Allowed

Punjab National Bank v. Mr.K.Basheer Ahmed

DRT30 May 2024OA/566/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of a vehicle loan and OGC credit facility dues from the defendants, holding them jointly and severally liable with interest and costs.

What did the court decide?

Recovery of Rs. 29,27,387/- with future interest at 9.4% p.a. simple till realization and costs; authority to proceed against secured and personal assets.

Punjab National Bank versus Mr.K.Basheer Ahmed — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TR]BUNAL-II AT HYDERABAD

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DATED THIS THE 3oth DAY OF MAY 2024

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PRESENT: SH. RAI\4ESHWAR KOTHE, B.Com, L.LB. (Hons.), PRESIDING OFFICER

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oA. NO. 566 0F 2023

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Punjab National Bank Kurnool branch,account presenuy parked with circte SASTRA Centre(IFSC: puNBo8332O0) #27 -33-40,tst Floor,, Gudavallivari Street Besant Road Cross, Governor pet Vijaywada-520002 Rep. by its Chief Manager.

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....Applica nt.

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Versus

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Mr. K. Basheer Ahmed S/o. Mr. Katika Moddion Saheb D No: 40l50A 629 Sree Rama Nagar Kurnool, A. P. -518001

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Mr. K. Asraf

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S/o. Mr. Katika Moddion Saheb D No: 40/504 629 Sree Rama Nagar Kurnool, A. P. -518001

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... . Defenda nts.

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Cou nsel for the Applicant : Mr. Muralidhar Patnaik K V Defenda nts : Ex-Darte. /w'"

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oA. s66/2023

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::^qLLLB_::

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The Applicant^{filed the presentOA for the recovery of a sum of} Rs.2g,27,387/-^{that is a sum of Rs. 26,30,057/- in respect of} Vehicle loan^{facility A/cNo. 09926511000395 and a sum of Rs} 2,91,330/- in^{respect ofOGC Credit facility A/c No'} 09925115001851^{from the Defendantsjointly and severally} with future^lnterest @9.05o/o^{with monthlyreststogetherwith} penal interest @2olo^{p.a. from the date of Application till} realisation along^{with costs and sale of OA schedule assets'}

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The defendants^{were set exparte.}

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The Applica nt Bank/company examined^{Shiva Komara,} as AW-1 and marked^{Ex. A-1 to Ex. A-19}

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Manager( Law) documents.

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Heard the Ld. Counsel^{for the Applicant and} perused the and materlal^placed on^record.

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The^point that arises^{for considerationis:-}

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Whether the Applicant is entitled^for OA claim against the^{Defendants as} PraYed^for?

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In absence any material to rebut the applicant's Pleadlngs, I hold that the Defendants D1 & D2 are^jointly and severally^liable to^pay the OA claim to the Applicant Bank with future^interest and costs. Ns,'\

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oA. s66/2023

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In the result, the present Original Application No. 566/2023 is allowed for Rs.29,21,387/- with future interest @9.40olo p.a. simple from the date of OA till realisation with costs. The applicant is also entitled to proceed against the secured assets and personal properties of defendants for realisation of its dues.

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B. The Applicant 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 and upload on Web Portal

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(Dictated to the steno, signed and pronounced by me in the open court on this the 30th dayofmay,2024).

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(RAMESHWAR KOTHE) PRESIDING OFFICER

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Punjab National Bank v. Mr.K.Basheer Ahmed

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Mr.K.Basheer Ahmed

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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