Allowed

Union Bank of India v. M/S Ayesha Furnitures

DRT22 Jan 2025OA/331/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed Union Bank of India's original application for recovery of loans against respondents. The court held defendants jointly and severally liable for principal, interest, costs, and affirmed the bank's right to proceed against hypothecated assets and properties.

What did the court decide?

Defendants ordered to pay loan principal totaling Rs. 28,35,086.60 with interest and costs. Bank entitled to realize via hypothecated assets and personal properties.

Union Bank of India versus M/S Ayesha Furnitures — Banking and Recovery | DRT (2025)

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

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

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ORIGINAL APPLICATION No: 331 OF 2024

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Union Bank of India., Guntakal Branch Office at B/118, Bank Street, Guntakal _ 515801, Anantapur, Andhra pradesh. Rep. by its Authorized Signatory.

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.....Appticant.

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Versus

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M/s.Ayesha Furnitures., Proprietorship Concern Rep by its Proprietor Dudekula Sharifa

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@ Shareefa, Wo.sharmash Vali, Aged about 37 years, Occ: Business, Female, 16/lg9, Mahindra Street, Guntakal, Anantapur, Andhra pradesh-515801.

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Also at:-

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H.No.1B/58, Society Jinna Road, Old Guntakal, Guntakal, Anantapur, Andhra pradesh_515803.

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Dudekula Sharmash Vali,

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S/o.Mahaboob^peera, Aged about 40 years, Occ: Business, H.No.1Bl58, Society Jinna Road, Old Guntakal, Guntakal, Anantapur, Andhra^{pradesh-515803.}

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... Defendants

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Counsel for the Applicant : Ms.Tarangini^pisipati Defendants : Ex-parteEx-parte

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: Ex-parteEx-parte ffi'a

oA.NO.331/2024

:: OROER^::

The sum^Applicant of^{Rs.28,35,086 Bank filed 60ps the present as on 23 OA 05 for 2024 the recovery i'e'' a sum a totalof} Rs.?5,42,202'6rJps^{underLoan A/c No O14913100002786with}

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future^{interest@14olo P a (inclusive of 2o/o p'a' penal interest)} ";; "^{sum ofRs'2'92'aa4l- under Loan A/c'No'} 014930100117671^{with future interest@975olop a (inclusive} oi i.r" ,.u.^{penal interest) from the defendantsiointly and} severally^{with monthly rests fromthe date of application till the} date^{of realization along with costs and in default for sale of} hyPothecated^assets'

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paper Publication^TheY

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1. Summons^{servedon D1 and 2 through} called^{absentand no} were^{set ex-Pafteon t2'll2o24as} representation.

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The Applicant^{Bank examined BudehalManjunath'Branch} ,rnun".,^{as AW-1and marked26 documentsthrough him as} Ex. A.1^{to Ex. A'26'}

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

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The^{point that arises for considerationis:-}

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Whether^{the AppticantBank is entitled} for the^{claim made in the OA against} the^{Defendants and OA hYpothecated} assets2

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remained^ex-Parte'The

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1. As stated^{suPra,the Defendants} recitals^{in the documents}

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Evidence^{Amdavit coupledwith the} ffi""

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oA.NO.331/2024

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viz., Exs. A.1 to A.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 joinuy 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.331/2024 is allowed as under: -

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i) The Defendants are joinuy and severally liable to pay to the Applicant Bank a total sum of Rs.28,35,086.60ps as on 23.05.2024 i.e., the defendants 1 and 2 are joinuy and severally liable to pay a sum of Rs.25,42,202.60ps under Loan A/c.No. 014913100002786 and the 1.i defendant is liable to pay a sum of Rs.2,92,884/- under Loan A/c. No.014930100117671 with future interest @11.100/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 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 debU

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iii) the applicant bank is also entitled to proceed against the person and properties of defendants for reatization of its fuefu**

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oA.NO.331/2024

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

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B.^{The Applicant Bank is dlrected to file Cost Memo within2 weeks} from^{the date of receipt of this Order'}

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Issue^{Recovery Certificate accordingly'}

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10.^{Communicate a copy of this order t:--T:^ ouU'"t concerned'} (Dictated to tt't 't"no''iJ.lec--ted '^{signedand pronounced by me in the open court on} tnis tfre^{ZZ""DaYof January'2025)}

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,. .

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(RAMESHWAR KOTHE) PRESIDING^OFFICER

Union Bank of India v. M/S Ayesha Furnitures

Case brief

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Union Bank of India v. M/S Ayesha Furnitures

Case brief

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