Allowed

Union Bank of India v. M/S Bagya Impex

DRT22 Apr 2025OA/465/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's original application for recovery of Rs.33.44 lakhs plus future interest and costs against defaulting borrowers and proprietors, recognizing liability and entitlement to realize dues from hypothecated assets.

What did the court decide?

Order allowed money decree for Rs.33,44,816.16 with future interest at 11.95% p.a., entitlement to proceed against hypothecated assets, and issuance of Recovery Certificate.

Union Bank of India versus M/S Bagya Impex — Arbitration | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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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: 465 OF 2024

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Union Bank of India., Bachupally Branch, Survey No.3 & 6, MLR Complex, Bachupally X Road, Hyderabad, Telangana - 500091. Rep. by its Branch Manager.

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.....Applicant.

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Versus

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M/s.Bagya Impex., A proprietary Concern, Represented by its proprietor, Mrs.Samba Bagya Lakshmi, Office at H.No.82-1, Tadbund, New Bowenpally, Hyderabad, T.S - 500011.

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Also at:-

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H.No.51/134, Anjaiah Nagar, Gachibowli, Serilingampally, Ranga reddy District, Telangana - 500032.

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Mrs.Samba Bagya Lakshmi, W/o.Vinay Kumar, Aged about 41 Years, Occ: Business, R/o.H.No.51/134, Anjaiah Nagar, Gachibowli, Serilingampally, Ranga reddy District, Telangana - 500032.

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... Defendants

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Counsel for the Applicant : M/s.V.Sethu Madhava Rao Defendants : Ex-parte^{itr1'*.'u.*tq}

oA.NO.46sl2024

:: ORDER^::

The Applicant^{Bank filed the present OA for the recovery a total} sum of^{Rs.33,44,816.16psunder Term Loan A/c' No'} 1620301OOO0O11^{from the defendantsjointly and severally} with future^{interest@(1220o/o *2o/o penal) p'a with monthly} rests from^{the date of application till the date of realization} along with^{costs and in default for sale of hypothecated assets}

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paper publicatlon.^They

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1. Summons^{served on D1 and 2 through} called absent^{and no}

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were set^{ex-parte on 08 01'2025as} representation.

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The Applicant^{Bank examinedK V'Sai Pavan' Bank Manager' as} AW-1 and^{marked09 documentsthrough him as Ex A l to Ex'} A.09.

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Ld. Counsel^{for the ApplicantBank reported ordersmay be} passed through^{merits. Perused the materialplaced on record'}

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

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Whether the^{Applicant Bank is entitled} for the claim^{madein the OA aqainst} the Defendants^{and OA hYpothecated} assets?

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As stated supra,^{the Defendants remained ex-parte'The} Evidence Affidavit^{coupledwith the recltalsin the documents} 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 Defendantsare jointty and severally liable} to^pay the^{OA claim to the Applicant Bank with..futureinterest} /^tr'-/-'l'

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and costs. //!'r):r

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oA.NO.455/2024

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In the result, the^{present Original Application No.465/2024is} 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.33,44,816.16ps under^{Term Loan A/c' No.} 16203010000011 with^{future interest} @11.95olo^{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 assets described^{in the} schedule annexed to the^{OA and the} applicant bank is^{entitledto 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^propertiesof defendants for^{realization of its dues;}

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iv) the applicant bank^{is entitledfor the costs'}

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B. The Applicant Bank is directed^{to file CostMemowithin2 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,^{signedand pronounced by me in the open court on} this the 22"d Day of^April,2025).

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firy-** (RAM€SHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. M/S Bagya Impex

Case brief

What is this about?

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Union Bank of India v. M/S Bagya Impex

Case brief

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What did the court decide?

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