Allowed

Union Bank of India v. M/S Sai Surya Developers

DRT14 Jul 2025OA/362/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the debtor, a bank filing an original application for recovery of dues totaling Rs. 2.73 crores plus interest and costs against the defaulters.

What did the court decide?

Directing defendants to pay Rs. 2,73,65,229/- with future interest at 7.70% p.a., confirming entitlement against hypothecated vehicle and properties, and issuing a Recovery Certificate.

Union Bank of India versus M/S Sai Surya Developers — DRT (2025) — LawSathi Research

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]N THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD

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DATED THIS THE 14TH DAY OF JULY, 2025

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

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ORIGINAL APPLICATTON No: 362 OF 2024

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Union Bank of India., Nanakramguda Branch, Hyderabad. Rep. by its Authorized Signatory.

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. ....Applica nt.

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Versus

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M/s. Sai Surya Developers., Prop: Shri Kancharla Satish Chandra Gupta, 8-3- 191/67, Flat No.202 Teja Residency, Above Heritage Fresh Vengalrao Nagar, Hyderabad _ SOOOSA.

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Also at:-

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yn-il^a-01_ q a02, 4th Ftoor, Apurupa Sitpi H.No.2-30/4/7O7 & 402, Sy.No.124 Gachi Bowli, Serilingampatty Mandal & Municipatity, Hyderabad - 5OOO32.

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Also at:-

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Flat No.1701, 17th Floor, Block A Tower 1, My Home Bhuja, Hyderabad Knowledge City, Raidurg, Hyderabad_400081.

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Shri Kancharla Satish Chandra Gupta S/o. Sri Kancharla Subba Rao Prop: M/s. Sai Surya Developers Major, Aged 62^years, B-3-f9!67, Flat No.2O2 Teja Residency, Above Heritage Fresh Vengalrao Nagar, Hyderabad - 500038.

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Also at:-

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Unit 401 & 402, 4th Floor, Apurupa Silpi H.No.2-30/4/707 & 402, Sy.No.124 Gachi Bowli, Serilingampally Mandal & Municipality. Hyderabad - 500032. Also at:Owo"

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oA.NO.362/2024

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Flat No.1701,^{17Lh Floor, BlockA} fower f,^{MY Home Bhuja, HYderabad} iio*r"ig"'cltv,^{Raidurg,Hvderabad-400081'}

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... Defendants

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counsel^{for the APPIicant}

Defendants

: M/s.^{P. Balaji}

:Ex-parte

:: ORDER^::

The Applicant^{Bank Rled the present OA for the recovery a total} sum of^{Rs.2,73,65,2291-from the defendants jointlyand} severally^{with future interest @10'1o/o p'a with monthlyrests} from 0L.O7.2024^{till the date of realizationalongwithcostsand} in default for^{sale of hypothecated vehicle'}

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Summons^{served on Dl and 2' They were set ex-parteon} 13.0g.2024^{as called absentand no representation'}

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The APpllcant^{Bank examined C'somasekar Reddy'Manager'as} AW-1 and marked^{09 documentsthrough him as Ex A'1 to Ex'} A.09.

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Heard the^{Ld. Counselfor the ApplicantBank Perused the} material Placed^{on record.}

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The^point that^{arises for considerationis:-}

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Whether the^{ApplicantBank is entitled} for the claim^{madein the OA against} the DeFendants^{and OA hypothecated} vehicle?

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As stated supra,^{the Defendants remained ex-parte'The} Evidence Affidavit^{coupledwith the recitals in the documents} viz., Exs. A.1 to^{A.O9 marked on behalfof the Applicant Bank} clinches the claim^{of the Applicant Bank} 9g-ainst^{the Defendants'} 1/%-'-'"

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oA.NO.362/2024

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Hence, I hold that the Defendants are joinfly 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.362/2024 is allowed as under: -

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i) The Defendants are joinuy and severally liable to pay to the Applicant Bank a sum of Rs.2,73,65,229/- with future interest @7.7Oo/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 vehicle 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 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, corrected, signed and pronounced by me in the open couf ^on this the 14th Day of July, 2025). /Ms

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ESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. M/S Sai Surya Developers

Case brief

What is this about?

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Union Bank of India v. M/S Sai Surya Developers

Case brief

What is this about?

What did the court decide?

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