Allowed

Union Bank of India v. M/S Sunil Developers

DRT16 Apr 2024OA/779/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's original application for recovery of dues approx. Rs. 37.26 lakhs plus interest and costs from the ex-parte respondents, declaring the debt secured by mortgage and directing issuance of a recovery certificate.

What did the court decide?

Relief granted includes payment of Rs. 37,26,675/- with future interest, enforcement of mortgage security, power to proceed against respondents' properties, and award of costs.

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

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 16th DAY OF APRIL, 2024

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PRESENT: SH. RAMESHWAR KOTHE, B.Com, L.L.B. (HonS.), T4.A.

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PRESIDING OFFICER

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ORIGINAL APPLICATION No. 779 OF 2022

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Union Bank of India Netajinagar Branch at Plot No.14, Vijayapuri Colony, Kapra, Secu nd era ba d - 500062, Telangana State Rep by its Branch Manager

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...........Applicant.

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Versus

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M/s. Sunil Developers, H. No.5-586/234, Plot No.LIG-234, Block No.5, APHB Colony, Meeerpet(Village), Kapra GHMC, Uppal Mandal, MedhcalMalkajgiri District, Telangana State Rep by its Sole Proprietorix

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Mrs. Sushil Devi Sharma, W/o. Mr. Kailash Kumar Sharma, Aged about:41 years, Occ: Business, H.No.5-5-86/234, Plot No.LIG-234, Blok No.5, APHB Colony, M eerpet(Village) / Kapra cHMC, Uppal Manda l, Medhcal-tYa lkajgiri Distt, Tela ngana State.

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Mr. Dadhich Rinva Kailash Sharma S/o. Sri Dadhich Rtnva Ram Sharma, Aged about:41 years, Occ: Business, H.No.5-5-86/234, Ptot No.LrG-234, Block No.5, APHB Colony, 14eerpet(Village), Kapra cHMC, Uppal Mandal, Med hca l- Ma tkajg iri District, Telanaana State. _ Defenda nts. --*'7^, z''6;"'t"

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oa.No.719l2022

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Counsel^{for the Applicant} Defenda nts

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lvlr. M. V. S.^Prasad

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Ex-parte.

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ORDER

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The Applicant^{Bank filed the present OA u/s'19of theRecovery} of Debts and^{Bankruptcy Act, 1993 for the recovery of a sum of} Rs.37,26,6751-^{from the defendants1, 2 & 3 togetherwith} interest @12.5olo^{p.a. from the date of thls O'A , till the date of} realisation along^{with costs and saleof OA schedulepropedy'}

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Summons^{servedon DI to 3. They were set ex-parte on} 28.o3.2023,^{as called absentand no representation'}

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examined M.^{Sambaiah, SeniorManager} AS

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1. The Applicant^Bank to

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AW-1 and^marked 13 documents^{throughhim as Ex A l} Ex.A.13.

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Heard learned^{counselappearing for the applicant Perusedthe} material Placed^{on record}

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

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Whether the^{Applicant Bank is entitled} for the claim^{madein the OA against} the Defendants^{and oA schedule} ProPertY?

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As stated^{supra, defendants remainedex-parte The Evidence} Affidavit^{coupledwith the recitals in the documents viz" Exs Al} to A.13^{markedon behalf of the Applicant Bank clinchesthe} claim of^{the Applicant Bank aoainst} '^{the Defenqants'Hence'I} ,zAm>z ^ts

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L/'/'''"'

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oA.NO.779/2022

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hold that the Defendants are liable to pay the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.779/2022 is allowed as under: -

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i) the defendants are liable to pay to the Applicant Bank a sum of Rs.37,26,675l_ with future interest @12.50% p.a. simple from the date of application i.e.,19.09.2022 till the date of realization;

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ii) the OA claim is secured by way of mortgage of property described in the schedule annexed to the OA and the applicant bank is entiued to proceed against the same for recovery of its dues;

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iii) 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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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, signed and pronounced by me in the open court on this the 16rh day of April, 2024).

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Ow* ,ffi3?[1tf[+'J

Union Bank of India v. M/S Sunil Developers

Case brief

What is this about?

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Union Bank of India v. M/S Sunil Developers

Case brief

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