Allowed

Pegasus Assets Reconstruction Private Limited v. Syed Masthan Babula

DRT6 Aug 2025OA/562/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal-II at Hyderabad allowed the applicant bank's original application for recovery of dues totaling Rs. 4,61,16,172.32 plus interest from two loan accounts against defendants who remained absent. The court held defendants jointly liable and ordered issuance of a recovery certificate.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 4,61,16,172.32 with 10.40% p.a. interest. Recovery certificate issued against mortgaged and personal properties. Costs awarded.

Pegasus Assets Reconstruction Private Limited versus Syed… — Execution and Attachment | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II^{AT HYDERABAD} DATED THIS THE O6TH DAY OF^{AUGUST, 2025}

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PRESENT: SH. RAIYESHWAR KOTHE,^{B.COM.,L.LB. (HONS.),M'A.} PRESIDING OFFICER

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ORIGINAL APPLICAT]ON^NO: 562^{OF 2024}

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Pegasus Assets Reconstruction Private Lim ited., Regus Business Centre at 1-10-39 to⁴⁴ Level - 4, Gumidelli Towers,^Begumpet Hyderabad - 500016. . .Applicant. Rep. by its Authorized Signatory.

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Versus

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Syed l\4asthan Babula, S/o. Syed Ammeer Basha, Aged 49 Years, Occ: Business

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Mahammed Neeshma W/o. Syed Masthan Babu la Aged 33 Years, Occ: Business

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Both are R/o.Flat No.201, Bankers Chambers AS Raju Nagar, Kukatpally, Hyderabad- 500072.

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Also at:-

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H. No.8-3-82/A/ 1171 1, Road No.10 Jubilee Hills, Hyderabad - 500033.

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Also at:-

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Flat No.501, 5Ol/A,5O2, H. No.6-2-9761501 H.No.6-2-9761507 / A, H.No.6-2-97 6/ 5O2 5th Floor, Pavani Estates Captol, Block No.2, Raj bhavan Road Khairtabad, Hyderabad-82.

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... Defendants

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: M/s.Veera Shiva Kumar Counsel for the Applicant

Defenda nts

: Ex^- pa rte

oA.NO,562/2024

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.4/61,16,772.32ps i.e., a sum of Rs.4,15,44,860.56ps towards Loan A/c. No.809001473321 and a sum of Rs.45,7 7,3 I I.7 6ps towa rds Loan A/c. No. 809001473383 from the defendants jointly and severally with future interest from the date of application till the date of realization along with costs and in default for sale of OA schedule property.

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Summons served on D1 and 2 through paper publication. They were set ex-parte on 04.07.2025 as called absent and no representation.

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The Applicant Bank examined Mahesh Kumar, Senior Manager, as AW-1 and marked 13 documents through him as Ex. A.1 to Ex. A. 13.

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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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5, 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 property?

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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.13 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 ,M.o{

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,)z'o'"

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oA.NO.562l2024

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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.56212024 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.4,61,16,172.32ps i.e., a sum of Rs.4,15,44,860.56ps towards Loan A/c. No. 809001473321 and a sum of Rs.45,77,3t1.76ps towards Loan A/c. No. 809001473383; with future interest @10.40olo^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 debu

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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 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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oA.NO.56212024

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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 August, 2025).

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Kt*"^ (RAMESHWAR KOTHE) PRESIDING OFFICER

Pegasus Assets Reconstruction Private Limited v. Syed Masthan Babula

Case brief

What is this about?

What did the court decide?

Pegasus Assets Reconstruction Private Limited v. Syed Masthan Babula

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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