Allowed

Bank of Maharashtra v. M/S Shakthipeet Processor

DRT22 Apr 2025OA/370/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of loan dues. Finding defendants jointly and severally liable based on documentary evidence, the Tribunal directed payment of principal, interest, and costs, and authorized auction of mortgaged or other properties.

What did the court decide?

Defendants directed to pay Rs.3,07,01,498.70 plus interest and costs; recovery certificate to be issued; authority to auction mortgaged and other properties.

Bank of Maharashtra versus M/S Shakthipeet Processor — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD

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DATED THIS THE 22ND DAY OF APRIL, 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: 370 OF 2024

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Bank of Maharashtra, Secunderabad Mandal, Hydera bad. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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M/s.Shakthipeeth Processor, Rep by its Proprietor Narotam Kumar Yogi, O/o.4-7-t56/ 112, Sai Nagar, Mushkall Mahal, Attapur, Rajendranagar, Hyderabad, RR District - 500030, T.G.

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Mr.Narotam Kumar Yogi, Age 35 Years, Occ: Business, R/o.Plot No.B, Flat No.303, 2nd Floor, Jyothi Residency, Pupalguda, Rajendranagar Mandal, RR District - 500089, T.G.

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... Defendants

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Counsel for the Applicant : M/s.G.Adrian Kiran Raj Defendants : Ex-parte

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:: ORDER ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.3,07,01,498.70ps from the.{ffendants^jointly and rt/\2-tu* v

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oA,NO.370/2024

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severally with applicable rate of interest along with monthly rests from 11.07.2024 till the date of realization along with costs and in default for sale of OA schedule property.

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Summons served on D1 and 2. They were set ex-parte on 27.01.2025 as called absent and no representation.

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The Applicant Bank examined Vasanth Kumar, Chief Manager, as AW-1 and marked 34 documents through him as Ex. A.1to Ex.A.34.

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Ld. Counsel for the Applicant Bank reported orders may be passed through merits. Perused the written arguments and 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 property?

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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.34 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.37g/2024 is arrowed as under: - /f$ilr'tv

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oA.NO.37O/2024

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.3,07,01,498.70ps with future interest @10.05o/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 property 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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iit) the applicant bank is also enti ed to proceed against the person and properties of defendants for realization of its dues;

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iv) the applicant bank is entiued for the costs.

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The Applicant Bank is directed to file Cost f4emo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certifi cate 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 court on thisthe 22'o Day ofAprit,2O2Sl.

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/7\try,.'.*.*f / /./ '+"

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( CATv(ESHWAR KorHE) PRESIDING OFFICER

Bank of Maharashtra v. M/S Shakthipeet Processor

Case brief

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Bank of Maharashtra v. M/S Shakthipeet Processor

Case brief

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