Allowed

Punjab National Bank v. Mrs.N.Shobha Rani

DRT8 Jul 2024OA/510/2023

Case brief

AI extract

What is this about?

In this debt recovery application, the Tribunal examined documents filed by the bank in the absence of the respondents. The court held the defendants jointly and severally liable for the outstanding debt and secured the claim against mortgaged property.

What did the court decide?

Defendants to pay Rs. 32,39,607 plus future interest; OA claim secured by mortgage property; bank entitled to proceed against person and properties for realization and costs.

Punjab National Bank versus Mrs.N.Shobha Rani — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE OSth DAY OF ]ULY, 2024

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), lvl.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 510 OF 2023

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PUNJAB NATIONAL BANK, Circle SASTRA Hyderabad, Plot No.03, Regency Plaza, Ma itrivihar Area, Ameerpet, Hyderabad - 500038. Rep. by its Chief Manager.

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.....Applica nt.

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Versus

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lvlrs. N. Shobha Rani W/o. Late N.Vljayend ra, Aged about 46 Years, Occ: Business, R/o. H. No.8-2-682lA, Flat No.A-5, Badruka Enclave, Road No.12, Banjara H ills, Hyderabad - 500034.

¶9

Mr.G.G.K.Narasimha M u rthy, S/o.GLN Sharma, Aged about Major, Occ: Business, R/o. H. No. 1-7- 138/ 1, zamistanpur, Hyderabad - 500048.

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... Defenda nts Counsel for the Applicant : lY/s.N.V.Subba Raju Defenda nts : Exparte fu*

oA.NO.510/2023

:: 9-LLL8 ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.32,39,607/- as on 30.04.2023 from the defendants jointly and severally with future interest @10.45olo p.a. from 01.05.2023 tlll the date of realization along with costs and in default for sale of OA schedule Property.

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Summons served on D1 through paper publication, whereas summons served on D2. They were set ex-parte on 12.02.2024 as called absent and no representation.

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The Applicant Bank examined M.Srinivasulu, Manager, as AW-1 and marked 14 documents through him as Ex. A.1 to Ex. A.14.

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Ld. Counsel for the Applicant Bank reported orders may be passed through 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 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.14 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 Banryith future interest and costs. A'6.r"

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oA.NO.s10/2023

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In the result, the present Original Application No.510/2023 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.32,39,607 /- with future interest @10.45olo^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 property described in the schedule annexed to the OA and the applicant bank is entiued 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 its dues;

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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 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 this the 08th Day of July, 2024).

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frw"* 1dr-wesHwnR^KorHE) PRESIDING OFFICER

Punjab National Bank v. Mrs.N.Shobha Rani

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Mrs.N.Shobha Rani

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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