Allowed

Union Bank of India v. Narsimha Reddy

DRT28 Jan 2025OA/375/2024

Case brief

AI extract

What is this about?

The Tribunal allowed the Debts Recovery Tribunal drive recovery proceedings filed by Union Bank of India, directing respondents to pay the claimed loan amount with interest and allowing the bank to proceed against mortgaged property and personal assets.

What did the court decide?

Defendants directed to pay Rs. 32,34,265/- with interest; applicant entitled to proceed against mortgaged property and personal assets.

Union Bank of India versus Narsimha Reddy — Banking and Recovery | DRT (2025)

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IN THE DEBTS^{RECOVERYTRIBUNAL'IIAT HYDERABAD} DATED THIS^{THE28thDAY OF ]ANUARY,2025}

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PRESENT: SH^{MMESHWARKOTHE,B'Com} '^{L'LB (Hons')' M A'} PRESIDING OFFICER

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ORIGINAL^{APPLICATION NO: 375 OF ZO24}

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Union Bank^{of India.,} Allagadda^Branch, lr Colleqe^{TB Rd, Bachapuram,} Allaqad6a,^{Andhra Pradesh-518543} nepl by^{its Principal Offlcerand Manager'}

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.....ApPlicant.

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Versus

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Mr.G.Narasimha^ReddY, S/o.chinna^{Obula ReddY,} Aqed 60^{Years, Occ: Agriculture,} Rlo.2-23,^{Darga street,} Nallagatta,^Allagadda, Kurnool-518543,^A.P

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Mr.G. Naresh^{Kumar ReddY,} S/o. Narasim^{ha ReddY,} Aged about 37^{Years, Occ: Business,} Rlo.2-23, Darga^Street, Nallagatta,^Allagadda, Kurnool-518543,^A.P.

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lYr.G. Bhaskar^ReddY, S/o.chinna Obula^ReddY, Aged 56 Years, Occ:^Agriculture, R/o.2-23, Darga Street, Nallagatta, Allagadda, Kurnool-518543, A.P.

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lvl r. G. Ravind ra Reddy, S/o. Chinna Obula^Reddy, Aged 53 Years, Occ: Agriculture, R/ o.2-23, Darga Street, Nallagatta, Allagadda, Ku rnool-518543, A.P.

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. .. Defenda nts

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oa.No .37s /2024

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Counsel for the Applicant

Defenda nts

M/s.N.V.Subba Raju

Ex- pa rte

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.32,34,265/- under Loan A/c. No. OO2O30100460005 from the defendants joinUy and severally with future interest @10.20olo p.a. with monthly rests from 23.0!.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 D3 and 4. They were set ex_parte on 27.09.2024 as called absent and no representation. Summons served on D1 and 2 and was set ex_parte on 14.10.2024 as called absent and no representation.

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The Applicant Bank examined y.Boreddy, Manager, as Aw-1 and marked 09 documents through him as Ex. A.1 to Ex. A.09.

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Ld. Counsel for the Applicant Bank reported orders may be

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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 entitled for the claim made in the OA against the Defendants and OA schedule property?

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6, As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents

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oa.No.375lZO24

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viz., Exs.A.1 to A.09 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. 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.37512024 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.32,34,265/- under Loan Alc. No. 002030100460005 with future interest @10.95o/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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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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The Applicant Bank is dlrected to flle Cost Memo wlthin 2 weeks from the date of receipt of this Order.

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Issue Recovery certificate accordinsty.y'Ne

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oA.NO.375/2024

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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} this the 28th Day of January,^2025).

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sf ESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. Narsimha Reddy

Case brief

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Union Bank of India v. Narsimha Reddy

Case brief

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