Allowed

Pegasus Assets Reconstruction Private Ltd., v. Shashidhar Mukka

DRT10 Feb 2026OA/530/2025

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by a bank against defendants for recovery of loans totaling over Rs. 63 lakhs with interest and costs, securing the claim via mortgage proceedings.

What did the court decide?

Defendants directed to pay total sum of Rs. 63,99,321.15 with interest and costs; Bank entitled to proceed against mortgage and personal property; Recovery Certificate to be issued.

Pegasus Assets Reconstruction Private Ltd., versus… — Contract and Commercial Disputes | DRT (2026)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD

¶2

DATED THIS THE 1OTH DAY OF FEBRUARY, 2026

¶3

PRESENT: SH. RAI4ESHWAR KOTHE, B.Com., L.LB.^{(Hons.), M.A.}

¶4

PRESIDING OFFICER

¶5

ORIGINAL APPLICATION No: 530 OF 2025

¶6

Pegasus Assets Reconstruction Private Ltd., Acting in lts Capacity of Trustee of Pegasus Group Thirty Nine Trust 2, Having Corporate Office at 55-56, 5th Floor, Free Press House, Nariman Point, Mumbai - 400021. one of its^{RegionalOffice} At Regus Business Centre at^{1-10-39 to 44} Level - 4, Gumidelli Towers,^Begumpet Hyderabad - 500016. Rep. by its Authorized Signatory.

¶7

....Applicant.

¶8

Versus

¶9

Shashidhar Mukka,^{S/o. RajaLingam} Mukka, Aged about 55^Years R/o. D. No.2-2- 1108/1-^{14, FIat No.306} Sagacity APartments,^TilakNagar New Nallakunta, Hyderabad,^{Telangana-500044.}

¶10

Also at:M/s. Sri Durga Filling^Station., survey No.616 & 619,^{Gungal Village} Yacharam Mandal,^{Rangareddy, Telangana-501506'}

¶11

M. Kavitha, Wo.^{ShashidharMukka} Aged about 52^Years R/o. D. No.2-2-^{1108/1- 1A, Flat No.306} Sagacity APartments,^TilakNagar New Nallakunta,^{Hyderabad, Telangana-500044}

¶12

...D"f"ndunt.

¶13

counsel for the Applicant : Mr. G. Bhanu^Murthy Defenda nts , r*-vunfpas

oA.NO.s30/202s

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.63,99,321.1sps i.e., a sum of Rs.50,59,906.54ps towards Loan A/c.No.809001L49929 and a sum of Rs.13,39,414.61ps towards Loan A/c.No.809001197401 from the defendants jointly and severally with future interest @10.85o/o & 10.90o/o p.a. at monthly rests from the date of application till the date of realization along with costs and in default for sale of OA schedule property.

¶18

Summons served on D1 and 2 through.paper publication. They were set exparte on 22.09.2023 as called absent and no representation.

¶19

The Applicant Bank examined Mahesh KLlmar, Legal Manager, as AW-1 and marked 11 documents through him as Ex. A. 1 to Ex. A.11.

¶20

Heard the Ld. Counsel for the Applicant Bank. perused material placed on record.

¶21

The point that arises for consideration is:_

¶22

Whether the Applicant Bank is entiUed for the claim made in the OA against the Defendants and OA schedule property?

¶23

As stated supra, the Defendants remained ex_parte. The Evidence Affidavit coupred with the recitars in the documents viz., Exs. A.1 to A.11 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence,IholdthattheDefendan,'u'ujo'n,,,Wyliable

¶24

oA.NO.530/2025

¶25

¶26

to pay the OA claim to the Applicant Bank with future interest and costs.

¶27

In the result, the present Original Application No.530/2025 is allowed as under: -

¶28

i) The Defendants are^jointly and severally liable to^pay to the Applicant Bank a total sum of Rs.63,99,321.15ps i.e., a sum of Rs.50,59,906.54ps towards Loan A/c.^No. 809001149929 and a sum of Rs.13,39,414.61ps towards Loan A/c.^No. 809001197401; with future^interest @12olo p.a. slmple from the date of appllcation till the date of realization;

¶29

ii) the OA claim is secured^{by way of mortgage} of property described in the^schedule annexed to the OA^{and the applicant bank is} entitled to^{proceedagainstthe same to} realise its debt;

¶30

iii) the applicant^{bankis also entitled to proceed} against the^{person and propertiesof} defendants for^{realization of its dues;}

¶31

iv) the applicant^{bank is entltledfor the costs'}

¶32

1. The Applicant Bank is directed^{to file Cost Memo within2 weeks} from the date of receipt of^{this Order.}

¶33

Issue Recovery^{Certificate accordingly'}

¶34

¶35

oA.NO.530/2025

¶36

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 10th Day of February, 2026).

¶37

M""" (RAMESHWAR KOTHE) PRESIDING OFFICER

Pegasus Assets Reconstruction Private Ltd., v. Shashidhar Mukka

Case brief

What is this about?

What did the court decide?

Pegasus Assets Reconstruction Private Ltd., v. Shashidhar Mukka

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Kotak Mahindra Bank Limited versus Capital Protection Force Pvt. Ltd.

The Axis Bank Ltd. versus M/s. Madur Gas Agency.

M/s. Idbi Bank Limited. versus Mr. Chintakuntla Bhaskar Reddy

Kotak Mahindra Bank Limited versus Mr. Ambothu Vishnu

Union Bank of India versus M/s. Pradeep Blue Metals.

State Bank of India versus Sri. Kamanoori Venkata Ramana