Allowed

M/S. Bank of Baroda v. M/S. Citizenplus Pharmaceuticals Pvt. Ltd.

DRT9 Jul 2025OA/595/2024

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed Original Application by Bank of Baroda for recovery of Rs 7,06,62,254/- with interest from defendants jointly and severally, directing asset realization under hypothecation.

What did the court decide?

Defendants jointly and severally liable to pay Rs 7,06,62,254/- with future interest at 9.85% p.a.; bank entitled to proceed against hypothecated assets, personal property, and entitled for costs.

M/S. Bank of Baroda versus M/S. Citizenplus… — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD DATED THIS THE O9TH DAY OF ]ULY, 2025

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

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ORiGINAL APPLICATION No: 595 OF 2024

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lvl/s. Bank of Ba roda., Khairtabad Branch Situated at 6/7984, 1, Secretariat Rd Hussain Sagar, Kha irtabad Hyderabad, Tetangana State _ 500004. Rep. by its Chief N4anager.

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.....Applicant.

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Versus

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lY/s. Cjtizenplus^{pharmaceuticals} pvt Ltd., Rep by its Directors Regd Office at FF5, Fourth Floor Empire Square, Road No.36 I ubilee Hi s, Hyderabad, TG_500033.

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AIso at:-

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Plot No.1/A, Btock 8,^phas-I, TSHC Pashamailaram^pin Code - 502307.

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Mr. Annamraju Venkata Radha Krishna Kishore, S/o.Sri Gopala Rao Annamraju Aged about 48^years, Occ: Business R/o. 24-8L14, West Anand Bagh Medchal - Matkajgiri Dist, TG - 5OOO47.

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Mrs. An na mraju Aparna Wo.^{Sri Bhavani} Vara^prasad Aluru Aged about 44^years, Occ: Business Rlo.24-A1/4, West Anand Bagh IYedchat - [4atkajgiri Dist, TG - 500047.

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Mr. Annamraju Sreehari Kumar S/o. Sri Gopala Rao Annamraju Aged about 50 Years, Occ: Business Rlo. 24-87/4, West Anand Bagh Medchal - lvlalkajgiri Dist, TG -.500047. 'lw,',q

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oA.No.59s/2024

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5.^{Mr. Turouseema Bala VenkatReddY} S/o. Sri^{TurPuseemaMallaReddy} Aqed about^{67 Years,Occ: Business} R/o. P. No.237, Sri^SwamYAYYaPPa Society,^{Madhapur, Serilingampally} Hyderabad,^TG -^500081.

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, .. Defendants

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Counsel^{for the APPlicant}

: M/s.M.Srinivas

Defendants

: Ex-parte

:: qLLLL^::

The Applicant^{Bank filed the presentOA for the recoverya total} sum of^{Rs 1,06,6'',2541-from the defendants jointly and} severally with^{future interest@11'85o/op a from the dateof} application till^{the date of realization along with costs and in} default for^{sale of hypothecated assets'}

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Summons served^{on D1 to 5 through paper Publication'They} were set ex-parte^{on 28.03.2025 as called absentand no} representation.

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The Applicant^{Bank examined M.Avinash. Manager,as AW-1} and marked^{15 documentsthrough him as Ex A'1 to Ex' A'15'}

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Ld. Counsel for the^{ApplicantBank reported orders may be} passed through merits. Perused^{the material plaaedon 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 hypothecated assets? 'x?

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oA.NO.s9s/2024

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As stated supra, the I remained ex-parte. The Evidence amaavit coupteief:::anb the recitats in the documents viz., Exs. A.1 to A.15 ."1,*':n c i n ch es th e .,",, ";;n "'^{;;;::,:: .."ff :r:j} J:,ff l".,::::il: Hence, I hotd that the Defe are jointlv and severallv liabte to pav the oA craim ," ,n.ll"-':: and costs. _. Applicant Bank with future interest

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In the result. the present original Application No 595/2024 is

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aflowed as under: -

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i) The Defendants are joinuy and severally liable to pay to the Applicant Bank a sum of Rs.7,06,62,254/- with future interest @9.85o/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 assets described in the schedule annexed to the OA and the applicant bank is entiued to proceed against the same to realise its debt;

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iii) the applicant bank is also entiued 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 or rnts oraerXfffi,g

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oA.NO.s9s/2024

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Issue Recovery Certificate accordingly. 10. Communicate a coov of this order to the parties concerned. (Dictated to the steno, correct" si8ned and pronounced bv me in the open court on ,t"r,t'" or; r., "ir,"|,,'iJi;;:'*

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h''r'r"

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PRESIDING OFFICER

M/S. Bank of Baroda v. M/S. Citizenplus Pharmaceuticals Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

M/S. Bank of Baroda v. M/S. Citizenplus Pharmaceuticals Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

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