Allowed

Union Bank of India v. M/s. Ns Solutions

DRT7 Jul 2025OA/932/2023

Case brief

AI extract

What is this about?

In this Original Application under the SARFAESI Act, the Debts Recovery Tribunal allowed the bank's claim for balance dues after deducting auction proceeds, holding defendants jointly and severally liable.

What did the court decide?

Punitive action against defendants ordered to pay balance dues with future interest and costs; Recovery Certificate issued.

Union Bank of India versus M/s. Ns Solutions — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I] AT HYDERABAD DATED THIS THE OTTh DAY OF JULY, 2025 PRESENT: SH. RAMESHWAR KoTHE, B.Com., L.LB. (HonS.), M.A. PRESIDING OFFICER

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ORIGINAL APPLICATION No: 932 OF 2023

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Union Bank of India., Krishna Nagar Branch Hydera bad District, Telanqana State. Rep. by its Authorized Siq-natory.

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.....Applicant.

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Versus

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l.tvus.NSSolutions., Represented by its proprietor Mr. Nemmadi Srinivas Rao R/o. Flat No.S02lA, prasanti Ram Towers,^yousufguda, Hyderabad _5OOO 15.

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Mr. Nemmadi Am bedkar S/o. M r. Veerajah Nemmadi

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R/o. H.No.3-97, S C Colony Ganapavaram, N4unagala Ma nda l, Nalgonda, Tetangana State _ 508233.

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. .. Defendants

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Counsel for the Applicant : M/s. K.V. L. Na rasim ha Rao

Defendants

: Ex-parte

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.31,71,096/- from the defendants joinfly and severally with future interest @9.9olo p.a. compounded with monthly rests from the date of application till the date of realization along with costs and in default For sale of OA sched ule properties. )"g -,. r't)'^{- '}

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oA.NO.932/2023

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Summons^{served on D1} and 2 through^{paperpublication They} 04.!0.2024^{as called absentand no}

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were set^{ex-Parte on} representation.

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The Applicant^{Bank examined MikkilineniNaga SaiDurga} Dinesh, Asst.^{Manager, as AW-1 and marked 09 documents} through him as^{Ex. A.1 to Ex A 09' It is submittedthat the} bank realized^{the amount of Rs 19,64,1824ops in the auction} proceedings under the^{SARFAESI Act'}

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Ld. Counsel for^{the Applicant} Bank reported orders^{may be} the material Placed^{on record.}

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passed through merits.^Perused

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The^point that arises^{for considerationls:-}

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Whether the^{Applicant Bank is entitled} for the balance^{claim madein theOA} against the Defendants^andOA schedule Pro7ertY?

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As stated supra, the^{Defendants remained ex-parte'The} Evidence Affidavit^{coupledwith the recitals in the documents} viz., Exs. A.1 to^{A.O9 markedon behalfof the Applicant Bank} clinches the claim of^{the Applicant Bank against the Defendants'} Hence, i hold that^{the Defendants are jointly and severally liable} to^pay the OA claim,^{Less Rs.19,64,182.40ps being the amount} realised by way of sale of OA^{schedule-A property to the} Applicant Bank with^{futureinterestand costs.}

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In the result, the^{present OriginalApplication No.932/2023is} allowed as under: - 4V-* A,'6'n)'-

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oA.NO.932l2023

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i) fne Defendants are joinUy and severally liable to pay to the Applicant Bank a sum of Rs.31,71,096/_ Less Rs.19,64,182.40ps realized under SARFAESI proceedings with future interest @9.9olo 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 property described in the schedule_B 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 entifled to proceed against the person and properties of defendants for realization of its balance dues;

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iv) the applicant bank is entiiled 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 ,.;ril;;;;; in the open court on this the 07th Day of Juty, 2025).

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OWfr (RAIIESHWAR KOTHE) PRESIDING OFFICER

Union Bank of India v. M/s. Ns Solutions

Case brief

What is this about?

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Union Bank of India v. M/s. Ns Solutions

Case brief

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