Allowed

Heritage Finlease Limited v. M/S Bhadrakali Cloth Stores

DRT22 Apr 2025OA/590/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by FinEase Limited for recovery of a mortgage loan of Rs. 55.26 lakh plus interest from the defaulting borrowers. The judgment held the respondents jointly and severally liable and directed the release of a recovery certificate.

What did the court decide?

Defendants ordered to pay Rs. 55.26 lakhs with future interest; bank entitled to enforce claim against mortgaged properties and personal assets; recovery certificate issued.

Heritage Finlease Limited versus M/S Bhadrakali Cloth Stores — Execution and Attachment | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 22ND DAY OF APRIL, 2025

¶2

PRESENT: SH. MMESH,V3|I9THE, B.com., L.LB. (Hons,), M.A. PRESIDING OFFICER

¶3

ORIGINAL APPLICATION No: 590 OF 2024

¶4

llerltgge^{FinteaseLimited.,} l,egi:lered^{& Corporate Office} at Ptot No.B3, 2ro Floor, Dwaraka Summit, Kavuri Hills, Guttala Eegumpet, Ranga Reddy District _ 5OOO33. Rep. by its Authorized Signatory.

¶5

.....Applicant.

¶6

Versus

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M/s.Bhadrakali Cloth Stores., Represented by its proprietoi Sri.Keerthi Raju, Shop No.2_150, Pasra,^{pasranagaram,} Go.vindaraopet Mandal, Jayashankar District, Telangana - 506347.

¶8

Sri.Keerthi Raju, S/o.Sri.Uppalaiah Keerthi, Aged Major, Occ: Business proprietor M/s.Bhadrakali Cloth Stores, Aged about 41^years, R/o.3-gL/3, Pasra, Pasranagaram, Govindaraopet Mandal, Jayashankar District, Telangana - 506341 .

¶9

Smt.Keerthi Vuaya Lakshmi, W/o.Keerthi Raju, Aged about 35 years, R/o, H. No. 5/66, Indira Chowak, Nekkonda, Warangal, Telangana - 506122.

¶10

... Defendants

¶11

Counsel for the Applicant Defendants

¶12

M/s,K.Sundeep
Ex-oarte
'AWuu*
l'/

¶13

oA.NO.590/2024

¶14

:: ORDER^::

¶15

The Applicant^{Bank filed the present OA for the recovery a total} sum of Rs.55,26,593/-^{underlvlortgageLoan FacilityBearing} Loan ID.^{30088503 from the defendantsjointly and severally} with future^{interest@14olop'a' including penal charges @2olo} p.a. with monthly^{rests from the date of applicationtill the date} of realization^{along with costs and in default for sale of OA} schedule ProPerties.

¶16

Summons^{sent to D1 and 2 return with endorsement refused} hence, deemed to^{be served,whereasSummons served on D3'} They were set ex-parte^{on 07.03'2025as called absent and no} representation.

¶17

The Applicant^{Bank examinedBhudhar KumarKaruturi,} Company Secretary, as^{AW-1 and marked 14 documents} through him as Ex. A.1 to^{Ex. A.14.}

¶18

Ld. Counsel for the Applicant Bank reported orders may be passed through merits. Perused the material placed on record.

¶19

The point that arises for consideration is:-

¶20

Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule properties?

¶21

As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recltals in the documents viz., Exs.A.l to A.14 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are joinuy and severally liable //rl t*a -, - t^

//./\ -1-,,\xv

t-,

oA.NO.590/2024

to pay the OA claim to the Applicant Bank with future interest and costs.

¶26

In the result, the present Original Application No.590/2024 is allowed as under: -

¶27

i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.55,26,593/- under Mortgage Loan Facility Bearing Loan ID, 30088503 with future interest @L2o/o p.a. simple from the date of application till the date of realization;

¶28

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;

¶29

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 entifled for the costs.

¶31

B. The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order.

¶32

Issue Recovery Certificate accordingly.

¶33

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 22"d Day of April, 2025).

¶34

(RAlr€SHWAR firy''r*KOTHE)KOTHE)

¶35

(RAlr€SHWAR firy''r*KOTHE)KOTHE) PRESIDING OFFICER

Heritage Finlease Limited v. M/S Bhadrakali Cloth Stores

Case brief

What is this about?

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Heritage Finlease Limited v. M/S Bhadrakali Cloth Stores

Case brief

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