Allowed

Union Bank of India v. M/S Padmavathi Enterprises

DRT30 Dec 2024OA/486/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal permitted the bank's original application for recovery of dues. Finding the defendants absently represented and evidence clinched the claim, the Tribunal held them liable to pay the principal sum, future interest, and costs.

What did the court decide?

Defendants held liable to pay Rs.33,74,744.06 with future interest @9.45% p.a. Costs awarded. Recovery Certificate issued.

Union Bank of India versus M/S Padmavathi… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 3oth DAY OF DECEMBER, 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: 486 OF 2024

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U nion Bank of India., INTUA Campus Branch, Hyderabad, Telanga na State. Rep, by its Chief Manager.

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.....Applica nt.

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Versus

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lv'lls. Padmavathi Enterprises., Rep by its Proprietrix lv'lrs.V. Nagadeepthi, W/o. G. Harinatha Reddy, Age 33 Years, Occ: Business, D. No.1-206, Rachana Palli(V), Bellary Road, Ananthapur - 515004.

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Mr,G.Harinatha Reddy,

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S/o.G.Rama Subba Reddy,

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Age 32 Years, Occ: Not Known, D.No.1-206, Rachana Palli(V),

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. Bellary Road, Ananthapur - 515004. ...Defendants

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Counsel for the Applicant : Ms.Sangeeta Jaiswal Defendants : Ex-pa rte

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:: qLLL& ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.33,74 ,744.06ps from the defendants jointly and severally with future interest @10.55% p.a. with monthly rests from 17.09.2024 till the date of realization along with costs and in default for sale of OA schedule ,ror"nr.flffiy

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oa.No.1186/2024

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Summons served on D1 and^{2. Theywere set ex-pade} on 05.12-2024 as^{called absentand no representation.}

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The Applicant Bank^{examined MadhuBabu Challa, Branch} Manager, as AW-1 and^{marked 19 documentsthrough himas} Ex. A.1 to Ex. A. 19.

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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^ls:-

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Whether the Applicant Bank^is entitled for the claim made in the OA against the Defendants and OA schedule property?

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

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In the result, the^present Original Application No.486/2024^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.33,74,744.06ps with future interest @9.45%^p.a. simple^{from the date of} application till the date of realizatio@pt-\

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oA.NO.485/2024

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ii) the OA claim is secured by way of mortgage of property 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 lts 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 thisthe 30th Dayof December,2024).

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,,,,r.,..,..r,,,,,. ' ^," - (RAMESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. M/S Padmavathi Enterprises

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S Padmavathi Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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