Allowed

Punjab National Bank v. M/S Nipun Constructions

DRT22 Mar 2024OA/504/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Punjab National Bank against four defendants. The Tribunal held the defendants jointly and severally liable to pay the claimed sum with future interest and costs, secured by mortgaged assets, as the defendants remained ex parte.

What did the court decide?

Defendants to pay Rs. 2,22,51,461.59 with 14% future interest and costs; Claim secured by assets; Entitled to proceed against persons/properties.

Punjab National Bank versus M/S Nipun Constructions — Banking and Recovery | DRT (2024)

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IN THE^{DEBTS RECOVERYTRIBUNAL-II AT HYDEMBAD}

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DATED THIS^{THE 22Nd DAYOF MARCH'2024}

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PRESENT:^{SH. MMESHWAR KoTHE,B'com'' L'LB' (Hons')'M'A'} PRESIDING^OFFICER

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Original^{ApplicationNo: 5O4 oF 2023}

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Puniab National^Bank, circie SASTM^HYderabad, Plot No. 03,^{RegencyPlaza,} Maitrivihar Area,^Ameerpet, Hyderabad-50oO38, ,-_ Rep. by^{its chief Manager'}

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.....Applicant.

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Versus

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M/s. NiPum^{Construction,} ReP. bY its Partners, 8-3-678/70,^{1s Floor,} Pragathi^Nagar, Sri Nagar^{Colony Exnt.,} Hyderabd-500045.

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Also at:

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318, Aditya^Enclave, AnnaPurna^{Block,Ameerpet,} Hyderabad-5o0016.

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And also at:

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Flat No.402,^{Sri Niketan Apartments,} shvam Karan Road,^{Backsideof Apollo} Hoipital, Ameerpet,^{Hyderabad-500016'}

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Mr. Karanki^Srinivasu,

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S/o. Satyanarayana,^{Age: 49 Years,} Male, Occ: Business,^{Flat No.402,} Sri Niketan APartments,

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Shyam Karan^{Road, Backsideof Apollo Hospital,} Ameerpet, HYderabad-500016'

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Also at:

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Flat No. 302, Bakul^Apartments. H.No. 7-1-78lA11.^{Dharam Karam Road,}

dV.,-

oA. NO.so4/2023

Ameerpet, Hyderabad_SOOO16.

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' liifctru+*q;**:ru1:'5nyam Karan Road, Backs;de Apollo Hospitat,

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Ameerpet, Hyderabad-5000 lolf

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Flat No. 302, Bakul Apartments, H.No. 7-7_78/A/ It Ohur* r, Ameerpet, nioi.lu-"i:i6ob?dram^Road,

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Mr. K.R, Lingamaiah Goud_ rlyoerabad-S00016.;;i##ig,ffffiir:'*'

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t. I1:. I:ry, contractors private Ltd., Kep. by its Directors_ CIN : U4S4OOAp2O t tpICOt cOOS, D.No. 7- 1-565, r,lew X.f,,fo.r,-' street No.1, Beside MRO Ofhce Ameerpet, Hyderabaa_soooiil'

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...., Defendants

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Counsel for the Applicant Defendant

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;14s. N.V.Subba Raju

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The Applicant Bank fited the sum ot Rs.2,22,6t,46r r;"j*::^ TjTJ,",.,"r'.,rl;:::l Rs.11,57,995.26ps, Rs.38,12,620.5Sps, Rs.6,73,301.69ps and Rs.8,38,584.94ps) from the defendants joinuy and severally future interest @ 14,4|o/o interest @ 2olo respectivery -ilt :J,';t:,ll;"; Xlt j,1""1 applicantion till the date of realization along with costs and default for sale of OA schedut" ut .rt.4p-trn

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oa.No,504/2023

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Summons served on D1 to 03, whereas summons sent D4 & D5 returned with endorsement unclaimed hence, deemed to be served. They were set exparte on 28.08.2023 as called absent and no representation.

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The Applicant Bank examined A.Soma Shekar, Senior l4anager, as AW-1 and marked 30 documents through him as Ex. A.1 to Ex. A.30.

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Ld. counsel for the Applicant Bank reported orders may be passed on merits. 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 entiued for the claim made in the OA against the Defendants and OA schedule assefs?

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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.3O marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Apptication No.5O4l2023 is allowed as under: -

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i) The Defendants are joinHy and severally liable to pay the Applicant Bank a sum of Rs.2,22,51,461.59ps i.e,

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(Rs.1,57,78,959.15ps, Rs.11,57,995.26ps,

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oA.NO.504/2023

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Rs.38,12,620.55ps, Rs.6,73,301.69ps and Rs.8,38,584.94ps) with future interest @ l4o/o p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of mortgage/hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entitled to^proceed against the same to realise its debu

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iii) the applicant bank is also entitled to proceed against the person and properties of defendant for realization of its dues; and

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iv) the applicant bank is entitled for the costs.

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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 Certifi cate accordingly,

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, signed and pronounced by me in the open court on thisthe 22id Day of March, 2024) .

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0W* llluesxwnn^xorne; PRESIDING OFFICER

Punjab National Bank v. M/S Nipun Constructions

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Nipun Constructions

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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