Allowed

The Karur Vysya Bank Ltd. v. M/s. Bhagya Laxmi Gems & Jewellers Pvt. Ltd.

DRT3 Feb 2026OA/186/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's Original Application for recovery. Ruling that defendants are jointly and severally liable to pay the loan amount with future interest and costs, securing the claim via mortgage properties.

What did the court decide?

Defendants jointly and severally liable to pay Rs.8,55,46,058.50 with future interest; mortgaged properties to be realized; recovery certificate issued.

The Karur Vysya Bank Ltd. versus M/s. Bhagya Laxmi Gems… — Company and Corporate | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

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DATED THIS THE O3RO DAY OF FEBRUARY, 2026

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PRESENJ: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A.

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 186 OF 2023

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The Karur Vysya Bank Ltd., D.No.5-8-356 to 362, Third Floor Chirag Ali Lane. Abids, Hyderabad. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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M/s. Bhagya Laxmi Gems & lewellers Pvt. Ltd., Rep by its Director Mr. Kpnal Gupta, S/o. Ramanlal Agarwal 7 -Z-624, Ground Floor, Rashtrapathi Road, Secunderabad, Telanga na^- 500003.

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Also at:-

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M/s. Bhagya Laxmi Gems & Jewellers Pvt. Ltd., Regd. Office Troop Bazar Decent Complex, Hyderabad-500001 Telangana.

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Mr. Kunal Gupta Director M/s. Bhagya Laxmi Gems & Jewellers Pvt. Ltd., 7-2-624, Ground Floor, Rashtrapathi Road, Secunderabad, Tela nga na^-500003.

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Mrs. Shilpa Agarwal Director M/s. Bhagya Laxmi Gems & Jewellers Pvt. Ltd., 7-2-624, Ground Floor, Rashtrapathi Road, Secunderabad, Telangana-500003.

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14r. Kunal Gupta, S/o. Sri Ramanlal Agarwal, 1-2-303. Flat No.303, SNR Legend Opp. Bharat Supermarket, Gaganmahal^Road Domalguda, Hyderabad - 500029.

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Mrs. Shilpa Agarwal, Wo. Nitin Kumar Agarwal, H.No.5-9-122/ Al1l31, Flat^No.31

OY-'"

oA.NO.186/2023

Maheswari Residency, Adarshnagar Hyderabad - 500029.

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1. Mr. Nitin Kumar Agarwal, S/o. Viswanath Agarwal, H.No. 5-9-L221 A/ t/31, Flat No.31 Maheswari Residency, Adarshnagar Hyderabad - 500029.

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1. Mrs. Durga Agarwal, W/o. Kunal Gupta t-2-303, Flat No.303, SNR Legend Opp. Bharat Supermarket, Gaganmahal Road Domalguda, Hyderabad - 500029.

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B. Sri. A. K. Ramesh S/o. Late A. Kannabiran, t-7L-252/49 Arcot House, Motilalnagar, Begumpet Secunderabad. /A{ { a-d, .c-^Lt^^ )^c_J-Lj^:-!t.. -..J Counsel for the Applicant : Mr. Ch. T. Sreerama Murthy 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 a total sum of Rs.8,55,46,058.50ps i.e., a sum of Rs.7,38,65,459.82ps towards soD Loan with future interest @10.5% p.a. and a sum of Rs.1,16,80,598.68ps towards FITL Loan with future interest @11.15o/o p.a. from the defendants joinUy and severally with monthly rests from the date of application till the date of realization along with costs and in default for sale of oA schedule properties.

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summons served on D1 to B. They were set ex-parte on 14.09.2023 as called absent and no representation.

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The Applicant Bank examined C S Sathish, Manager, as AW-1 and marked 23 documents through him as E A.1 to Ex. A.23.

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oA.NO.186/2023

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Ld. Counsel for the Applicant Bank 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 schedule properties?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents vi2.,' Eiid : X: 1" tb A) 3-riri iGd ciri bbnlilt^"of THe' )\riEl ica'if BE ir-k 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 to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.186/2023 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.8,55,46,058.50ps i.e., a sum of Rs.7,38,65,459.82ps towards SOD Loan with future interest @10.5olo p.a. and a sum of Rs.1,16,80,598.68ps towards FITL Loan; with future interest @10.50o/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 mortgage of properties described in the schedule annexed to the OA andlhe applicant bank is //,lwP-",v,t

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oA.NO.185/2023

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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 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 pronounced by me in the open court on this the 03'd Day of February ,2026).

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aw"

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(RAMESHWAR KOTHE) PRESIDING OFFICER

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The Karur Vysya Bank Ltd. v. M/s. Bhagya Laxmi Gems & Jewellers Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

The Karur Vysya Bank Ltd. v. M/s. Bhagya Laxmi Gems & Jewellers 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

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