Allowed

Karur Vysya Bank Limited v. M/S. Glitter Ferrous Non Ferrous Metals

DRT29 Jul 2025OA/353/2024

Case brief

AI extract

What is this about?

In Debts Recovery Tribunal-II Hyderabad, the court examined an originel application filed by Karur Vysya Bank Limited for recovery of dues from two defendants. The defendants appeared ex-parte. The court held the defendants jointly and severally liable to pay the claimed sum with interest, costs, and granted a recovery certificate.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 2,92,52,656.93 with future interest @13.75% p.a.; Recovery Certificate issued; Bank entitled to costs.

Karur Vysya Bank Limited versus M/S. Glitter Ferrous Non… — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 29TH DAY OF JULY, 2025

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

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Originat Apptication No: 353 OF 2OZ4

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Karur Vysya Bank Limited., Having its 5-2-176, Rashtrapathi Road Secunderabad, Telangana - 500003. Rep. by its Authorized Signatory.

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...Applicant

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Versus

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M/s. Glitter Ferrous Non Ferrous Metals Rep by its Proprietor, Mr.Jain Hitesh Ramesh Kumar @Hitesh Ramesh Jain S/o.Ramesh Kumar Ottarmal Jain Aged about 41^years, Occ: Business Survey No,223, Rampally Village

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' Keesara Mandal, Ranga Reddy - 501301.

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Also at:-

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H.No.4-156/1, Jawahar Rail Colony Sikh Village, Secunderabad - 500009.

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Mr. Jain Hitesh Ramesh Kumar @Hitesh Ramesh Jain S/o.Ramesh Kumar Ottarmal Jain Aged about 41 Years, Occ: Business D.No.1-8-50/3/10 & 11/B,^ptot No.43 Sai Vatika, PG Road, Street No.11 Sindhi Colony, Secunderabad - 500003.

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Also at:-

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H.No.2-3-450, Flat No.303, Block-B Sri Sid Residency, Gayadeen Bagh MG Road, Nallagutta, Secunderabad-500010,

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Defendants

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Counsel for the Applicant : M/s.Lanka JagannadhamM/s.Lanka Jagannadham Defendants : ex-oartefufq

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: M/s.Lanka JagannadhamM/s.Lanka Jagannadham

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oA.No.353/2024

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:: ORDER^::

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The Applicant^{Bankfiled the presentOA for the recovery of a sum of} Rs.2,92,52,656.93ps^{from the defendants jointly and severally with}

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future interest @17.45olo^{p.a. from the date of application till the} date of realisation^{alongwith costs'}

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SummonsServedonDland2throughpaperpublication.Theywere set ex-parte on 29.10.2024^{as called absent and no representation'}

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The Applicant Bank examined^{PNSVChalapathirao, Sr. Legal} Manager as AW-1 and marked^{11 documentsthrough him as Ex.} A.1to Ex.A.11.

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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?

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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.11 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 Applicafjon No.353/2024 is ailowed as under: ffi'r,P

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OA.No.353/2024

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.2,92,52,656.93ps with future interest @13.75olo p.a. simple, from the date of application till the date of realization;

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ii) the applicant bank is also entitled to proceed against the person and properties of the defendant for realization of its dues;

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iii) 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., transcribed by him, corrected, signed and pronounced by me in the open court on this the 29th day ofJuly,2025).

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..!r'q

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PRESIDING OFFICER

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Karur Vysya Bank Limited v. M/S. Glitter Ferrous Non Ferrous Metals

Case brief

What is this about?

What did the court decide?

Karur Vysya Bank Limited v. M/S. Glitter Ferrous Non Ferrous Metals

Case brief

What is this about?

What did the court decide?

What the court decided

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