Allowed

Uco Bank v. M/S Sri Kanaka Durga Traders

DRT23 Jul 2024OA/472/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by a bank against multiple respondents appearing ex-parte. The Tribunal held the respondents jointly and severally liable to pay the claimed sum with interest and costs, securing the claim via mortgaged property in the schedule.

What did the court decide?

The respondents are jointly and severally liable to pay Rs. 57.41 lakh with future interest; claim secured by mortgaged property; costs awarded.

Uco Bank versus M/S Sri Kanaka Durga Traders — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY TR]BUNAL-II AT HYDERABAD

¶2

DATED THIS THE 23.d DAY OF JULY, 2024

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PRESENT: SH. RAMESHWAR KOTHE, B.COM., L.LB. (HONS.)/ M.A. PRESIDING OFFICER

¶4

ORIGINAL APPLICATION No: 472 OF 2022

¶5

UCO BANK., Bandlag uda Bra nch, GSI Complex, Ba ndlaguda, Nagole, Ranga Reddy. Rep. by its Authorized Signatory.

¶6

. . ...Applica nt.

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Versus

¶8

M/s.Sri Kanaka Durga Traders Rep by its proprietor Smt.Cherepally Chandradala, Plot No.13, Sri Lakshmi Nagar Colony, Ma nsoora bad, L B Naqar, Ranga Reddy - 500068.

¶9

Smt.Cherepa lly Cha ndrada la Proprietor M/s.Sri Kanaka Durga Traders, R/o.H.No.3-1-104/A, Kakatiya Nagar, LB Nagar, Ranga Reddy - 500074.

¶10

Amrutam Ru kmender S/o. Laxmina rayana, R/o. H.No. 5-6-398, Bottuguda, Opp. Sarojini Eye Hospita l, Na lgonda - 508001.

¶11

.. . Defenda nts

¶12

Counsel for the Applicant : A.Nandini Reddy Defenda nts ''*oun' vfuy^"

oa.No.472lZO22

::^qLLqB::

The Applicant Bank filed^{the present OA for the recoverya total} sum of Rs.57,4L,O7gl-^{frcm the defendants jointly and} severally with subsequent^{interestat contractual rate of interest} @ 11.1%^{p.a from the date of appllcation till the date of} realization along with costs and^{in default for sale of OA} schedule^property.

¶17

Summons served on D1^{to 3. They were set ex-parteon} 11-.04.2023 as called absent and^{no representation.}

¶18

The Applicant Bank examined^{Borate Neeta Shyam,Senior} Manager, as AW-1 and^{marked14 documentsthrough her as} Ex. A.1 to Ex. A.14.

¶19

Ld. Counsel for the^{ApplicantBank reported ordersmay be} passed through merits. Perused the material^{placed on record.}

¶20

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 propertY?

¶22

As stated supra, the Defendants^{remained ex-parte. The} Evidence Affidavlt coupled^{with the recitalsin the documents} viz., Exs.A.1 to A.14^{marked on behalf of the ApplicantBank} clinches the claim of the^{Applicant Bank against the Defendants.} Hence, I hold that the^{Defendantsare jointlyand severallyliable} to^pay the OA claim to the^{Applicant Bank with futureinterest} and costs. Ory*r,

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oA.NO.47212022

¶24

In the result, the present Original Application No.472/ZOZ2 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.57,4L,0791- with future interest @8.45olo p.a. simple from the date of application till the date of rea lization;

¶26

ii) the OA claim is secured by way of mortgaged property described in the schedule annexed to the OA and the applicant bank is entiued to proceed against the same to realise its debU

¶27

iii) the applicant bank is also entiued 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.

¶29

The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶30

Issue Recovery Certificate accordingly.

¶31

Communicate a copy of this order to the parties concerned. (Dictated to the steno, corrected, si8ned and pronounced by me in the open court on this the 23rd Day of July, 2024).

¶32

K.*o ESHWAR KOTHE) PRESIDING OFFICER

Uco Bank v. M/S Sri Kanaka Durga Traders

Case brief

What is this about?

What did the court decide?

Uco Bank v. M/S Sri Kanaka Durga Traders

Case brief

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What did the court decide?

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