Allowed

Karur Vysya Bank Limited v. M/S. Sree Sreerama Corporation

DRT4 Aug 2025OA/299/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs.1.35 crore plus interest and costs, holding respondents jointly liable and granting execution against mortgaged properties.

What did the court decide?

Direct recovery of Rs.1.35 crore with interest and costs; execution against mortgaged properties and defendants' assets; issuance of Recovery Certificate.

Karur Vysya Bank Limited versus M/S. Sree Sreerama Corporation — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD

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DATED THIS THE O4TH DAY OF AUGUST, 2025

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), tvl.A.

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 299 OF 2025

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Karur Vysya Bank Limited., Adoni Branch, Kurnool. Rep. by its Authorized Signatory.

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.....Applica nt.

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Versus

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M/s. Sree Sreerama Corporation., Rep by its Sole^proprietor

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Mr. P.Ravi Kumar, Survey No.1g0/2 Parvathapuram Road. Adoni, Kurnool-51g301.

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Mr. P.Ravi Kumar

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S/o. Pothula Ramanjaneyulu

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Major, Occ: Business, H.No.HIG 33

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APHB Colony, Adoni, Kurnool - 518301.

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Mrs. P. Mangamma

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W/o. Pothula Ramanjaneyulu

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Major, Occ: Business, H.No.HIG 33 APHB Colony, Adoni, Kurnoot - 518301.

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Mrs. P.Suvarna, Wo.P.Ravi Kumar Major, Occ: Business, H.No.HIG 33 APHB Colony, Adoni, Kurnool-518301.

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Mr. P.Ramanjaneyulu S/o. Pothula Anjineyulu, Major Occ: Business, H.No.HIG 33, APHB Colony, Adoni, Kurnool - 518301.

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... Defendants

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Counsel for the Applicant

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Defendants

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: M/s. Lanka Jagannadham

,ex-oartyftnsg

oA.NO.29912025

:: g-LLEL ::

The Applicant Bank filed the^{present OA for the recovery a total} sum of Rs.1,35,45,946.37ps from the^{defendantsjointlyand} severally with future interest @15.40olo^{p.a. from the dateof} application till the date of^{realization alongwith costs and in} default for sale of OA^{schedule properties.}

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Summons served on D1 to^{5. They were set ex-parte0n} 7I.07.2025 as called absent^{and no representation.}

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The Applicant Bank examined^{PNSVChalapathiRao, Senior} lvlanager, as AW-1 and marked 26 documents through^himas Ex. A.1 to Ex. A.26.

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Heard the Ld. Counsel for the Applicant Bank.^{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 claim made in the OA against the Defendants and OA schedule propefties?

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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 4.26 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. ZY,.*th /7 -r'$ "-

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oA.NO.29s/2O2s

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In the result, the present Original Application No.299/2025 is allowed as under: _

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.1,35,45,946.37ps with future interest @11.650lo 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 properties 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 entitled 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 within2 weeks} from the date of receipt of this Order.

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Issue Recovery Certificate according^ly'

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Communicate a copy of^{this order to the parties concerned.} (Dlctated to the steno, corrected, signed^{and pronouncedbyme in the open court on} this the 04th Day of August,^2025).

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Qps,*z (RNqESHWAR KOTHE) PRESIDING OFFICER

Karur Vysya Bank Limited v. M/S. Sree Sreerama Corporation

Case brief

What is this about?

What did the court decide?

Karur Vysya Bank Limited v. M/S. Sree Sreerama Corporation

Case brief

What is this about?

What did the court decide?

What the court decided

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