Allowed

Bank of Baroda (e-Vijaya Bank) v. M/S Mother International Exports

DRT19 Sept 2024OA/742/2023

Case brief

AI extract

What is this about?

In this Debt Recovery Tribunal order, the Presiding Officer decided an ex-parte application by Bank of Baroda for recovery of loans totaling approximately Rs. 42.80 lakhs with interest. The court held the respondents liable and allowed the application, directing sale of hypothecated assets and issuance of a recovery certificate.

What did the court decide?

Declaratory liability to pay Rs. 42,79,674.22 with interest; sale of hypothecated assets; issuance of recovery certificate.

Bank of Baroda (e-Vijaya Bank) versus M/S Mother International… — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-]I^{AT HYDERABAD} DATED THIS THE 19th DAY OF SEPTEMBER,2024

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PRESENT: SH. RAMESI-IWAR KOTHE,^{B.Com., L.LB. (Hons.), M.A.} PRESIDING OFFICER

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ORIGINAL APPLICATION Noi 742 OF²⁰²³

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BANKOF BARODA (Erstwhile Vijaya Bank) Secunderabad Branch, S.D.Road, Secunderabad. Rep. by its Chief Manager.

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.....Applicant.

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Versus

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M/s. Mother International^Experts Rep by its Proprietor Mr.Suvakara Panda G-3, Shantha Residency, Ghouri Nagar, Old Boinpally, Secunderabad - 500011.

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Mr.Suvakara Panda S/o.Sri.Ratnakar Panda, Major, S-7-\4613, R.R Nagar Bus StoP, Old Boinpa lly, Secu nderabad-500011.

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...Defendants

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: M/s.Trivikram Chitturu Counsel for the Applicant

Defendants

: Ex-parte

::^qLELLB ::

The Applicant Bank filed the^present OA for the recovery a total sum of Rs.42,79 ,674.ZZps i.e., a sum of Rs.40,06,689/- under Cash Credit Loan with future interest @ 11.50o/o^p.a., a sum of Rs.1,92,885.40ps under FITL Loan with future interest @

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7fuutu

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oA,NO .7 4212O2!

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13.500/o p.a. and a sum of Rs.80,099.82ps under BEGCL Loan with future interest @ 13.50o/o^p.a. from the defendants^jointly and severally with monthly rests from the date of application till the date of realization along with costs and in default for sale of hypothecated assets.

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Summons served on D1 and 2 through^{paper publication.} They were set ex-parte on 15.02.2024 as called absent and no representation.

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The Applicant Bank examined K.Ajay Kumar, Chief Manager, as AW-1 and marked 35 documents through him as Ex. A.1to Ex. A.35.

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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 claim made in the OA against the Defendants and OA hypothecated assets2

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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.35 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^lnterest and costs.

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In the result, the^present Original^{Application No.74212023 is} altowed as under: - ffi**

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oA.NO.742l2023

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The^{Defendants are jointly and severally}

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i) liable^{to pay to the Applicant Bank a sum of} a^sumof

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Rs.42,79,674'22Ps^{i'e ''}

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Rs.40,06,689/-^{under Cash Credit Loan' a} Rs'1,92'885'40ps^{under FITL Loan}

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,"* ", und^{u ,urn of Rs'80'099'82psunder BEGCL} t-oan^{witn future interest @ 11'50o/oQ'd'} simple^{from the date of application till the} date^{of realization;}

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the OA^{claim issecured bY waY of}

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ii) hypothecation^{of assets describedin the} schedule^{annexed tothe OA and the} applicant^{bank is entitledto proceed against} the same to^{realiseits debt;}

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iii) the applicant^{bank is also entitled to proceed} against the^{person and propertiesof} defendants^{for realization of its dues;}

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iv) the applicant^{bank is entitledfor the costs'}

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B, The Applicant^{Bank is directed to file Cost Memo within2 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,signedand pronounced by me in the open court on} this the 19th^{Day of September, 2024)}

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Su'r (RAMESHWAR KOTHE) PRESIDING^OFFICER

Bank of Baroda (e-Vijaya Bank) v. M/S Mother International Exports

Case brief

What is this about?

What did the court decide?

Bank of Baroda (e-Vijaya Bank) v. M/S Mother International Exports

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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