Allowed

Union Bank of India v. M/S Kamakshi Infra

DRT6 Feb 2025OA/493/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Lion Bank of India against M/s. Kamakshi Infra for recovery of dues, interest, and default charges secured by hypothecated assets. The bank was directed to file a cost memo and issue a recovery certificate.

What did the court decide?

Recovery of Rs. 43,25,066.44 with future interest at 20% p.a.; right to proceed against hypothecated assets and defendant's properties; recovery certificate issued.

Union Bank of India versus M/S Kamakshi Infra — Execution and Attachment | DRT (2025)

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IN THE^{DEBTSRECOVERYTRIBUNAL-II AT HYDERABAD} DATED^{THIS THE O6th DAY OF FEBRUARY'2025} PRESENT:^{sH. RAMESHWAR#RII&FI.EX'} '^{L LB (Hons )' M A'}

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ORIGINAL^{APPLICATION No: 493 OF 2OZ4}

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LJ nion Bank^{of India.,} KomPallY^{Branch, HYderabad'} Rep. by its^{Branch Manager'}

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.....Applicant.

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Versus

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Iv1/s. Kama^{ksh i Infra,} Rep by its ProPrietor Mushnam Shravan^Kumar, R/o.Flat No.513,^{VB CitY, L Tower,} Railway Colony,^{Macha Bolaram,} Ivledchal Malkajgiri^District, Telangana - 500011.

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Also at:R/o. Plot No.20, Saran^Meadows, Thurkapally, WC: ThurkapallY,^Alwal, Medchal-Malkajgiri^Dist -^500010.

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R/o,H.No.6-87, Besides^{GramPanchayath,} Konaraopet, Rajanna, Sircllla^Dist, Telangana - 50 5301.

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Regd. Off at: H. No.5-41l 127, Raja Rajeshwara Colony, Road^No.8, Old Bowenpally, Hydera bad, Telanqana - 5ooo11

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... Defendant

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Counsel for the Applicant : M/s.P.Naga Durga Prasad Defenda nt

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:Ex-parte )U*

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oA.NO.493l2024

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:: ORDER ::

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The Applicant Bank filed U sum or Rs.43,2s,066.44;: lff':f ::,",o"":iTl :,,"; interest @ lgo/o p.a. with monthly rests from tn" Out" of application till the date of realization along with .*r-unO ,n default for sale of hypothecated asset.

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Summon served on sole defendant and was set ex_parte on

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09.72.2024 as calted absent and no representation.

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3, The Applicant Bank examined Naveen Kolipa ka, Branch

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Manager, as AW-1 and marked 08 documents through him as Ex.A.1 to Ex.A.0B.

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Ld. Counsel for the Applicant Bank stated orders may be passed

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on merits. Perused the materjal placed on record.

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The point that arises for consideration is:_

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Whether the Applicant Bank is enti ed for the claim made in the OA against the Defendant and OA hypothecated asset?

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As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs.A.1 to A.08 marked on behalf of the Applica nt Bank clinches the claim of the Applicant Bank against the Defenda nt. Hence, I hold that the Defendant is liable to pay the OA claim to the Appticant Bank with future interest an O ,orrr1fl.ry\rr,

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oA.NO.493/2024

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In the result, the present Original Application No.493/2024 is allowed as under: -

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i) The Defendant is liable to pay to the Applicant Bank a sum of Rs.43,25,066.44ps with future interest @L2o/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 hypothecation of asset 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 within 2 weeks from the date of receipt of this Order.

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Issue Recovery Ceftificate 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 06th Day of February, 2025).

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7/ry'** (dAMESHWAR KoTHE)

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(dAMESHWAR KoTHE) PRESIDING OFFICER

Union Bank of India v. M/S Kamakshi Infra

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S Kamakshi Infra

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

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Case details

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