Allowed

Union Bank of India v. M/S Sadguru Textiles

DRT8 Apr 2025OA/260/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by Union Bank of India against M/s. Sadguru Textiles and borrowers. The bank was awarded recovery of principal, future interest, costs, and the right to proceed against secured and unsecured mortgaged properties.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 47,33,695.56 with 10.60% interest; bank entitled to sale of property and proceed against persons.

Union Bank of India versus M/S Sadguru Textiles — Company and Corporate | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD

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DATED THIS THE OEth DAY OF APRIL, 2025

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PRESENT: SH. MIT4ESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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ORiGINAL APPLICATION No: 260 OF 2024

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U nion Bank of India., Srinagar Colony Bra nch, Hyderabad District. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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M/s. Sadg uru Textiles., Managing Padner Pothula Shilpa, HIG 314, Road No.4, KPHB Colony, Kukatpally, Hyderabad, T.S-500072.

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Pothula Shilpa,

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W/o. P.Adina rayana,

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Aged about 43 Years, Occ: Business,

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R/o. Flat S-2, 2nd Floot,

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Ashutosh Residency, H. No.8-3-68a/3/ 15/1, Plot No.53, Navodaya Co-op House Building Society, T.B No.79 /7 5, Yellareddyguda, Hyderabad, T.S - 500073.

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Poth ula Adinaraya na, S/o.Pothula Peda Ramaiah, Aged about 48 Years, Occ: Business,

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R/o. Flat S-2, 2nd Floor,

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Ashutosh Residency, H. No.8-3-684/3/ 15/ 1, Plot No.53, Navodaya Co-op House Building Society, T. B No.7 9 / 7 5, Yellareddyguda, Hyderabad, T.S - 500073.

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. .. Defendants

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Counsel for the Applicant : Smt.M.Kanaka Durga

Defendants 'W^

oA.NO.260/2024

:: qLLE& ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.47,33,695.56ps as on 31.03.2024 from the defendants jointly and severally with future interest @10.600/0 p.a. from the date of application till the date of realization along with costs and in default for sale of OA schedule property.

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Summons served on D1 through paper publication, whereas summons sent to D2 and 3 returned with endorsement unclalmed hence deemed to be served. They were set ex-parte on 07.71.2024 as called absent and no representation.

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The Applicant Bank examined G.Vijaya, Legal Manager, as AW1 and marked 16 documents through her as Ex. A.1 to Ex. A.16.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits. Perused the material placed on record.

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The point that arises for consideration ts:-

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule propefty?

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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.16 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy and severally liable to pay the OA claim to the Applicant Bank X!,h future interest and costs. / //\t9'/-\Y, // <.tr-

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,/ v'

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oA.NO.26012024

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In the result, the present Original Application No.260/2024 allowed as under: -

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i) The Defendants are joinUy and severally liable to pay to the Applicant Bank a sum of Rs.47,33,695.56ps as on 31.03.2024 with future interest @10.60% p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of mortgage of property described in the schedule annexed to the OA and the applicant bank is entitled to proceed against the same to realise its debt;

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iii) the applicant bank is also entifled to proceed against the person and properties of defendants for realization of its dues;

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iv) 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, corrected, signed and pronounced by me in the open court on this the O8th Day of April, 2O2S).

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Ow*" (R{MESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. M/S Sadguru Textiles

Case brief

What is this about?

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Union Bank of India v. M/S Sadguru Textiles

Case brief

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