Allowed

Karnataka Bank Limited v. Mrs.Gumpany Lalitha Kumari

DRT22 Aug 2024OA/701/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Karnataka Bank Ltd. against two respondents, holding them jointly and severally liable to pay the claimed sum with interest and costs, along with the secured mortgaged property.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 23,70,675.04 with future interest; proceed against mortgaged property and persons to realize dues; costs awarded.

Karnataka Bank Limited versus Mrs.Gumpany Lalitha… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 22ND DAY OF AUGUST, 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: 701 OF 2023

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KARNATAKA BANK LTD., Dr.A. S. Rao Naqa r Bra nch, 7-7-262/3, Plot No.73, lv'lain Road, Sr.A.S.Nagar, Secunderabad.

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Rep. by its Branch Manager and GPA Holder,

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.....Applica nt.

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Versus

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Mrs.Gumpany Lalitha Kumari, W/o.G.Ramachandra Ramesh, Aged about 58 Years, Occ: Business, R/o. Plot No.124, Brundavan Colony, Near Pittala Krishna House, Sainikpu ri, Secunderabad - 500094.

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f4 r. Gumpany Ramchandra Ramesh, S/o.G.Appa Rao, Aged about 64 Years, Occ: Business, R/o. Plot No.124, Bru ndavan Colony, Nea r Pittala Krishna House, Sa in ikpu ri, Secunderabad - 500094.

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... Defenda nts

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: M/s.N.Rama Rao Counsel for the Applicant Defendants : Exparte

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:: g-LLLB ::

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The Applicant Bank filed the^present OA for the recovery a total sum of Rs.23,70,675.04ps i.e., a sum of Rs.7,47.403.15ps ,4%s'\

l-'/

oA.NO.701/2023

under Term Loan A/c.No.7337001800022001 with^future interest @ 13.25olo^p.a. and a sum of Rs.16,23,27l.B9ps under Mortgage Loan A/c.No.7337001600028001 with future interest @^{18.25% p.a.} from the^{defendantsjointlyand severally with} costs from the date of application till the date of realization along with costs and in default for sale of OA schedule^property.

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Summons sent to D1 and 2 returned with endorsement unclaimed hence, de,emed to be served. They were set exparte on 24.11.2023 as called absent and no representation.

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The Applicant Bank examined Swamy Reddy, Branch Manager, as AW-1 and marked 19 documents through her as Ex.A.1 to Ex.A.24.

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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 craim 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.24 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 wilh future interest and costs. .-/ft(ts"r

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oA.NO.701/2023

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In the result, the present Original Application No.70112023 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.23,70,675.04ps with future interest @10.25%^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 mortgaged property described in the schedule annexed to the OA and the applicant bank is entitled 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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B. 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 22"d Day of August, 2024).

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/4W*"^ lAfr'rrsnwaR^KorHE) PRESIDING OFFICER

Karnataka Bank Limited v. Mrs.Gumpany Lalitha Kumari

Case brief

What is this about?

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Karnataka Bank Limited v. Mrs.Gumpany Lalitha Kumari

Case brief

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What did the court decide?

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