Allowed

Bank of Baroda (e-Vijaya Bank) v. M/S Prime Agencies

DRT28 Feb 2025OA/778/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by the bank for recovery of dues from the defendants via term loan and cash credit. The defendants, who remained absent, were held jointly and severally liable to pay the claimed amount with interest and costs. A recovery certificate was issued.

What did the court decide?

Defendants jointly and severally liable to pay Rs.46,33,818.49 with future interest and costs; Applicant Bank permitted to proceed for realization.

Bank of Baroda (e-Vijaya Bank) versus M/S Prime Agencies — Specific Performance | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE 28TH DAY OF FEBRUARY, 2025

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PRESENT: SH, RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M,A. PRESIDING OFFICER

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Original Application No: 778 OF 2023

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Bank of Baroda, (Erstwhile Vijaya Bank), West Maredpally Branch, West Maredpally, Secunderabad.. Rep. by its Chief Manager.

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...Applicant

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Versus

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M/s.Prime Agencies(Sole Proprietary Firm) Rep by its Proprietor Mrs. UshaKankaria, Wo.Ashok^Kumar Kanakaria, Aged about 65 Years, 35 Smart Colony, West Maredpally, Secunderabad-26.

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Mrs. UshaKankaria, Wo.Ashok^{Kumar Kankaria,} Aged about 65 Years, Occ: Business, Proprietor M/s.Prime Agencies,, R/o. H. No.1-8-505, Flat No.504, Sai SagarHights, Praksh Nagar, Hyderabad - 500016.

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lvlr.Ashok Kumar Kanakaria, S/o.Late SubhkaranKanakaria, Aged Major, Occ: Business, R/o. H. No.1-8-505, Flat No.504, Sai SagarHights, Praksh Nagar, Hyderabad - 500016.

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Mr.Siddarth Kanakaria, S/o. Mr.Ashok Kumar Kanakaria, Aged Major, Occ: Business, R/o.H. No.1-8-505, Flat No.504, Sai SagarHights, Praksh Nagar, Hyderabad^_ sooo16.

fur*

. ..... Defendants

OA.No.778l2023

Counsel for the Applicant : M/s.N.Manohar Reddy Defendants : Ex-parteEx-parte

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: Ex-parteEx-parte

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:: ORDER ::

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The Applicant Bank filed the present OA for the recovery of a total sum of Rs.46,33,818.49ps (Rs.7,02,826.77ps under Working Capital Term Loan A/c.No.12620600003404 and Rs.39,30,991.72ps under Cash Credit Loan A/c.No.12620500000070) from the defendants jointly and severally with future interest @ 12.24o/o p.a. with monthly rests from the date of application till the date of realisation along with costs.

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Summons served on D1 to 4 through paper publication. They were set ex-parte on 01.05.2024 as called absent and no representation.

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The Applicant Bank examined K.Ajay Kumar, Chief Manager as AWl and marked 24 documents through him as Ex. A.1to Ex. A.24.

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Ld. Counsel for the Applicant Bank stated orders may be passed on merits and 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?

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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.24 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the /fu6s

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OA.No.778l2023

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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.778/2023 is allowed as under:^-

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i) The Defendants are^jointly and severally liable to^pay to the Applicant Bank a total sum of Rs.46,33,818.49ps (Rs.7,02,826.77ps under Working Capital Term Loan A/c.No.12620600003404 and Rs.39,30,991.72ps under Cash Credit Loan A/c.No.12620500000070) with future interest @ 12.24o/o p,a. simple, from the date of application till the date of realization;

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ii) the applicant bank is also entitled to^proceed against the person and properties of the defendant for realization of its dues;

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iii) 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 Certificate accordingly.

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Communicate a copy of this order to the^{parties concerned.} (Dictated to the steno., transcribed by him, corrected, signed and^{pronouncedbyme in the} open court on this the 28th day of February, 2025).

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ow**

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lCfr'rrsnwnR^KorHE) PRESIDING OFFICER

Bank of Baroda (e-Vijaya Bank) v. M/S Prime Agencies

Case brief

What is this about?

What did the court decide?

Bank of Baroda (e-Vijaya Bank) v. M/S Prime Agencies

Case brief

What is this about?

What did the court decide?

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