Allowed

South Indian Bank v. Sri Prashant Saboo

DRT6 Nov 2024TA/1/2024

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed a transfer application filed by The South Indian Bank Ltd for recovery of Rs. 1.03 crore from two defendants jointly and severally liable, with future interest and costs, secured by mortgage properties.

What did the court decide?

Defendants jointly and severally liable to pay Applicant Bank Rs. 1,03,51,570.72 with future interest @ 8.55% p.a. simple from date of application till realization, plus costs.

South Indian Bank versus Sri Prashant Saboo — Contract and Commercial Disputes | DRT (2024)

¶1

IN THE^{DEBTSRECOVERY TRIBUNAL-II AT HYDEMBAD} DATED^{THIS rHE 6r' DAY oF NovEMBER'2024} PRESENT:^{SH. RAMESHWARKOTHE, B'COM., L'LB, (HONS.), M.A.} PRESIDING^OFFICER

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TRANSFER^{APPLICATION No: 01 OF 2024}

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The South^{Indian Bank Ltd',} Banjara^HillsBranch, Hyderabad. Rep by its^{Branch Manager'}

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.....ApPlicant.

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Versus

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Sri Prashant Saboo, S/o.Kishore^Saboo, Aged about^{49 Years, Occ: Business,} H.No.3-5-^{141/2, Ramokoti,} Eden Bagh,^NamPallY, Hyderabad -^500001.

¶7

Smt.Divya^Saboo, W/o.Prashant^Saboo, Aged about^{48 Years, Occ: Business,} H.No.3-5-141/2,^Ramokoti, Eden Bagh,^NamPallY, Hyderabad - 500001. ... Defendants

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: M/s'K'P'Saradhi Counsel for^the Applicant Defendants : Ex-Parte

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:: Q-RP-!-R.^::

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l.TheApplicantBankfiledthepresentTAfortherecoveryatotal the

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sum of Rs.1,03,5r,570.72ps^{as on ,W;rom} (./

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TA.NO.01/2024

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defendants jojnfly and severally with future interest @ 99.600/o p.a. with monthly rests plus 2olo per annum from the date of application till the date of realization along wjth costs and in default for sale of TA schedule property.

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Summons served on D1 and 2. They were set ex_parte on 20.03.2024 as called absent and no representation.

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The Applicant Bank examined K.Muni Pramod, Branch Manager,

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as AW-1 and marked 15 documents through him as Ex. A.1 to

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Ex. A.15.

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Heard the Ld counsel for the applicant bank.^perused the

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material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is enti ed for the claim made in the TA against the Defendants and TA schedute 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.15 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinHy and severally liable to pay the TA claim to the Applicant Bank with future interest and costs.

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In the result, the present Transfer Application No.O112024 is allowed as under: - // ,//fuZ..rn^''6*'

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TA.NO.0u2024

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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} Rs.1,03,51,570.72ps^{as on 21'12'2023with} future interest^{@ 8,550/o p'a' simple from the} date of application^{till the date of realization;}

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the TA claim^{is secured by way of mortgage}

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ii) of^{property described inthe schedule} annexed to^{the TA and the applicant bank is} entitled to^{proceedagainst 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;}

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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^{Certificateaccordingly'}

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Communicate^{a copy of this order to the parties concerned'} (Oiar.tua to the steno,^{corrected,signedand pronouncedbyme in the open court on} this the 06'h^{day of November, 2024)'}

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MESHWAR^KOTHE) PRESIDING OFFICER

South Indian Bank v. Sri Prashant Saboo

Case brief

What is this about?

What did the court decide?

South Indian Bank v. Sri Prashant Saboo

Case brief

What is this about?

What did the court decide?

What the court decided

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