Allowed

State Bank of India v. M/S S v Apollo Pharmacy

DRT17 Sept 2024OA/919/2023

Case brief

AI extract

What is this about?

In an Original Application for recovery, the Tribunal allowed State Bank of India's claim against S.V. Apollo Pharmacy and Smt. Gnanaprasunamba for the principal sum with future interest and secured recovery via mortgaged properties.

What did the court decide?

Respondents directed to pay Rs. 26,67,214/- with future interest; bank entitled to realize dues via mortgaged and other properties; costs awarded.

State Bank of India versus M/S S v Apollo Pharmacy — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 17th DAY OF SEPTEMBER,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: 919 OF 2023

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STATE BANK OF INDIA RASMECCC & SARC, Door No.19-3-13, Hero Showroom (Upstairs) Renigunta Road, Tirupati-517501, Tirupati District. Rep. by its Chief Manager(SARC).

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.....Applicant.

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Versus

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M/s.S.V.Apollo Pharmacy, Rep by its Proprietrix Smt.Ganta Gnanaprasunamba, H. No.10- 13-558/A,

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Opp Venkataramana Heart Hospital, Reddy & Reddy Colony, Tirupati, Chittoor District - 517501.

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Also at:-

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D. No.3-108A, Harijanawada, Chellur, Chittoor District - 517526.

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Smt.Ganta Gnanaprasunamba W/o.Sri T.Janardhan, Aged about 37 Years, Occ: Business, D. No.20- 1-447 /70N, CSR Colony, Korlagunta, Tirupati, Chittoor District - 517501.

Also at:-

N"*

oA.NO.919/2023

H. No. 10- 13- 558/A, Opp Venkataramana Heart Hospita^l, Reddy & Reddy Colony, Tirupati, Chittoor District - 517501

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... Defendants

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Counsel for the Applica nt Defendants

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: M/s.G. Prabha ka r Sarma

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:Exparte

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:: ORDER::

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The Applicant Bank filed the^present OA for the recovery a total sum of Rs.26,67,2141- under Cash Credit^Loan A/c.No.38237724558 from the defendants^jointly and^severally with future interest @ 72.650/o^p.a. with monthly rests from the date of application till the date of reallzation along with^costs and in default for sale of OA schedule^properties.

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Summons served on D1, whereas Summons served on D2 on

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through paper publication. They were set ex-parte 27.06.2024 as called absent and no representation.

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The Applicant Bank examined DVSBG Krishna, Manager, as AW1 and marked 12 documents through her as Ex. A.1 to Ex. 4.t2.

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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 E:- OWt\

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oA.NO.919/2023

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Whether^{the ApplicantBank is entitled} for the^{ctaim madein the OA against} the^{Defendantsand OA schedule} ProPerties?

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As Evidence stated^{Affidavit supra, coupled the Defendants with the recitals remained in the ex-parte' documentsThe} viz.,^{Exs. A.1 to A'12 markedon behalf of the Applicant Bank} clinches^{the claim of the Applicant Bank against the Defendants'} Hence;^{I hold that the Defendants are jointlyand severallyliable} to^pay the^{OA claim to the Applicant Bank with futureinterest} a nd costs '

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In the result,^{the present Original Application No'919/2023is} 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.26,67,214/-^{with future interest@1 2. 650lo} 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} properties 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^propertiesof defendants for^{realization of its dues;/ttr3,/r-!u}

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oA.NO.919/2023

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iv) the applicant bank is entiUed for the costs.

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B. The Applicant Bank ls 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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8,o.ffi',: ii:::":"::Ll".::"tl i:-^gld " i^{to th e pa rti es co n cern ed'} and pronounced bv me in the open court on

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ir'i, ,r," rzli ;;; ;;;;;;;";:'r1r1i:"

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/CY*$ (nkfiesHwnR KorHE) PRESIDING OFFICER

State Bank of India v. M/S S v Apollo Pharmacy

Case brief

What is this about?

What did the court decide?

State Bank of India v. M/S S v Apollo Pharmacy

Case brief

What is this about?

What did the court decide?

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