Allowed

Union Bank of India v. M/S. Milligram Laboratories

DRT24 Jul 2025OA/128/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Union Bank of India for recovery of dues against M/s. Milligram Laboratories, recording the defendant's liability for principal amounts with future interest and the bank's right to proceed against hypothecated assets and defendants' properties.

What did the court decide?

The defendant is directed to pay Rs. 21,83,160.94 with future interest @ 9.55% p.a. The recovery certificate is to be issued. The defendant is liable for costs.

Union Bank of India versus M/S. Milligram Laboratories — Specific Performance | DRT (2025)

¶1

IN THE^{DEBTSRECOVERYTRIBUNAL-II AT HYDERABAD} DATED THIS^{THE 24THDAY OF ]ULY, 2025}

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

¶3

ORIGINAL APPLICATION^{No: 128 OF 2025}

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u nion Bank of India., lubilee Hills Branch/^{PIot No.1129} Road No.36, tladhaPur^Road lubilee Hllls, Hyderabad - 500033. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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M/s. Milligram Laboratories., Rep by its Proprietor, Mr.Alapati Ravi Chandra, S/o.Venkata Umakanth Aged 40 Years, t-27-9O/2, Road No.2 Venkatapuram, Alwal, Medcha I - [4alkajgiri District - 500015.

¶8

Also at:M r.Alapati Ravi Chandra, S,/o.Venkata Umakanth, Aged 40 years, Flat No.2O2 Vasavi Dreams Apartments, Czech Colony Sanath Nagar, Hyderabad - 5OOO18.

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...Defendant

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Counsel for the Applicant : M/s. Srinivasa Rao Chakrala

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Defend a nt

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The Applicant Bank filed the present OA for the recovery a totat sum of Rs.21,83,160.94ps as Rs.le,se,eee.llpstowaros;:i"':r:::y;rrr";;r1'lI"j sum of Rs.1,83,161.83ps towards A/c.No.s rrUOUnrOOOO|/Z from the defendant with future interest @11.50% p.a. with ,fur^>v / i/^',A"

¶13

oa,No.12a/2o2s

¶14

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interest @2olo^{from the date of applicationtill the date of} realization along^{with costs and in default for sale of} hypothecated^assets.

¶16

z. Summon^{seTVed on sole defendant through paper publication} and^{was set ex-parteon 25'06 2025 as called absent and nc} representation.

¶17

The Applicant^{Bank examinedlinka Ramudu' Chief Manager'as} AW-1^{and marked 56 documents through him as Ex A lto} Ex.A.56.

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Heard^{the Ld Counselfor the ApplicantBank Perused the} rn,""^a"-""sand materialplaced on record'

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The^{point that arises for considerationis:-}

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Whether^{the Appticant Bank is entitled-} for^{the claim made in the OA against'} he^{DefendanL and OA hY/othecated} assets?

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6.^{As stated **:'} :l:,^:"IrT: ::ffi"i^,ilT::,1:: Evidence^{AffidavitcouPleu,,^l''^.} o"n"n^{of the ApplicantBank}

¶22

viz.,^{Exs.A.1 .o t:-y':'"i,;;,} ;;- asainst^{the Derendant'} crinches^{the claimor the App';;';;;;'".} our,n"^{oA claim to} Hence'^{I hord} "" ":.:1;;int"r"rt uno 'o't'' the^{Applicant Bank with t}

¶23

7.^{In the result'the presentOriginal ApplicationNo 128/2025is} allowed^{as under: -}

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to PaY^{to the}

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The^{Defendant is liable}

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'r Rs.21,83,160'94Ps " ePPtitunt^{Bank a sum of}

¶27

oA.NO.128/2025

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as on 79.72.2024 i.e., a sum of Rs.19,99,999.11ps towards A/c. No. 527605140000001 and a sum of Rs.1,83,161.83ps towards A/c. No. 527606990000722:- with future interest @9.55% p.a. simple from the date of application till the date of realization;

¶29

ii) the OA claim is secured by way of hypothecation of assets 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 properties of defendants for realization of its dues;

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iv) 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 Certificate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 24rh Day of.luly, 2025).

¶35

ESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. M/S. Milligram Laboratories

Case brief

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Union Bank of India v. M/S. Milligram Laboratories

Case brief

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