Allowed

Bank of Maharashtra v. M/S Shiva Sai Enterprises

DRT29 Apr 2024OA/718/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of dues. The defendants were adjudged jointly and severally liable to pay the principal sum with future interest and costs based on verified evidence affidavit and documents.

What did the court decide?

Defendants held jointly and severally liable to pay Rs. 25,32,303.88 with future interest and costs; Recovery Certificate issued.

Bank of Maharashtra versus M/S Shiva Sai Enterprises — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS^{RECOVERYTR]BUNAL-]I AT HYDEMBAD} DATED THIS THE^{29thDAY OF APRIL,2024}

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PRESENT: SH. RAMESHWAR^{KOTHE,B.COM, L.L.B.(HONS.), M.A.} PRESIDING OFFICER

¶3

ORIGINAL APPLICATION^{NO. 718 OF 2023} Bank of Maharashtra, H.No: 22-102, Ground^Floor, Kamalagirl Plaza, R.K.^Nagar, Safilguda, Hyderabad-500047/ Rep by its Branch^Manager. ....Applicant.

¶4

Versus
1. M/S Shiva Sai Enterprises
Rep by its Proprietor
Sri.A.Shiv Kumar
16-A, IDA Nachara m,
Uppal Mandal, Medchal,
Malkajgiri District.
2. Sri.Aitha Shiv Kumar
Aged about 41 yrs,
Occ: Bussiness,
H.No:30-1610/5,
Ramakrishnapuram.
Hyderabad 500056. ....Defendants.
Counsel for the Applicant : lYr. M. R.S.Gopal
Defendants :Exparte.

¶5

ORDER

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The Applicant Bank flled the present OA for the recovery of a sum of Rs.25,32,303.88/- i.e., ( Rs.8,84,658/- plus unapplied interest of Rs.r,7o,519,921- totalling an amount of Xfu(nrt

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oa.7Lal2o2l

¶8

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Rs.10,55.188.78ps with current interest @10.85o/o (floating) along with additional /overdue interest @2olo i.e., @12.g50/o under cash credit account No:6038753g359 and (Rs. 2.38,703.7gps totalling an amount of Rs.14,77,115.10ps with current interest @12.85% under Term Loan Account No: 6033764A929) jointly and severally from the defendants with interest @14.5olo p.a., from the date of O.A till the date of realisation along with costs.

¶10

Summons served on D1, whereas summons sent to D2 returned with endorsement unclaimed hence, deemed to be served. They were set ex-parte on 06.02.2024, as called absent and no representation.

¶11

The Applicant Bank examined Shri. Pravin Kumar, Chief Manager as AW-1 and marked 13 documents through him as Ex. A.1 to Ex.A.13.

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Learned counsel for the applicant bank reported orders may be pursed on 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 ?

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As stated supra, defendants remalned ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A1 to A.8 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 sevelqlly liable to pay //1^{N^-/..} /,/ -:aNi\ -/

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oa.77a12023

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the OA claim to the Applicant Bank with future interest and costs.

¶19

In the result, the present Original Application No.718/2023 is allowed as under: -

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i) the defendants are^jointly and severally liable to^pay to the Appllcant Bank a sum of Rs. Rs.25,32,303.88/- with future interest @10.85o/o^p.a. simple from the date of application till the date of realization;

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ii) the applicant bank is also entitled to^proceed against the person and properties of the defendants for realization of its dues; and

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iir) 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 Certifi cate accordingly.

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Communicate a copy of this order to the^parties concerned. (Dictated to the steno, signed and pronounced by me in the open court on this the^29rh day of April, 2024).

¶26

,4w*' thA-r'resnwan^xornel <sup>PRESIDINGOFFICER

Bank of Maharashtra v. M/S Shiva Sai Enterprises

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. M/S Shiva Sai Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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