Allowed

Bank of India v. M/S Meghana Enterprises

DRT4 Feb 2025OA/484/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery against ex-parte defendants. The court held defendants jointly and severally liable for cash credit and Covid-19 loan dues with future interest, enforcement costs, and confirmation of security on mortgaged properties.

What did the court decide?

Defendants directed to pay Rs. 25,20,084/- plus future interest and costs; Recovery Certificate issued; mortgage properties liable for realization.

Bank of India versus M/S Meghana Enterprises — Money Laundering | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE O4TH DAY OF FEBRUARY, 2025

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PRESENT: SH. RAMESHWAR KOTHE, B.COM., L.LB.^(HONS,), M.A.

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 484 OF 2023

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Bank Of Ind ia.,

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New Balaji Colony Bra nch, Tirupathi, Andhra Pradesh.

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Rep. by its Constituted Attorney.

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... ..Applicant.

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Versus

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M/s.Meghana Enterprises., Proprietorship Proprietor Sri.Gonu Naqaraju, Aged 45 Years, Occ: Business, Resident at D.No.19-6-20 81, D R Mahal Road, Tirupathi District, A. P-517501.

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Sri.Gonu Nagaraju, S/o.G.Venkata Subbaiah, Aged about 45 Years, Occ: Business, Resident at D.No.8-29l1, Rajiv Gandhi

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Colony, SN Puram, Tirupathi District-s17501.

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... Defendants

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Counsel for the Applicant : M/S.K.V. Nageshwara Rao

Defendants

: Ex-parte

:: 9-B-q-LL::

The Applicant Bank filed the^present OA for the recovery a total sum of Rs,25,20,084/- as on 27,03,2023 i.e., a sum of Rs.21,54,314 / - towards Cash Credit A/c. No.869530 1 1000003¹ with future interest @ 11.60%^p.a. and a sum of Rs.3,65,770/'

:...'

oA.NO.484/2023

towards Covid-19 Loan A/c. No.869573110000068 with future interest @ 6.850/o^p.a. from the defendants jointly and severally including @ 2olo p.a. penal interest with monthly rests from the date of application till the date of realization along with costs and in default for sale of OA schedule properties.

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Summons served on D1 and 2 through paper publication. They were set ex-parte on 23.08.2024 as called absent and no representation.

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The Applicant Bank examined M.Naga Raju, Senior Manager, as AW-1 and marked 28 documents through him as Ex. A.1 to Ex. A.28.

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Ld. Counsel for the Applicant Bank reported orders may be 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 Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule properties?

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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.28 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.484l2023 is allowed as under: -

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oA.NO.484/2023

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i) The Defendants are^jointly and severally liable to pay to the Applicant Bank a total sum of Rs.25,20,084/- as on 27.03.2023 i.e., a sum of Rs.2L,54,3L4l- towards Cash Credit A/c.No,869530110000031 and a sum of Rs.3,65,7701- towards Covid- 19 Loan A/c.No.869573110000068 with future interest @11.600lo 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^properties 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^{within2 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 court on} this the 04th day of February,^2025).

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ESHYVAR KOTHE) PRESIDING OFFICER

Bank of India v. M/S Meghana Enterprises

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S Meghana Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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