Allowed

Union Bank of India v. M/S Sree Nidhi Medical and Surgical Agencies

DRT2 Apr 2025OA/448/2024

Case brief

AI extract

What is this about?

The DRT allowed an application filed by a bank for recovery of Rs. 25,50,124.03 with interest and costs from a defaulting defendant, ordering relief against hypothecated assets.

What did the court decide?

Defendant liable to pay Rs.25,50,124.03 with interest; claim secured by hypothecated assets; bank entitled to proceed against assets and defendant's properties; costs awarded.

Union Bank of India versus M/S Sree Nidhi Medical and Surgical… — Specific Performance | DRT (2025)

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]N THE DEBTS RECOVERY TR]BUNAL.II AT HYDEMBAD DATED THIS THE O2NO DAY OF APRIL, 2025 PRESENT: SH. RAMESHWAR KoTHE, B.com., L.LB. (Hons.), M.A, PRESIDING OFFICER

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ORIGINAL APPLICATION No: 448 OF 2024

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M/s. Union Bank of India., Krishna Nagar Branch, D.No.80-1 12-A, Shankar Comptex, Abbas Nagar, Kurnool, Andhra pradesh. Rep. by its Branch Head.

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Versus

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M/s.Sree Nidhi N4edical & Surgical Agencies., Rep by its Prop. tyrs.Naguta Sridevi, D. No.46-678-F-2, 1.t Ftoor, Budhawarapeta, Kurnool, Andhra Pradesh - 518002.

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... Defendant

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Counsel for the Applicant

M/s.N.V.Subba Raju

Defenda nt

Ex-parte

:: oRDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.25,50,124.03ps from the defendant with future interest @11.05% p.a. plus 2o/o penal interest with monthly rests from 07.08.2024 till the date of realization along with costs and in default for sale of hypothecated assets.

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Summon served on sole defendant and was set ex-parte on 27.07.2025 as called absent and no ."r."."n,u:]x]'*_

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/ /'-,/:w-'..., ,

oA,NO.448/2024

Gopal, Branch^Manager, as

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1. The ApPlicant^{Bank examined Venu} AW-l and^{marked 10 documents} through him^{as Ex.A.1} to Ex.A.10.

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Heard the Ld.^{Counselfor the Applicant Bank' Perused the} material Placed^{on record'}

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

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Whether the^{Applicant Bank is entitled} for the claim^{madein the OA against} the Defendant^{and OA hYPothecated} assets?

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As stated supra,^{the Defendant remainedex-parteThe} Evidence Affidavlt^{coupledwith the recitalsin the documents} viz., Exs.A.1 to^{A.10 marked on behalf of the ApplicantBank} clinches the^{claimof the Appllcant Bank againstthe Defendant'} Hence, I^{hold that the Defendant is liableto pay the oA claim to} the Applicant^{Bank with future interestand costs'}

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In the result,^{the present originalApplication No'44812O24is} allowed as under:^-

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i) The Defendant ls^{liable topay to the} Applicant Bank a^{sum of Rs.25,50,124.03ps;} with future interest @11.059o^{p.a. simple} from the date of^{application till the dateof} 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} ffi,s

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oA.NO.448/2024

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applicant bank is entiiled to proceed against the same to realise its debt;

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iii) the appricant bank is arso entired 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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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 coDV of this order to the parties concerned. (Dictated to the steno, .oriu.t"d, signed and *;;;ff;;;; in the open court on this the 02"d Day of April, 2025).

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%se **#rnwhi *orr., PRESIDING OFFICER

Union Bank of India v. M/S Sree Nidhi Medical and Surgical Agencies

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S Sree Nidhi Medical and Surgical Agencies

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

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