Allowed

Indian Overseas Bank v. M/s. G.V. Kiran Kumar Oil Mills

DRT20 Apr 2026OA/41/2026

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for recovery of Rs. 80,86,385.07 with interest and costs against absent defendants, declaring them jointly and severally liable and directing issuance of a Recovery Certificate.

What did the court decide?

Defendants directed to pay Rs. 80,86,385.07 with future interest; Recovery Certificate issued; Applicant entitled to costs.

Indian Overseas Bank versus M/s. G.V. Kiran Kumar Oil Mills — Banking and Recovery | DRT (2026)

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IN THE DEBTS^{RECOVERYTRIBUNAL-IIAT HYDEMBAD} DATED THIS THE^{2oth DAY OF APRIL, 2026}

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PRESENT: SH. MMESHWAR^{KOTHE, B.COM.L.LB.(HONS.),M.A'} PRESIDING OFFICER

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ORIGINAL APPLICATION^{No: 41 OF 2026}

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Indian Overseas^Bank,

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S.l. Towers,^{VidYuth Nagar} Ci rcle, AnanthaPur-515^{00 1,} Andhra Pradesh

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.....Applicant

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Versus

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1, M/s. G.V.^{Kiran Kumar Oil Mills,} D.No. 19-^{1-660, Besides Parameswara} Timber DePot,^{Gooty Road,}

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AnantaPur-515^{001, Andhra Pradesh}

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Rep. bY its^Partners

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Sri Gopa^{Venkata Kiran Kumars/o late} Sri G. Satyanarayana,^{aged about52 yrs''} Occ: Business,^{R/o Flat No'008,} Star Rajahamsa^APartments, NTR Marg,^{VenugoPal Nagar,} AnantaPur-S15^{001, A'P}

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Sri Siriguppa^{LokeshS/o Sri Nagabhushana} Aged about³⁵ Years,^{Occ: Business'} R/o Flat^No'008,

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Star Rajahamsa^APartments, NTR Marg,^{VenugoPal Nagar,} Anantapur-515^001,A'P

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....Defendants

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Counsel^{for the APPlicant}

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: Mr. GamPa^Rangaiah

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Counsel for^{the Defendants}

'e''oart/y'ry($\

oA.NO.4112026

:: ORDER ::

The Applicant Bank filed the present oA for the recovery a total sum of Rs. 80,86,38s.07 ps i.e., Rs. 76,59 ,043/- towards cash credit Facility with future interest @11.55o/o and Rs. 4,27,342.07 ps towards GEcL/wcrL with future interest @7.85o/o from the date of application till the date of realization along with costs, and, in defaurt, .sare of o.A. schedure moveable and immoveable assets/property.

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summon served on Defendant Nos. 1 to 3 through paper publication and were set exparte on L7.04.2026 as called absent and no representation.

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The Applicant Bank examined Mr. P. Jagannadha Rao, Chief Manager, as AW-1 and marked 25 documents through him as Ex.A,1 to Ex.A.25.

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Heard ex-parte arguments from the learned counsel for the applicant.^perused the material placed on record.

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The point that arises for consideration is: -

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Whether the Appticant Bank is entitted for the claim made in the OA against the Defendants and O.A. Schedule maveable and immoveable assets/property?

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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.25 marked on beharf of Jhe Appricant Bank *' 7fu1,,s '' ""--'9'!\

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oA.NO.4112025

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clinches the claim of the Appjicant Bank against the Defendants. Hence, I hold that the Defendants are 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.4U2026^is allowed as under:^-

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i) The Defendant Nos. l to 3^jointly and severally are liable to^pay to the Applicant Bank a sum Rs. 80,86,385.07^ps with^future interest @11.25olo 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 and hypothecation of^assets,as described in the schedule^{annexedto the OA} and applicant bank is entitled to^proceed against the same^{for realisation of dues;}

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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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The Applicant Bank^{is directed to file Cost Memowithin2 weeks} from the date of^{receipt of this Order.}

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Issue Recovery Certificate^{accordi ngly.}

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Communicate a^{copy of this order to the parties concerned'}

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(Dictated to the steno, corrected,^{signedand pronounced by mein the open court on} this the 20th^{Day of April, 2025).}

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PRESIDING OFFICER

Indian Overseas Bank v. M/s. G.V. Kiran Kumar Oil Mills

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. M/s. G.V. Kiran Kumar Oil Mills

Case brief

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What did the court decide?

What the court decided

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