Allowed

M/S. Punjab National Bank v. M/S. Umadevi Pharmaceuticals Private Limited

DRT16 Jun 2025OA/203/2024

Case brief

AI extract

What is this about?

The Tribunal disposed of an application for recovery of debt filed by PNB against pharmaceutical company, guarantor, and property manager. With defendants appearing but not filing written statements or adducing evidence, the Tribunal held the documented claim unchallenged.

What did the court decide?

Defendants directed to pay Rs. 5,39,32,711.45 with future interest and costs; applicant bank entitled to proceed against mortgaged properties.

M/S. Punjab National Bank versus M/S. Umadevi Pharmaceuticals… — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 16TH DAY OF JUNE, 2025

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PRESENT: SH, RAMESHWAR Ko L. LB. (Hons. ), M.A. ,*.s,o,rJtuir?i,.JJ.

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ORIG]NAL APPLICATIoN No: 203 oF 2024

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Between:

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M/s. Punjab Nationat Bank_, Circle Sastra, O/o.Circle Sastra Maharshi House, Road No.3_ Banjara Hills, Hyderabad _ SOOO:+. Kep. Dy its chief Manager.

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....Applica nt.

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Anal

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M/s. Umadevi pharmaceutica ls Private Limited., Represented by its Authorised Representative. o/o.H. N9:7- 1-621 / t3, 4/B:/speciat MrG, t-tat N^o..401,4,n Floor, Uma iesidency,, 3!ll^{SiLdl,Travets, SanjeevaReddy} Nagar, Hyderabad _ 5OOO38.

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Mr.Chava Suresh Babu, S/o. Chava Venkata Rao_ lge^{lvlgjor, Occ: Business,Mate,} R/o. H. N^o.8-3-898/26, Nagarjuna Nagar, Beside sBI Bank Lane, vellareddy Gu?a, Hyderabad - 500038.

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M/s. Uma^property Management private Limited., (Formerly Uma carden pvt. Ltd), Represented by its Authorised Representiiive, Olo. 40t,4tn Floor, UMA Residency, Opp. Sindhu Travels, S R Nagar, Hyderabad - 500038.

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.... Defendants

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Counsel for the Applicant : Mr. Manav Gecil Thomas

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Counsel for Defendants

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: Mr. K. Kranti Kumar

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Ow"

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oA.2O3l2024

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The Applicant^{Bank filed the present OA u/s 19 of The Recovery} of Debts^{& BankruptcyAct' 1993 for recovery of a sum of} Rs.5,39,32,711'45ps^{towardsLoanA/c No' 1OB1108700000062} from the^{defendants togetherwlth futureinterest @ 1450o/o} ,r. r,rt^{penal interest@2olosimple with monthly rests from} ol,r..oi.rrro^{till the date of realisation along withcostsand sale}

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OA^{schedule ProPerties'}

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The averments^{of applicant bankas per the OA' briefly' are that} 1'tdefendantrunsaprivatelimitedcompanyunderthename and style^{of M/s'UmadeviPharmaceuticals privatelimited'} Defendant^{No'1 availedvarious credit facilities from the} applicant^{bank vide sanction letter dated10 'lZ'2021'} Defendant^{No 2 is the guarantorand DefendantNo 3 is the} .orporu,"^{guarantorto the loan availed by 1't defendant and} defendantscreatedmortgagebydepositoforiginaltitledeedin respect^{of OA scheduleimmovable propertiesas securityto the} loan.^{Defendants executednecessaryloan documents After} availing^{loan facilities,the appllcant 56nk lnf6rmgflthe} defendants^{that theirloansdeclared as NPAon 03'10 2023The} defendants^{committed default despite several demandand} failed to^{regularize the accountsdespite in spite of notice dated} 04.10.2023.^{As the defendantsfailed to clear the outstanding} dues, the Present^{OA is filed'}

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Defendants entered appearance^{through their counsel} Mr. K. Kranti Kumar, but they^{did not choose to file written} statement. Accordingly, defendants^{right of filingwritten} statement has been forfeited^{vide docket orderdated} 27.O1.2025. Nx$

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oA,2O3/2024

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The Applicant Bank examined M.M.Chisty, Manager as AW_1 and marked 13 documents through him as Ex. A.1 to Ex. A.13.

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Defendants right of adducing evidence was forfeited for non_ representation vide docket order dated 29.04.2025.

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Heard learned counsel appearing for the applicant. Defendants, right of advancing arguments forfeited on 09.06.2025. perused the material placed on record.

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The point that arises for consideration is:_

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Whether the Appticant Bank is entitled for the OA claim against the Defendants and OA schedule properties?

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According to the learned counsel for the applicant, after availing loan facilities, the defendants committed default in repayment despite notice. Hence applicant bank is entitled to the OA claim considering the documents exhibjted as Exs.A.1 to A.13 through AW.l and the recitals therein.

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As stated supra, though defendants entered appearance through their counsel, they did not choose to file written statement, adduce evidence or advance arguments. Accordingly their right was forfeited. Under such circumstances, the Evidence Affidavit of AW.1 coupled with the recitals in Exs. A.1 to A.13 marked on behalf of the applicant bank remains unchallenged and un-rebutted. Hence, I 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.203/2024 is allowed as under: -

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oa.20"l2oz4

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Defendants^{1 to 3 are jointly and severally}

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i) liable to^{pay a sum of Rs'5'39'32'711'45ps} towards^{Loan A/c' No' 1081108700000062to} the applicant^{bank along with futureinterest} @7.20o/o^{p'a' simplefrom the dateof} application^{till the date of realization;}

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the applicant^{bank is entitledto proceed}

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ii) against^{the moftgaged propertiesdescribed} in the^{Scheduleannexed to the OA and} person and^{properties of defendants for} realization^{of its dues; and}

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iii)^{the apPlicant bankis entitledfor the costs'}

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The Applicant^{Bankis directed to file Cost Memo wlthin2 weeks} from the^{date of receipt of this Order'}

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tz, Issue Recovery^{Certiflcate accordingly'}

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Communicate^{a copy of this order to the partiesconcernedand} upload^{in Web Portal.}

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(Dictated to the^{steno, signed and pronouncedby mein theopencourton this the10'} dav oflune,2025.)

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Ko*" ESHWAR^KOTHE) PRESIDlNG^OFFICER

M/S. Punjab National Bank v. M/S. Umadevi Pharmaceuticals Private Limited

Case brief

What is this about?

What did the court decide?

M/S. Punjab National Bank v. M/S. Umadevi Pharmaceuticals Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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