Allowed

Unity Small Finance Bank Limited v. Shri Durga Traders

DRT28 Mar 2025OA/23/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by a small finance bank for recovery of a principal amount of Rs. 27,57,494.57 along with future interest and costs from the defendants who remained absent.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 27,57,494.57 with future interest @ 10.50% p.a. and costs. Recovery Certificate issued.

Unity Small Finance Bank Limited versus Shri Durga Traders — Execution and Attachment | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD DATED THIS THE 28TH DAY OF MARCH, 2025

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PRESENT: SH. RAMESHWAR KOTHE, B.COM., L.LB.^{(HONS.), M.A.} PRESIDING OFFICER

¶3

Original Application No: 23 OF 2024

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Unity Small Finance Bank Ltd., Municipal No.8-2-269, Lumbini lewel 14all, Road No.2, Banjara Hills, Hyderabad, Telangana - 500034, India. Rep. by its Authorlzed Signatory.

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...Applicant

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Versus

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Shri Durga Traders.,

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10-3-59, Fathenagar Main Road, Fathe Nagar, Hyderabad, Landmark Opp. to Patmas High School, K.V.Rangareddy,

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Telangana, Hyderabad - 500018.

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Pawan Agarwal,

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Villa No.42, Manasarovar Villas, Phase 2, Near Behind Leela Garden, RTC Colony, Sai Nagar Enclave, Kanaijiguda, Tirumalgiri, Hyderabad, Behind Leela Garden, Hyderabad-500015.

¶12

Shllpa Agarwal,

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Villa No.42, Manasarovar Villas, Phase 2, Near Behlnd Leela Garden, RTC Colony, Sai Nagar Enclave, Kanaijiguda, Tirumalgiri, Hyderabad, Behind Leela Garden, Hyderabad-500015.

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. ..... Defendants

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Cou nsel for the Applicant : M/s.G.Adrian Kiran Raj

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.e*-oane Defend a nts 1fu*,-*

OA.No.23l2024

:: ORDER ::

The Applicant Bank filed the present OA for the recovery of a sum of Rs.27 t57,494.57ps as on 07.11.2023 from the defendants joinuy and severally with future interest @ 2Oo/o p.a. with monthly rests from the date of application till the date of realisation along with costs.

¶21

Summons served on Dl to 3 through paper publication. They were set ex-parte on 27.08.2024 as called absent and no representation.

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The Applicant Bank examined N4.Sai yeshwanth Rao, Legal Manager as AW-1 and marked 06 documents through him as Ex. A.1 to Ex. A.06.

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Ld. Counsel for the Applicant Bank stated orders may be passed on merits and 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 enti ed for the claim made in the OA against the Defendants?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.6 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally 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.23/2024 is allowed as under: -

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N*.,

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OA.No.23/2024

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.27,57,494.57ps as on 07.71.2023 with future interest @ 10.50% 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 the defendant for rea lization of its dues;

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iii) the applicant bank is entitled for the costs.

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B. 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., transcribed by him, corrected, signed and pronounced by me in the open court on this the 28th day of March, 2025).

¶36

(RAMESHWAR KOTHE) PRESIDING OFFICER

Unity Small Finance Bank Limited v. Shri Durga Traders

Case brief

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Unity Small Finance Bank Limited v. Shri Durga Traders

Case brief

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