Debts Recovery Tribunal allowed an application filed by Punjab National Bank for recovery of dues outstanding from four defendants who defaulted on loan facilities, holding them jointly and severally liable.
Direct recovery from Defendants 1 to 4 jointly and severally, auction of OA saleable assets within 2 weeks.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTSRECOVERY TRIBUNAL-II AT HYDERABAD DATED THISTHE 27TH DAY OF SEPTEMBTR,2024
PRESENT:SH. RAMESHWAR KOTHE,B.COM, L.LB. (HONS.), M.A. PRESIDING OFFICER
ORIGINALAPPLICATION NO. 430 OF 2022
Punjab National bank Rep. by its ChiefManager Circle Office(Recovery Division) 2nd Floor, MaharshiHouse Road No.3, BanjaraHills Hyderabad- 500034. (On behalf of its B/o West Marredpally-9960).
Applica nt.
Versu s
oA.43012022
Counsel for the Applicant : Mrs. Ka lpana Ekbote Cou nsel for the Defendants : Mr. D. Raghavulu.
:: ORDER::
belonging todefendantsl and 4 were to the loansavailed from the applicant bank. The 1'tdefendant q{f.sq1-\
oA.43Ol2022
got the credit limits enhanced in June, 2017 and created further mortgage over the assets belonging to defendants 2 to 3. Thereafter, defendants became irregular in repayment since February 2020. The account became NPA on 31.03.2021. Applicant bank initiated SARFAESI proceedings for recovery of its dues. Defendants deposited Rs.98.15 lakhs in terms of the order of the Hon'ble High Court of Telangana. The outcome of the SARFAESI proceedings would be informed to this Tribunal. Applicant bank filed the present OA for recovery of dues outstanding as on 30.04.2022.
oA.43Ol2022
Whether theApplicant Bank is entitled for the OAclaim againstthe Defendants1 to 4 and OA schedule assets?
5
oA.430/2022
unchallenged. Hence, I hold that defendants 1 to 4 are joinUy and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.
10, In the result, the present Original Application No.430/2022 allowed as under: _
i) the defendants 1 to 4 are joint ly and severalty liable to pay to the Applicant Bank a sum of Rs.6,53,39,61g.14ps along with interest @11,15% p.a. simple from the date of application -],^.r,,Itil, the Lrre do at € i,) p,. ^^ e oF realization; oA claim is se( nl" bY way of ,rrll,nu.uuonrro*rur-u't""0 assets described "r^lT"hud;;u;'ffi,ot ,,jl:i:.",;;;;;:;"," oA and the
11 ,n.^1"ff##ffi; . rhe Appricant BanL ;- _,'"'"n ts entitled ro.,nu r,rl 1, '.",,n" ol,:::::;;J"":;i:;:"stMerno whin 2 weeks ;: :ffir:]: r trr:,::: ":;*:
,:proad, ,"i ;# or this order ro'the /oarties concerned and i:f:"#i.uT;;;l**'*
rronounced by me in rhe open court on this thg 27*,
,O'w*' ,^Tr:,#,ydLfp,,&?
1 issue framed by the court
Whether the Applicant Bank is entitled for the OA claim against the Defendants 1 to 4 and OA schedule assets?
1 provisions across 1 enactments
Punjab National Bank
Sh. Rameshwar Kothé
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
