Allowed

Punjab National Bank v. Damodhar Reddy

DRT9 Apr 2025OA/198/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an Original Application filed by Punjab National Bank for recovery of a disputed cash credit debt. The defendant remained ex-parte, and the Tribunal held the claim was clinched by documentary evidence and awarded recovery of the principal sum with interest and costs.

What did the court decide?

Direction to defendant to pay Rs. 29,36,712.25ps with interest @ 9.75% p.a. and costs; entitlement to proceed against mortgaged properties.

Punjab National Bank versus Damodhar Reddy — DRT (2025) — LawSathi Research

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE Ogth DAY OF APRIL, 2025

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

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ORIGINAL APPLICATION No: 198 OF 2024

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Punjab National Bank., Nandyal Branch, Presently Parked at Circle SASTRA Centre, 27-33-40, 1't Floor, Gudavalli Vari Street, Besant Road Cross, Governerpet, Vijayawada - 520002. Rep. by its Chief Manager.

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.....Applicant.

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Versus

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Sri Manchala Damodhar Reddy, S/o. Late Ramachandra Reddy, Representing his Father Sri Manchala Ramachandra Reddy(Since Deceased) R/ o.2/ 465, MRR Apartments, Srinivasa Nagar, Nandyala District, Kurnool - 518501.

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... Defendant

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: M/s.Muralidhar^patnaik K.V. Counsel for the Applicant Defendant : Ex-parte

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:: ORDER:;

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.29,36,712.25ps as on 18.03.2024 under Cash Credit Facility A/c.No.6589008800000747 from the defendant with future interest @9.75olo p.a. with eonthly rests together with , )tw, ,u

, "'--(N\lE

oA.NO.198/2024

penal interest @2% p.a. from the date^{of application till the} date of realizatlon^{along with costs and in defaultfor sale of OA} schedule ProPertles.

¶16

Summon served on^{sole defendant through paper publication} and was set ex-parte on^{29.10.2024 as called absent and no} representation.

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1. The Applicant^{Bank examined Suresh Gandepalli,Manager,} AW-1 and marked 18 documents^{through him as Ex.A.1} to Ex.A.18.

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Ld. Counsel for the Applicant^{Bank stated orders may be passed} on merits. Perused the^{materialplacedon record.}

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The^point that arlses for consideration^is:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendant and OA schedule properties?

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As stated supra, the Defendant^{remainedex-parte.The} Evidence Affldavit coupled with the^{recitals in the documents} viz., Exs.A.1 to A.18 marked on behalf of^{the ApplicantBank} clinches the claim of the Applicant^{Bank againstthe Defendant.} Hence, I hold that the Defendant is liable to^{pay the OA claimto} the Applicant Bank with future interest^{and costs.}

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In the result, the^present Original Appllcation^{No.198/2024is} allowed as under:^-

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i) The Defendant is liable to^pay to^the Applicant Bank a sum of Rs-.29,36,712.25ps %**b

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oA.NO.198/2024

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as on 18.03.2024^{under CashCredit Facility} A/c. No.6589008800000747^withfuture interest @9.75olo^{p.a. simple from the date of} application till^{the date of reallzation;}

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ii) the OA claim^{is secured by way of mortgage} of^properties described^{in the schedule} annexed to the^{OA and the applicant bankis} entitled to^{proceedagainst the same to} realise its debu

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

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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 09$^{Day ofAPril.2025)}

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/l*w, - ^a /(/6(N'.', (RAIVIESHWAR KOTHE) PRESIDING OFFICER

Punjab National Bank v. Damodhar Reddy

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Damodhar Reddy

Case brief

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