Allowed

Bank of India v. Yama Narsi Reddy

DRT21 Jan 2025OA/312/2024

Case brief

AI extract

What is this about?

The Tribunal allowed an Original Application for recovery of dues. Acting on merit despite respondents being absent, the order enforced joint and several liability for repayment of home loans totaling approximately Rs. 50.85 lakhs with interest and granted a recovery certificate. Costs were awarded to the applicant.

What did the court decide?

Defendants ordered to pay Rs. 50,85,702.62 with interest; recovery certificate issued; property mortgage rights affirmed; cost memorandum within 2 weeks.

Bank of India versus Yama Narsi Reddy — DRT (2025) — LawSathi Research

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IN THE DEBTS RECOVERY^{TRIBUNAL-IIAT HYDERABAD}

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DATED THIS THE 21ST DAY OF^JANUARY,2025

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

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ORIGINAL APPLICATION^{No: 312 OF 2024}

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Bank of India., Balanagar Branch, 7 -4-194/5, Ground Floor, Shiv Ganesh ComPlex,^Balanagar, Hyderabad, Medchal -^Malkajgiri. Rep. by its Constituted^Attorney.

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. ....Applica nt.

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Versus

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Mr.Yama Narsi ReddY,

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S/o.Sri.Ram^{Reddy,Residentof} Flat No.105, Block^{A, Hemadrl Towers,} Viveka na nda Naga^{r Colony,} Kukatpally, Ranga^{Reddy District,} Telanga na - 500072.

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lYr.Yama Srikanth^Reddy, S/o.Sri.Narsi ReddY,^ResidentoF Flat No.105, Block A, Hemadri^Towers, Vlvekananda Nagar ColonY, Kukatpally, Ranga ReddY^Distrlct, Telangana - 500072.

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M/s. Sri Laxmi Industries., A Partnership Firm^{Repby its Partners} Y.Narsi Reddy and Y.Srikanth^Reddy,

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H. No.8-222l5, Goutham^Nagar, Old Airport Road, Ferozguda, Hyderabad - 500011

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... Defendants

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: lvl/s. K.V. Nageswara Rao Counsel for the Applicant

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Defendants

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: Ex-Pa rte
-'ln"t --'' ..
,,.-}..'

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oa.NO.312/2024

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:: ORDER ::

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The Applicant Bank filed $ tT, sum of Rs. so, I s,? 02. 62;: i:". :"j';: T ;::I:H :::1 under Home Loan No.g64O751IOOOO242 with future interest @9.45% p.a., a sum of Rs.11,80,952/_ under Top Up Home Loan No.864062810000007 with future interest @10.O5o/o p.a., a sum of Rs.2,63,381/_ under cpl No.864O6O21OOOOO42 with future interest @9.350/o p.a., a sum of Rs.4,7g,776/_ under the GECL A/c. No.B54 0704100000L42 with future interest @9.25% p.a. and a sum of Rs.1g,80,521l- under the WCDL No.864070110000036 with future interest @11.85o/o p.a. from the defendants jointy and severary compounded monthry rests and @ 2o/o p.a. penal interest from the date of application till the date of rearization arong with costs and in defaurt for sare of OA schedule properties.

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Summons served on Dl and 2 through paper publication, whereas summons served on D3. They were set ex-parte on 27.10.2024 as called absent and no representation.

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The Applicant Bank examined ponna Sudha, Officer, as AW-1 and marked 62 documents through her as Ex. A.1 to Ex. A.62.

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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 is:_

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Whether the Appticant Bank is entitted for the claim made in the OA against the Defendants and OA schedule properties? Ary,.q 7'o"-

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oA,NO,31212024

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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 4.62 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.31212024 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.50,85,702.62ps i.e., the defendants 1 and 2 are^jointly and severally liable to pay a sum of Rs.12,81,672.62ps under Home Loan No.864075170000242, Rs.11,80,952l- under Top Up Home Loan No.864062810000007 and the defendants 1 to 3 are^jointly and severally liable to pay a sum of Rs.2,63,381/- under CPL No.864060210000042, Rs.4,79,776l- under the GECL A/c. No.8540704100000142 and Rs.18,80,521/- under the WCDL No. 864070110000036 with future interest @8.85o/o^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 ,qf,.,

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oA.NO.312l2024

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entitled to^{proceedagainstthe same to} realise its debt;

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

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iv) the applicant bank^{is entitledfor the costs'}

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B, The Applicant^{Bank is directed to file CostMemowithin2 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,^{signedand pronouncedbyme in the open court on} this the 21't Day^{ofJanuary,2025).}

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//w,'* (cx(rsHwnR KorHE) PRESIDING OFFICER

Bank of India v. Yama Narsi Reddy

Case brief

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Bank of India v. Yama Narsi Reddy

Case brief

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