Allowed

State Bank of India v. M/S Avvaru Designs

DRT6 Mar 2025OA/821/2023

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed the bank's application, holding defendants jointly and severally liable to pay dues including future interest and costs, directing execution against personal and hypothecated assets.

What did the court decide?

Directed defendants to pay Rs. 40,87,269 with interest; authorized realization from hypothecated and personal assets; ordered issuance of recovery certificate.

State Bank of India versus M/S Avvaru Designs — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE O6Ih DAY OF MARCH, 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: 821 OF 2023

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State Bank of India., Stressed Assets Recovery Branch, 2^o Floot, TS RTC Bus Terminal Complex(Computer amenity centre), Koti, Hyderabad. Rep. by its Chief l4anager.

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.....Applicant.

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Versus

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lvl/s.Avva ru Designs., Prop: Smt.Avva ru Swathi, H.No.98/2RT, Near GHMC Play Ground, SR Nagar Circle, Hyderabad- 500034.

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Smt.Avvaru Swathi, W/o.Ravi Chandra, C/o.Adi La kshm i Avvaru, W/o.Musalaiah, H. No.23-7- 21, Avvaru Vari Street, Cheerala, Prakasam District - 523155.

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... Defendants

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: M/s.Prakasam.G.S. Counsel for the Applicant Defendants : Ex-parte

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:: qLLLL ::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.40,87,269/- frAm the defendants^jointly and severally with future interest @11.6010 p.a. N*with monthly rests

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oA.NO.821l2023

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from the date of appllcation^{till the date of realizationalong} with costs and in default^{for sale of hypothecated assets'}

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Summons served on^{D1 and 2 throughpaperpublication They} were set ex-parte on²⁷ '11.2024^{as called absentand no} representation.

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The Appllcant Bank examined^{S.Pratik Yadav, Chief Manager,as} AW-1 and marked^{22 documents throughhim as Ex. A.1 to Ex.} A.22.

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Ld. Counsel for the^{ApplicantBank reported orders may be} passed through merits. 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 and OA hypothecated assets?

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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.22 marked on behalf of the^{ApplicantBank} clinches the claim of the Applicant^{Bank against} the^Defendants. Hence, I hold that the Defendants are^{jointly and severallyliable} 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.821/2023^is allowed as unoer:^- ,//\4, Ll'6.tY

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oA.NO.821/2023

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.40,87,269l- with future interest @ 1 1. 6oolo 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 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 Certificate 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 March, 2025).

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,,flftrr_yr,^ _Sth i // ''ob'> (RITMESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. M/S Avvaru Designs

Case brief

What is this about?

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State Bank of India v. M/S Avvaru Designs

Case brief

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