BURA PADMAJA VINAY Vs. UNION OF INDIA
LAWS(TLNG)-2022-8-35
HIGH COURT OF TELANGANA
Decided on August 03,2022

Bura Padmaja Vinay Appellant
VERSUS
UNION OF INDIA Respondents




JUDGEMENT

- (1.)Heard learned counsel Sri Yellapragada Srinivasa Murthy for the petitioner, learned Assistant Solicitor General Sri Namavarapu Rajeshwar Rao for respondent no.1, learned counsel Sri Podila Hari Prasad for respondent no.2-Bank and learned counsel Sri A.V.V.Badrinarayana for respondent no.3.
(2.)Petitioner claims to be the absolute owner and possessor of the property bearing Municipal No.8/2/335/2/A/1 with a built up area of about 12,700 square feet consisting of ground, first, second, and third floors, known as 'Platinum Square' forming part of Sy.No.129, situated on Road No.5, Banjara Hills, Hyderabad.
(3.)Facts on record disclose that the 3rd respondent availed credit facilities from the respondent-Bank to run hospital in the leased premises bearing Municipal No.8/2/335/2/A/1 on the name and style of 'Rays Speciality Hospitals Private Limited", and all equipment therein have been under hypothecation of the respondent-Bank. At the time of security loan, the borrower-respondent no.3 submitted registered Lease Deed Doc.No.1322 of 2014 dtd. 24/3/2014 on the said premises. Thereafter, the borrower defaulted in payment of loan amount. The Bank filed recovery case in O.A.No.1459 of 2017 (old O.A.No.1089/2016) on the file of Debts Recovery Tribunal-II at Hyderabad and obtained recovery certificate in R.C.No.73/2018 dtd. 17/1/2018 for recovery of 5,67,72,339/-. Accordingly, the Recovery Officer-I, DRT-II at Hyderabad has initiated recovery proceedings in R.P.No.73/2018 and issued Demand Notice dtd. 23/2/2018 calling upon the certificate debtor to deposit the amount as stipulated in the Recovery Certificate. The borrower failed to comply the same. Consequently, Advocate Commissioner was appointed to execute the order of the Tribunal to take physical possession of the schedule properties vide Warrant of Attachment of Movable Property dtd. 27/10/2020.


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