Allowed

Union Bank of India v. M/S Saadh Steels

DRT20 Mar 2024OA/515/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by Union Bank of India for recovery of dues. Being satisfied that the evidence clinched the claim, the Defendants were held jointly and severally liable to pay the sum with interest and costs, and an order to proceed against secured assets was issued.

What did the court decide?

Defendants held jointly and severally liable to pay Rs.88,50,201.39+ future interest@12% p.a.; claim secured by mortgage/hypothecation; Bank entitled to costs and recovery certificate.

Union Bank of India versus M/S Saadh Steels — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD DATED THIS THE 2oth DAY OF MARCH, 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: 515 OF 2022

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Union Bank of India, Kadapa Branch, # 4L1L452, 4L/7454, Opp HP Petrol Bunk, Sankarapuram, Kadapa, Andhra Pradesh-516001. Rep. by its Authorized Officer.

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.....Applicant.

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Versus

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M/s. Saadh Steels, Rep. by its Proprietor Mrs. Shaik Ayesha, 13-159, BKM Street, Kadapa (Post) YSR Kadapa District-516001.

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Mrs. Shaik Ayesh, Wo. Shaik Allabakash, Age: 37 Years, Occ: Business, D.No.2/235, Raja Reddy Street, Kadapa, YSR Kadapa District-516001.

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Mr.Shaik Allabakash, S/o. Shaik Hasim, Age: 49 Years, Occ: Business, R/o. 13-150, BKM Street, Kadapa, YSR Kadapa District-516001.

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Mr. Shaik Ghouse Basha, S/o. Late Shaik Mohammed Hussain, Age: 53 Years, Occ: Business, No.^{6l2o5tKMH Street,Kadapa,} YSR Kadapa Dlstrict-516001.

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.....Defendants /VY,,^.,n L'z

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oA.NO.s15/2022

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Counsel for the Applicant

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Mr. V.Sethu Madhava Rao

Defendants

Exparte

:: ILLLqE ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.88,50,201.39ps i.e. (Rs.77,65,309.87ps, Rs.4,50,916.52ps, Rs.7,9 7,524 / - and Rs.4,42,39U _) from the defendants jointly and severally future interest @ 12.40olo respectively p.a. with monthly rests from the date of application till the date of realization along with costs and default for sale of OA schedule assets.

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Summons served on D1 to D4 through paper publication. They were set exparte on O7.O3,2O23 as called absent and no representation.

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The Applicant Bank examined S.Raja Shekara, Senior N4anager, as AW-1 and marked 31 documents through him as Ex. A.1 to Ex. A.31-

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Heard the Ld. counsel for the Applicant Bank and 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 entitted for the claim made in the OA against the Defendants and OA schedule assetsz f71v*_ /2'$-t'w

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oA.NO.s1s/2O22

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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.31 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 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 Application No.755l2022 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.88,50,201.39ps i.e. (Rs.77,65,369.87ps, Rs.4,50,916.52ps, Rs.l,91,524/- and Rs.4,42,39L/-) with future interest @ 12or'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 defendants for realization of its dues; and

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iv) the applicant bank is entitled for the costs.

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0w,,"

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oA.NO,515/2022

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The Applicant Bank^{is directedto file Cost Memo within 2 weeks} from the date of^{receipt of this Order.}

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Issue Recovery certiflcate^accordingly.

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Communicate^{a copy of this order to the parties concerned'} (Dictated to the steno, signed and^{pronouncedby mein theoPencourtonthisthe} 2Ob Day oI March,^2024).

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//ryr,"'n (nl-tqesr,*en rotne) PRESIDING OFFICER

Union Bank of India v. M/S Saadh Steels

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S Saadh Steels

Case brief

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