Allowed

Pegasus Assets Reconstruction Private Ltd. v. M/s. Karthikeya Jewelers.

DRT8 May 2026OA/78/2026

Case brief

AI extract

What is this about?

An Original Application filed by a bank for recovery of dues from jewelers was allowed ex-parte. The court found the defendants jointly and severally liable to pay the claim amount with interest and costs, secured by mortgaged properties.

What did the court decide?

Directing defendants to pay total sum of Rs.4,08,88,850.91 with future interest; claim secured by mortgaged properties; recovery certificate to be issued.

Pegasus Assets Reconstruction Private Ltd. versus M/s… — Banking and Recovery | DRT (2026)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE OSTH DAY OF MAY, 2026

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

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ORIGINAL APPLICATION No: 78^OF 2026

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Pegasus Assets Reconstruction Private Ltd., Acting in Its Capacity of Trustee of Pegasus Group One Trust 32, Having Corporate^{Office at} 55-56,5th Floor, Free Press^{House, NarimanPoint,} l'4umbai - 400021. One of its Representative^Office At Regus Business Centre at^{1-10-39to 44, LeYel 4} Gumidelli Towers, Begumpet,^Hyderabad -^500016. Rep. by its Authorized Signatory.

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.....Applicant.

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Versus

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M/s. Karthikeya Jewelers', Represented by its^ProPrietrix Mrs. Venigalla Jyothi,^{No. 2/93/94} Main Road, AVSR^{Complex, Mangalagiri} Guntur - 522503.

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Mrs. Venigalla^{Jyothi,W/o. Mr. Venigalla} Srinivasa^{Rao, Flat No.210,RR Towers} Nidamarru^{Road, Mangalagiri.Guntur-522503'}

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Mr. Venigalla^{Srinivasa Rao} S/o. Rariaswamy^{Venigalla, Flat No 210} RR Towers,^{NidamarruRoad} Mangalagiri,^Guntur -^522503'

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Also at:-

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Mr. Venloalla Srinivasa^Rao

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sio. Rariaswamy^{Venigalla, Door No 8-69/4} aiiwata, Near^{RajeevCentre, kandaravari} Street,^{t'.'iangalagiri,Guntur - 522503'}

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Also at:-

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Mr. Venigalla^SrinlvasaRao S)o. nariaswamy^{Venigalla, Door No 8-577} eii waro,^{Nea r Rajeev centreffi{}sgz3{s} /// uns" l-/

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oA.NO.78l2026

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Street, Guntur - 522503.

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Also at:-

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Mr. Venigalla Srinivasa Rao S/o. Ramaswamy Venigalla, Door No.1-51l1 Door No. 232/71F2, Mangalagiri Guntur - 522503.

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Also at:-

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Mr. Veniga lla Srinivasa Rao S/o. Ramaswarmi Venigalla, Door'No. 1-51/1 Door No. 232/7/F2, Mangatagiri Guntur - 522503.

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... Defendants

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Counsel for the Applicant Mr. G. Bhanu M urthy

Defendants

Ex-parte

:: ORDER ::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.4,08,88,850.91ps i.e., a sum of Rs.2,54,92,733.04ps towards Loan A/c. No.AVW0OO91N with future interest @11.30o/o p.a. and a sum of Rs.1,53,9 6,t77.g7ps towards Loan A/c. No.AVWoo121IN with future interest @10.90% p.a. from the defendants jointly and severally at 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 3 through paper publication. They were set ex-parte on 06.05.2026 as called absent and no representation.

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The Applicant Bank examined as AW-1 and marked 14 .".rJ:::'i,.::;H"::.::H:: Ex. A.14. ltn.,!_-r . L ,. -.(vr*-'

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oA.NO.7812025

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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.14 marked on behalf of the^{ApplicantBank} clinches the claim of the^{Applicant Bank against the Defendants.} Hence, I hold that the Defendants are^{jointly and severallyliable} to^pay the OA claim to the Appliiant^{Bank with future interest} and costs.

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In the result, the^present Original^{ApplicatlonNo.7812026is} 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.4,08,88,850.91ps i.e., a sum^of Rs.2,54 ,92,733 .04ps towards^Loan A/c. No.AVW00091N and a sum^of Rs. 1,53,96,117.87ps towards Loa n A/c. No.AVW00121IN; with^{future interest} @12olo^{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} or properties d"rrribedlhsa}rnedut"

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oA.NO.7812026

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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 entifled to proceed against the person and properties of defendants for realization of its dues;

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iv) the applicant bank is entiUed for the costs.

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The Applicant Bank is directed to fite Cost Memo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certifi cate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated t-o the steno, corrected, signed and pronounced bV me iq the open court on this the 08th Day of May, 2026).

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s,, r-b ESHWAR KOTHE) PRESIDING OFFICER

Pegasus Assets Reconstruction Private Ltd. v. M/s. Karthikeya Jewelers.

Case brief

What is this about?

What did the court decide?

Pegasus Assets Reconstruction Private Ltd. v. M/s. Karthikeya Jewelers.

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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