Allowed

Bank of Baroda v. M/S Sri Jagadeeswara Cotton Silk Twisting and Dying Unit

DRT20 Jan 2025OA/207/2024

Case brief

AI extract

What is this about?

The DRT II Hyderabad allowed the Bank of Baroda's original application for recovery of a loan sum of Rs. 38,79,727.40 from the defaulting borrowers, holding them jointly and severally liable to pay the principal, future interest, and costs.

What did the court decide?

Defendants directed to pay Rs. 38,79,727.40 with future interest at 10.25% p.a.; Recovery Certificate issued.

Bank of Baroda versus M/S Sri Jagadeeswara Cotton Silk… — Banking and Recovery | DRT (2025)

¶1

IN THE DEBTS RECOVERY TR]BUNAL.II AT HYDEMBAD DATED THIS THE 20th DAY OF JANUARY, 2025

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

¶3

ORIGINAL APPLICATION No: 207 OF 2024

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Bank of Baroda Dharmavaram Branch, Dharmavaram, Sri Sathya Sai District. (Earlier Ananthapur Dist). Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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lY/s,Sri lagadeeswara Cotton & Silk, Twisting and Dyeing Unit, Rep by its Prop Mrs.Neeluri Kalavathi,

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D. No.4- 1176, Shiva na9ar, Dharmavaram, Ananthapur Dist _ 515671.

¶9

M rs. Neeluri Kalavathi, W/o. N.Vijay Kumar, Age Major,

¶10

Female, D. No.9-293- 1, Gandhinagar, Dharmavaram, Ananthapur Dist _ 515671.

¶11

lYr. Mekala Vijay Krishna, S/o. lvl. Ramadasu, Age [4ajor, Male, D. No.7-52, Gandhinagar, Dharmavaram, Anantapur Dist - 515671.

¶12

M r.Chintha Mallika rjuna, S/o.C. Satyanaraya na, Age Major, Male, D. No.13-26, Vadlapalem Street, Tadipatri, Anantapur Dist - 515411.

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. .. Defenda nts

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Counsel for the Applicant : M/s.Trivikram Chitturu

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Defenda nts : Ex-parte /Wrlf

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oA.NO.207/2024

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1, The Applicant^{Bank filed the present OA for the recovery a total} sum of^{Rs.38,79 ,727 '4gps from the defendantsjointly and} severally^{withfuture interest@10 250/0 p a plus penal interest} withmonthlyrestsfromthedateofapplicationtillthedateof realization^{along with costs and in default for sale of OA} schedule ProPerties'

¶18

Summons^{served on D1 and 2 through Paperpublication'} whereas^{summons servedon D3 and 4' They were set ex-parte} on 04.10.2024^{as called absentand no representation'}

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The Applicant^{Bank examinedAsha lyothi Madhura'Senior} Manager,^{as AW-1 and marked 09 documentsthrough her as} Ex. A.1^{to Ex. A.09'}

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Ld. Counsel^{for the ApPlicantBank reported ordersmay be} passed through^{merits Perused the 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 madein the OA against} the^{Defendantsand OA schedule} properties?

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As^{stated supra, the Defendants remained ex-parte'The} Evidence^{Affidavitcoupledwith the recitalsin the documents} viz., Exs.^{A.1 to A 09 markedon behalf of the Applicant Bank} clinchestheclaimoftheApplicantBankagainsttheDefendants. Hence, I^{hold that the Defendants are jointly and severally liable} to^{pay the OA claim to the Applicant Bank with futureinterest} 'N'<t and costs. (/'-rs*-

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oA.NO.207l2024

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In the result,^{the present Original Application No'207/2024is} allowed^{as under: -}

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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.38,7g,727 '4gps^{with future interest} @10.25olo^{p'a' simple from the date of} application^{till the date of realization;}

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

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ii) of^{properties described in the schedule} annexed^{to the OA and the applicantbank is} entitled^{to proceedagainst the same to} realise its^debt;

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iii) the^{applicant bankis 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 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^{Certificate accordingly'}

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^^ 10. Communicate^{a copy of this order to-tl:-.parties colt"tn"9:..-} (Dictated to tn" 't"no, tilected'^{signedand pronouncedbyme in the opencounon} inis the zotn^{DaY of January,2025)'} /)W** rnhN€snwnR^KorHE) PRESIDING^OFFICER

Bank of Baroda v. M/S Sri Jagadeeswara Cotton Silk Twisting and Dying Unit

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. M/S Sri Jagadeeswara Cotton Silk Twisting and Dying Unit

Case brief

What is this about?

What did the court decide?

What the court decided

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