Allowed

Union Bank of India v. M/S Aarti Associates

DRT14 Jun 2024OA/688/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by Union Bank of India for recovery of debt from five defendants. The bank established its claim through documentary evidence, and the defendants were heard ex-parte. The Tribunal held the defendants jointly and severally liable with future interest.

What did the court decide?

The application is allowed for Rs. 46,32,923.07 with future interest at 10.10% p.a., costs, and authorization to proceed against secured and personal properties of defendants.

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

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 14th DAY OF JUne 2024

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

¶3

oA. NO. 688 OF 2022

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Unlon Bank of Inida Branch at madhapur, R.R. district Rep. by its its manager and principal OfFcer Sri Kumar Abhishek s/o. Sri Arun Kumar Verma, aged: 38 yrs R/o Hyderabad.

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....Applicant.

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Ve rs us

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M/s AARTI Associates

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#Plot No. 355, Sy No. 52 Diamond Hills), Gachibowli RR Dist., T.S.-500032

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Leela suthar W/o late sri Jitendra suthar

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Aged: 43, occ: business t3327 ,C-Block, Pranav An napurna Lotus Pond, Safari Hills Kondapur, RR Dist. T.S.-500032

¶11

Rahul Suthar

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S/o late sri Jitendra Suthar

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Aged: 20 years, Occ: business

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#3327 , C-Block, pranav Annapurna

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Lotus pond, safari hllls

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Kondapur, RR Dist. T.S.-500032

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/\v'"

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oA.6aal2022

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Vijay Suthar S/o. late Jitendra Suthar Aged: 19^years, Occ:business #3327, C-block,^pranav Annapu rna Lotus^pond, safari hills Kondapur, RR dist. T.S.-500032 5. Ms. AARTI Suthar D/o. late shri Jitendra Suthar Aged: 18^years, occ: business #3327 , C-Block,^pranav Annapurna Lotus pond, safari hills Kondapur, RR dist., T.s.-500032.

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....Defendants.

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Counsel for the Applicant : Mr. P. Balaji Defendants '. Ex-parte.

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::^qLLEB-::

¶23

The Applicant filed the present OA for the recovery of a sum of Rs.46,32,923.07 ps from the Defendants^jointly and severally with future interest @12.70olo^p.a. with monthly rests, from the date of Application till realisation along with costs and sale of OA schedule assets.

¶24

The defendants were set exparte.

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The Applicant Bank examined Ganta Srinivasa Rao, Asst. Manager as AW-1 and marked Ex. A-1 to Ex. 4-16 documents. 4ry'o'n

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oA. 68812022

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¶28

Heard the Ld. Counsel for the Applicant and perused the and material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant is entiiled for OA claim against the Defendants as prayed for?

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In absence any material to rebut the applicant's pleadings, I hold that the Defendants D1 to D5 are jointly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

¶32

In the result, the present Original Application No. 688/2022 is allowed for Rs.46,32,923.07ps with future interest @10.10% 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 14th day ofjune,2024).

¶37

OW** (RAMESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. M/S Aarti Associates

Case brief

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Union Bank of India v. M/S Aarti Associates

Case brief

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