Allowed

Indian Overseas Bank v. pioneer furnitures and interiors

DRT16 Jul 2026OA/72/2026

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank's recovery claim against ex-parte defendants, holding them jointly and severally liable for a loan with interest and costs, authorizing auction of mortgaged properties and issue of a recovery certificate.

What did the court decide?

Defendants directed to pay claimed sum; OA secured by mortgaged properties; authority to proceed against person and properties of defendants; recovery certificate to be issued.

Indian Overseas Bank versus pioneer furnitures and… — Contract and Commercial Disputes | DRT (2026)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD

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DATED THIS THE 16TH DAY OF JULY, 2026

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PRESENT: SH. RAIVIESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A.

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PRESIDING OFFICER

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ORIGINAL APPLICATION No: 72 OF 2026

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Indian Overseas Bank., Rashtrapathi Road Branch Rashtrapathi Road, Secunderabad - 500003. Rep. by its Authorized Signatory.

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.....Applica nt.

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Versus

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M,/s. Pioneer Furnitures & Interiors., A Partnership Firm, Rep by its Partners Defendants 2 & 3, Unit: 7-3-26/2 Krishna Nagar Colony, Vampuguda Village, Kapra, Medchal Ma lkajgiri District, Telangana - 500062.

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Also at:-

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M/s. Pioneer Furnitures & I nteriors., ( Posh leafs) A Partnership Flrm, Rep by its Partners Defendants 2 & 3, D.No.2-3-98lA/1 Plot No.40 & 41, 3rd Floor, Circle-2o Lanco H ills Road, Serilingampally Manikonda - 500089 (T.S).

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Sri Yarrama reddy Sanjeev Kumar S/o. Sri. Y. Konda Reddy, Male, Major D. No.1-66/RT/B- 1602, B Block, Ramky Towers, Gachibowli, Beside AIG Hospital Hyderabad - 500032 (T.S).

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Also at:-

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Sri Ya rrama reddy Sanjeev Kumar M/s. Pioneer Furnitures & Interiors., ( Posh leafs) D. No.2-3-98/4/1, Plot No.40 & 41, 3rd Floor Circle-20, Lanco Hills Road, Serilingampally Manikonda - s00089 (r.S). AVZ>, / -/ <.'

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oa.No.72 /2026

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Also at:-

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Sri Yarra mareddy Sanjeev Kumar 7-3-26/2, Krishna Nagar Colony Vampuguda Village, Kapra, Medchal Malkajgiri District, Telangana - 500062.

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Sri Vittal Venkatkumar, S/o. Sri Vittal Hari Kishan, Male, Major, 10-1-530 West I4aredpally, Nehru Nagar Secunderabad - 500026 (T.S).

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Also at:-

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Sri Vittal Venkatkuma r M/s. Pioneer Furnitures & lnteriors.,(Poshleafs) D. No.2-3-98/4/ 1, Plot No.40 & 41, 3rd Floor Circle-20, Lanco Hills Road, Serilingampally Manikonda - 500089 (T.S).

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Also at:-

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Sri Vittal Venkatkuma r

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l-3-26/2, Krishna Naga r Colony

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Vampuguda Village, Kapra, Medcha I lvlalkajgiri District, Telangana - 500062.

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4, Mrs. Ya rramreddy Ravanamma Female, lYajor, MAPLE 1206, IIM Raintree Park, Dwara Krishna A N U Nambur, Guntur, A.P - 522508. ...Defendants

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Counsel for the Applicant : Mr. Gampa Rangaiah 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.1,30,73,877.20ps i.e., a sum of Rs.55,24,561.63ps towards Cash Credit and a sum of Rs.75,49,315.57ps towards Term Loan from the defendants jointly and severally with future interest @10.90olo p.a. and penal interest^ @2olo p.a. from Ymyi^.. t - ' iuo'

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oA.NO.7Zl2026

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07.72.2025 till the date of realization along with costs and in default for sale of OA schedule properties.

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Summons served on D3 and was set ex-parte on 11.06.2026 as called absent and no representation. WS of D7, 2 and 4 not filed hence, their right was forfeited and was set ex-parte on 74.07.2026 as called absent and no representation.

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The Applicant Bank examined Raghavender C, Legal Manager, as AW-1 and marked 34 documents through him as Ex. A.1 to Ex. A.34.

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Heard the Ld. Counsel for the Applicant Bank. 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 viz., Exs. A.1 to A.34 marked on behalf of 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 to the Applicant Bank with future interest and costs.

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In the result, the present Original Application No.72/2026 is a owed as under: -

ffi*

oA.NO.7Zl2026

i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.1,30,73,877 .20ps i.€., a sum of Rs.55,24,561.63ps towards Cash Credit and a sum of Rs.75,49,315.57ps towards Term Loan; with future interest @9.35olo 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 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 16th Day of luly, 2026).

¶50

ffisrt SHWAR KOTHE) PRESIDING OFFICER

Indian Overseas Bank v. pioneer furnitures and interiors

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. pioneer furnitures and interiors

Case brief

What is this about?

What did the court decide?

What the court decided

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