfi

Case brief

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What did the court decide?

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