Allowed

Union Bank of India v. M/S Lakshyas Natural Foods

DRT22 Apr 2025OA/294/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of a term loan of Rs. 22.44 lakh from the defendants, ruling them jointly and severally liable with interest and costs, and authorizing proceedings against hypothecated assets.

What did the court decide?

Directed respondents to pay Rs. 22.44 lakh with future interest, costs, and allowed bank to realize dues from hypothecated and other assets.

Union Bank of India versus M/S Lakshyas Natural Foods — Specific Performance | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 22ND DAY OF APRIL, 2025

¶2

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

¶3

ORIGINAL APPLICATION No: 294 OF 2024

¶4

Union Bank of India., Bachupally Branch, Survey No.3 & 6, MLR Complex, Bachupally X Road, Hyderabad, Telangana - 500091. Rep. by its Branch Manager.

¶5

..,..Applicant,

¶6

Versus

¶7

M/s.Lakshyas Natural Foods., Represented by its^proprietor Mrs. Radhika Vardheni, Office at

¶8

H.No. 1-55/196/199/A, Near

¶9

Botanical Garden, Opp Aparna Heights, Kondapur, Hyderabad, Telangana-5000g4,

¶10

Mrs.Radhika Vardhineni, W/o.Vinod Rao Vardhineni, Aged about 65 Years, Occ: Business, R/o. H. No. 1-55/ t96/ t99/ A, Near Botanical Garden, Opp Aparna Heights, Kondapur, Hyderabad, Telangana-5000g4.

¶11

Also at:-

¶12

R/o.H.No.2-1-651, Vidhya Nagar, Near Railway Station, Nallakunta, Hyderabad - 500044.

¶13

...Defendants

¶14

Counsel for the Applicant : M/s.V.Sethu Madhava Rao Defendants : Ex-parte l5ir.f

¶15

oA.NO.294/2024

¶16

:: ORDER^::

¶17

The Applicant^{Bank filed the present OA for the recovery a total} sum of^{Rs.22,44,672'6OPs under Term LoanA/c No'} 162016180000015^{from the defendants jointly and severally} with future^{interest@(11 80o/o *2o/o penal) p a' withmonthly} rests from^{the date of application till the date of realization} along^{with costs and in default for sale of hypothecated assets'}

¶18

Summons^{servedon D1, whereas summonsservedon D2} through^{paperpublication'They were set ex-parte on} 27.01.2025^{as called absent and no representation'}

¶19

The Applicant^{Bank examinedK'V'Sai Pavan' BranchManager'} as AW-1^{and marked 13 documentsthrough him as Ex' A'1 to} Ex. A.13.

¶20

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

¶21

The^{point that arises for considerationis:-}

¶22

Whether^{the Applicant Bank is entitled} for the ctaim^{madein the OA against} the Defendants^{and OA hypothecated} assets2

¶23

As stated^{supra, the Defendants remained ex-parte The} Evidence^{Affidavitcoupledwith the recitalsin the documents} viz., Exs.A.l^{to A.13 marked on behalf of the ApplicantBank} clinches^{the claim of the Applicant Bank againstthe Defendants'} Hence, I^{hold that the Defendantsare jointlyand severally liable} to^pay the^{OA claim to the ADolicant Bank^)^'ith futureinterest} ,/fi_,1u.t^

and costs.

oA.NO.29412024

In the result, the present Original Application No.294/2024^is allowed as under: -

¶28

i) The Defendants are^jointly and severally liable to^pay to the Applicant Bank a^{sum of} Rs.22,44,672.60ps under Term Loan A/c.No. 162016180000015 with future interest @10.45olo^{p.a. simple from the date of} application till the date of realization;

¶29

ii) the OA claim is secured by waY^of hypothecation of assets described in^the schedule annexed to the OA and^the applicant bank is entitled to^{proceed against} the same to realise its debq

¶30

iii) the applicant bank is also entitled to^proceed against the^person and^propertiesof defendants for realization^{of its dues;}

¶31

iv) the applicant bank is entitled^{for the costs.}

¶32

B. The Applicant Bank is directed to^{file CostMemowithin2 weeks} from the date of receipt^{of this Order.}

¶33

Issue Recovery Certifl^{cateaccording ly'}

¶34

Communicate a copy^{of this order to the parties concerned'} (Dictated to the steno, corrected, signed^{and pronouncedbyme in the open court on} this the 22nd Day of^April,2025).

¶35

//ry*** (MVESHWAR KOTHE) PRESIDING^OFFICER

Union Bank of India v. M/S Lakshyas Natural Foods

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S Lakshyas Natural Foods

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Smt Jhansi Garikipati Rep by her Gpa Holder G Adiseshaiah versus Hdfc Bank

Union Bank of India versus M/S Aqua Steel

Yes Bank Limited versus Bhupathi Chandu

Hdfc Bank Ltd., versus Sanjeev Katiyar

Hdfc Bank Ltd., versus Mrs.P Geethanjali

Hdfc Bank Ltd., versus M/S Lakshmi Kantha Reddy Minerals.