Allowed

Punjab National Bank v. Sri Kandada Manaiah

DRT16 Jun 2025OA/214/2024

Case brief

AI extract

What is this about?

The Tribunal allowed the Applicant Bank's original application for recovery of dues. It held defendants jointly and severally liable for the balance claim after deducting amounts realized through vehicle sale under SARFAESI proceedings, with future interest and costs.

What did the court decide?

Defendants jointly and severally liable to pay balance claim less realized amount with future interest; Recovery Certificate issued.

Punjab National Bank versus Sri Kandada Manaiah — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-]I AT HYDERABAD DATED THIS THE 16TH DAY OF JUNE, 2025

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

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ORIGINAL APPLICATION No: 214 OF 2024

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Punjab National Bank., Circle Office, Secunderabad Circle, 103, Door No.8-2-248lA, tvlaharshi House, Road No.3, Banjara Hills, Hyderabad - 500034 Rep, by its Authorized Signatory.

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.....Applicant.

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Versus

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Sri Kandada Manaiah,

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S/o.K.Anja Goud, Aged about 46 years, Occ: Business, Resident of H.No.1-96, Goplaram 14allepalli, Kondapur, l4edak, Teta nga na - 502295.

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Smt. Kandada Kavita, W/o. Kandada l.4a naiah,

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Aged about 40^years, Occ: Home Maker, Resident of H.No.1-96,

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Goplaram Mallepalli, Kondapur, Medak, Telangana - 502295.

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... Defendants

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Counsel for the Applicant : lyls.N.Meher^prasad Defendants : Ex-pa Ex-pa rte

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: Ex-pa Ex-pa rte

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:: ORDER ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.29,67,428.33ps from the defendants join y and severally with future interest @10.70olo p.a. with monthly rests '"(r' '' ' rv-,^{r\ -}

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oa.No.21,4l2OZ4

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of application^{till the} plus penal interest @2olo^{from the date} in default for^{sale of} date of realization^{along with costs and} hypothecated^vehicle.

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WS of D1 and^{2 washerebyforfeited on 18'10 2024and DE} was hereby forfeited.^{The defendant counsel made an} endorsement^{reportedno instructlon.Hence, defendantswere} set ex-Parte^{on 01.05.2025.}

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The Applicant^{Bank examined MM Chisty,Law Manager,as AW-} l and marked^{09 documentsthrough him as Ex A lto Ex'} A.09. Applicant^{bank filed part satisfactionmemodated} 13.06.2025 reporting^{that the bank realizedthe amount of} Rs.9,26,596/-^{in the auctlonproceedingsunder the SARFAESI} Act.

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Ld. Counsel for the^{ApplicantBank reported ordersmay be} passed through merits.^{Perused the material placed on record}

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The point that arises^{for consideration is:-}

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Whether the Applicant^{Bank is entitled} for the balance claim^{madein the oA} against the^Defendants?

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As stated supra,^{the Defendants remained ex-parte The} Evidence Affidavit^{coupled with the recltals in the documents} viz., Exs. A.1 to^{A.O9 markedon behalfof the Applicant Bank} cllnches the claim^{of the ApplicantBank against the Defendants.} Hence, I hold that the^{Defendantsare jointlyand severallyliable} to pay the OA claim,^Less Rs.9,26,596/-^{being the amount} realised by way of sale of OA^{hypothecatedvehicle to the} Applicant Bank with future^interestanO costs//)\a -.51-1 '-,5.0'-

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oA.NO.2t4l2024

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In the result, the present Original Application No.214/2024 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.29,67 ,428.33ps Less Rs.9,26,596/realized under SARFAESI Proceedings; with future interest @9.70% p.a. simple from the date of application till the date of realization;

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ii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its balance dues;

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iii ) 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 16th Day of June, 2025).

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dw*'

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1Jor'err*oR^KorHE) PRESIDING OFFICER

Punjab National Bank v. Sri Kandada Manaiah

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sri Kandada Manaiah

Case brief

What is this about?

What did the court decide?

What the court decided

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