Before The Honourable Debts Recovery Tribunal at Visakhapatnam S.A /2023

BEFORE THE HONOURABLE DEBTS RECOVERY TRIBUNAL AT
VISAKHAPATNAM
S.A /2023
1. M/s Srivalli Shipping and Transport Pvt. Ltd., Registered D.No. 23-
22-21, 2nd Floor, Old Sivalayam Street, Near 1 Town Gandhi Statue,
Visakhaptnam-530027
2. Polina Babu Rao, D.No. 58-21-7/1, APSEB Colony, Opp Happy

Home Apartment Butchirajupalem, Visakhapatnam-530027.
3. Mrs. P.S.V.S. Eswari (Director) D.No. 58-21-7/1, APSEB Colony,

Seetharama Raju Nagar, Survey no. 5/3, Butchirajupalem,
Visakhapatnam - 530027.
4. Mr. Polina Ravi Kiran, D.No. 58-21-7/1, APSEB Colony,

Seetharama Raju Nagar, Butchirajupalem, Visakhapatnam.
5. Mr. Polina Pavani, D.No. 58-21-7/1, APSEB Colony, Seetharama

Raju Nagar, Butchirajupalem, Visakhapatnam.
6. Mr. Polina Venkataratnam, S/o. Ramayya, D.No. 58-21-7/1,

APSEB Colony, Seetharama Raju Nagar, Butchirajupalem,
Visakhapatnam.
7. Mr. Bollempalli Savitri, W/o. Krishna Rao D.No. 37-12-12/1 & 2,

Plot No. 30, S.No. 14/2 of Kapparada Village, NGGO's Colony,
8. Mrs. Mamallapalli Santha Kumari, W/o. Bayya Joseph Raju, D.No.

65-8-5/1, APPM Employees, Co-operative Building society Ltd.,
Ramadasupeta Village Anandanagar, Rajahmahendravarm, East
Godavari District-533101 .... Applicants
And
1. Authorized Officer, Union Bank of India, Asset Recovery Branch,
D.No. 26-15-150, Andhra Bank Building, Changalaraopeta,
Visakhapatnam 530001.
2. Branch Manager, Union Bank of India, MID Corporate Branch,
Visakhapatnam.
3. Gummalla Ramamurthy, D.No. 32-111, Sy.no. 27-2-30-2 & 30-3,
Anakapalli Road, Narsipatnam-531116.
4. Mr. P. Pydi Reddy, S/o. Appa Rao, D.No. 58-23-23, Sy.no. 47/7 P,
Buthcirajupalem, Visakhapatnam …Respondents
(R3 & R4 are profarma parties no relief prayed against them)
INDEX
1. Application Page No.s. 1-19
2. Documents Page Nos. 20-58
3. Vakalat Page Nos. 59
Date:
Visakhapatnam Advocate for the applicants
VISAKHAPATNAM
S.A /2023
22-21, 2nd Floor, Old Sivalayam Street, Near 1 Town Gandhi Statue,
Visakhaptnam-530027





Visakhapatnam.


And
Visakhapatnam.
APPLICATION FILED UNDER SECTION 17 OF SECURITISATION

AND RECONSTRUCTION OF FINANCIAL ASSESTS AND
ENFORCEMENT OF SECURITY INTEREST ACT, 2022
I. PARTICULARS OF THE APPLICANTS:
1. M/s Srivalli Shipping and Transport Pvt. Ltd., Registered D.No.

23-22-21, 2nd Floor, Old Sivalayam Street, Near 1 Town Gandhi
Statue, Visakhaptnam-530027





Visakhapatnam.


II. PARTICULARS OF THE APPLICANTS:

Visakhapatnam.
3. JUSRISDUCTION OF THE TRIBUNAL : The applicants declares

that the schedule properties are situated at Visakhapatnam,
Kakinada, Rajamahendravaram, East Godavari District belongs to the
applicants falls within the Jurisduction of this Honourable Court.
IV. LIMITATION: The applicants declares that the auction notice
dated 09-11-2023 followed auction fixed on 29-11-2023 followed by all
further measures on the schedule properties belongs to the applicants
are under limitation.
IV. FACTS AND GROUNDS OF THE CASE :
1. The applicants are the borrowers and guarantors and the
respondents 3 and 4 are also guarantors to the 1st applicant availed
loan facilities released by the 2nd respondent bank. The bank
authorities sanctioned loan under various facilities since from the year
1994 the 1st applicant was an customer in the 2nd respondent bank
and as a disciplined customer having good and cordial relations the
first applicant availed certain credit facilities from the hank and the
same were renewed rom time to time upto to the year 2021, the
following are the facilities as per the sanction letter dated 19-02-2020.
Sl No. Nature of Limit Amount
1. Letter of Guarantee (BG) Rs.25,00,00,000/-
2. CCH (Auto Adjustment) Rs.15,00,00,000/-
3. Term Loan-2(as on date balance) Rs.
3,00,000/-
20,00,000/-
18,00,000/-
7,27,00,000/-
5,73,00,000/-
10,00,00,000/-
Total facilities as per sanction letter Rs.63,41,00,00,000/-

dated 19-02-2020
To that facilities the applicants along with respondents 3 and 4 given
total 18 properties as security and the security worth as on date of
sanction of limits is more than 150 crores worth basing on that
valuation the bank authorities sanctioned the above limits.
2. The applicants submit that the 2nd respondent bank authorities
declared the 1st applicant loan account as NPA as on 06-05-2021 but
the date of classification or NPA IS defective and NPA not made as per
the RBI Guidelines Infact the respondent bank charged high rate of
interest and also charged interest on penal amounts which is not
legally valid and against to the banking policy however the respondent
bank authorities declared the loan account as NPA and appointed
authorized officer to recover the loan amounts of the 1st applicant firm
and issued securitization notices. The authorized officer issued
demand notice under section 13(2) of the securitization act on 01-07-
2021 for an amount of Rs. 42,54,70,888.10 ps. But the demand notice
amount not tallied with the statement of account issued by the 2nd
respondent bank the entire loan transactions and charged rate of
interest needs third party audit to determine the actual debt. Hence
the demanded amount may be declared excessive demand and on
illegal demand notice the authorized officer cannot proceed further.
3. The applicants submits that the 1" respondent authorized officer
issued 13(2) demand notice dated 01-07-2021 to the total ten parties
who are the borrowers and guarantors but the demand notice
contents not in accordance with the rules laid down under act 2002.
Moreover the demanded amount clearly showing that the due
amounts of Rs. 42,54,70,888.10 ps all are within limits as mentioned
above para 1 hence the 13(2) demand notice may be declared illegal
and invalid.
4. The applicants submits that the 1" respondent authorized officer
issued notice dated 04-12-2021 to the borrowers / guarantors /
mortgagors with subject: Notice to take possession of the assets under
securitization act of M/s Srivalli Shipping and Transport Private
Limited, with our MID Corporate Branch. Infact the possession notice
Issued by the authorized officer is also not in accordance with the
rules laid down under act 2002. This particular notice not the valid
notice for issuing possession notice under rule 8(1) however the notice
dated 04-12-2021 not served on all borrowers and guarantors on 04-
12-2021 as per the rules but the notices posted by the 1" respondent
on 06-12-2021 which is highly illegal and as against the rules under
act 2002 hence the notice dated 04-12-2021 may be declared illegal
and invalid. Moreover the notice not served on all borrowers and
guarantors hence all 13(4) measure are liable to be set aside.
5. The applicants submits that the 1" respondent authorized, officer
issued possession notice dated 28-01-2022 for ten properties which
are property item no. 1 to Item no. 10 but the possession notice dated
28-01-2022 not served and all borrowers and guarantors as on
issuance of the notice date. The possession notice not published in
two leading newspapers as per the rules and affixer not made by the
authorized officer to the schedule properties on 28-01-2022 hence the
rule 8(1) notice issued by the 1st respondent authorized officer is also
illegal and invalid and repossession may be ordered to its mortgagors.
6. The applicants submits that the 1st respondent authorized officer
issued another possession notice dated 17-03-2022 to the property
belongs to P Babu Rao 2nd applicant which is at West Godavari
District, Devarapalli Mandal, Yernagudem Panchayat. But the
possession notice dated 17-03-2022 also not served on all borrowers
and guarantors and the possession notice not affixed to the schedule
properties as per rules and the possession notice not published in two
leading newspapers as per the rules hence the possession notice dated
17-03-2022 also liable to be set aside and repossession may be
ordered to its mortgagors.
7. The applicants submit that the 1st respondent authorized officer
issued another possession notice with a date 17-03-2022 & 19-03-
2022 to the total six properties but the possession notice not served
on all borrowers and guarantors and publication not made within
seven days as per the rules in two leading newspapers and affixer not
made on 17-03-2022 as per the rules moreover the possession notice
initiated with two dates 17-03-2022 and 19-03-2022 in one notice is
not valid under eye of law and the possession notice dated 17-03-2022
& 19-03- 2022 initiated by the 1st respondent authorized officer may
be declared illegal and invalid and repossession may be ordered to its
mortgagors.
8. The applicants submit that the 1st respondent bank authorized
officer not taken valuation as per rule 8(5) and fixed reserve price
without consulting the secured creditor and initiated e-auction sale
notice on 23-02-2023 for sale of immovable properties for total nine
properties without following rules. The e-auction notice dated 23-02-
2022 issued notice to the six borrowers and guarantors only but the
auction sale notice shall issue borrowers and guarantors. But the
authorized officer violated rules & 13(4) measures-initiated e-auction
sale notice and fixed date and time of auction is on 30-03-2022 for the
1st time all are issued without following rules under act 2002
moreover the rule 8(6) notice not published in the newspapers as
substitute service hence the 13(4) measures initiated by the
authorized officer from rule 8(1) to rule 9(1) all are liable to be set
aside in limine.
9. The applicants submits that the authorized officer initiated sale
notice on 22-12-2022 and the applicants one and two filed SA
29/2023 on 13-01-2023 before the Honoruable Tribunal and
challenged the irregularities and illegalities done by the authorized
officer and also challenged the date of e-auction on 25-01-2023 but
one or the other reason the auction was not materialized but the
applicants filed SA 29/2023 is still pending for filing reply of the
respondents but in that SA 29/2023 bank authorities filed reply and
documents. The applicants having urgency filed the present SA and
challenging the irregularities and illegalities done by the authorized
officer in fixing valuation of the schedule properties and in issuing sale
notice without serving to the necessary parties all 13(4) measures were
challenged in the present application which is permissible under law.
10. The applicants submits that the 1st respondent authorized officer
finally issued e-auction notice on 09-11-2023 and released paper
publication on Sunday 12th November, 2023 at Visakhapatnam in the
Hindu Newspaper at page no. 7 to the 10 properties and the reserve
price fixed by the authorized officer done without serving notice under
rule 8(6). The sale notice for sale of immovable properties dated 09-11-
2023 not served on all borrowers and guarantors on the issued date
moreover the intimated valuation to the borrowers on 20-05-2023 at
the request of the applicants issued that valuation not fixed as the
reserve price. The authorized officer not followed rules in issuing sale
notice dated 09-11-2023 and not published in two leading newspapers
as per the rules and affixer not made on 09-11-2023 hence the
respondent authorized officer initiated all 13(4) measures Including
sale of the schedule properties on 29-11-2023 is liable to be set aside.
11. The applicants submit that the approved valuer is defined under
Rule 2(d) Security Interest (Enforce app) Rules 2002 (Hereinafter
referred to as the Rules for brevity). The approved valuer meant 1957
and registered as a valuer U/s.34 (a) (b) of Wealth Tax Act 1957 and
approved by the Board of Directors or Board of Trustees of the secured
creditor as the case may be. The qualifications and the technical
knowledge of the said approved valuer has no nexus or relations to
value of the subject properties of the Applicants covered by the e-
auction Sale Notice. Since the valuer normally fixes the value by
taking consideration into the guidance value of the immovable
properties available with the Department of Registration of the
Government of the concerned State and in the present case, the State
of Andhra Pradesh. The said guidance value is arrived at for the
purpose of collecting the Stamp Duty under the Stamp Act and to fix
the registration charges under the Registration act. Therefore, the said
Guidance value never reflects the true market price which is based on
various factors such as the placement of the property, the utility of the
property, the political and economical scenario of the Central and
State and their policies and other factors which is not at all taken into
consideration by the said unqualified approved valuers. Thereby,
giving an unbridled, unreasonable power on the approved valuer, and
without any safety valve to safeguard the interest of the owners of the
movable or immovable properties and keeping the Applicants at the
mercy of the (i) authorized officer, (ii) approved valuer, and (iii) the
creditor Bank alone is illegal, violation of Article 14 of the Constitution
of India. Since no notice is required to be given to the owner of the
movable or immovable properties sought to be sold before arriving at
the 'Reserve Price', it gives room and scope for the uncontrolled,
unbridled power and discretion confined among the 3 persons namely
the (i) Authorized Officer, (ii) Approved Valuer and (iii) the Security
Creditor only. Further, there is no participation provided for the owner
of the properties either movable or immovable hence it gives a wide
scope for the said 3 officers to collude with each other and enter into
an underhand dealing with the auction purchasers in arriving at the
reserve price to sell the movable or immovable properties of the
borrowers for a song/ throw away price. It leads to wide scope for the
white collared, under handing corruptive dealings since in complete
price is arrived at by keeping the corners of the properties in of mature
dark in as much as there the no scope for the principles said Rule 8
justice provided under Rules (5) of the Rules. Therefore, the said Rule
B (5) which is a delegated legislation is liable to be struck down being
unreasonable, arbitrary gives unbridled, uncontrolled power and
violation of Articles of 14 and 300-A of the Constitution of India apart
from being violation of principles of natural justice. Therefore under
the colourable exercise of powers the respondent bank and its
authorities namely the Authorized Officer and Deputy General
Manager and the Valuer of the respondent in active collusion with
each other got published the impugned Sale Notice resulting in
abrogation of the Constitutional right guaranteed under Article 300-A
of the Constitution of India, by auction sale on the strength of that
impugned Sale Notice, which is liable to be set aside.
12. The applicants submit that the bank authorized officer shall
follow rules for sale of secured assets is being effected by either
inviting tenders from the public or by holding public auction, the
secured creditor shall cause a public notice in two leading newspapers
one in vernacular language having sufficient circulation in the locality
by setting out the terms of sale, which shall include
a. The description of the immovable property to be sold, including the
details of the encumbrances known to the secured creditor,
b. The secured debt for recovery of which the property is to be sold,
c. Reserve price, below which the property may not be sold,
d. Time and place of public auction or the time after which sale by any
other mode shall be completed,
e. Depositing earnest money as may be stipulated by the secured
creditor,
f. Any other thing which the authorized officer consider it material for
a purchaser to know in order to judge the nature and value of the
property.
But in these circumstances respondent bank authorities and to follow
the rules laid down under act and irregularities and illegalities done
by the bank authorities.
13. The applicants further submits that the respondent bank in
violation of the principles of natural just this proceedings in a hurried
manner more over auction notice not affixed to the schedule properties
ie. to the auction fixed on 29-11-2023 to the schedule properties
which are highly illegal and not permissible under law. The applicants
the further submits that the respondent bank has not followed the
provisions of SARFAESI Act hence this application filed to ratify the
defects and letches on the part of the authorized officer by imposing
huge compensation and by imposing huge compensation and cost in
the circumstances of the case and the applicants are willing to settle
the loan account as per the bank recovery policy/compromise
settlement.
14. The applicants submits that the respondent bank released loans
with special terms and conditions and the applicants willing to settle
the loan account as per the bank norms of the respondent bank
however the respondent bank trying to sell the schedule properties on
29-11- 2023 without following procedure and rules in issuing notices.
Hence the sale notice dated 09-11-2023 followed sale fixed on 29-11-
2023 and all further measures are liable to be set aside.
15. The applicants submits that the applicants approached the
respondent bank authorities for release of some properties to clear the
dues of the respondent bank and the bank authorities issued NOC for
release of securities on 20-05-2023 as per the borrowers letter dated
09-05- 2023. The applicants submit that the bank authorities given
valuation for six properties and in that serial no. 1 to 2 released by
paying market value and they are another four properties which are
valued property no. 3 in the letter is warehouse plot no. 31 Industrial
park, Kakinada Rural is valued for Rs. 53.96 crores, property no. 4
warehouse plot no. 90/19 Industrial park, Auto nagar, Visakhaptnam
valued 29.29 crores and the property no. 5 vacant land 266.67
sq.yards at Kakinada valued 1.24 crores and property no. 6 land at
Yernagudem Ac 10.50 cents valued 4.20 crores but the authorized
officer without consulting the secured creditor released auction notice
dated 09-11-2023 and fixed auction on 29-11-2023 for some
properties without considering the secured creditor given valuation on
25-05-2023 hence the auction notice dated 09-11-2023 followed by all
further measures are all liable to be set aside.
16. The applicant submits that the respondent bank authorized
officer issued 13(2) demand notice for an amount of Rs.
42,54,70,888.10 ps and the borrowers and guarantors paid several
amounts in different dates after 13(2) demand notice and the total
amounts credited of Rs. 32,55,55,371/- In the loan account is In that
18,18,51,516/- credited by way transaction which is that Rs.
18,18,51,510 made for release of four of cash documents and total a
inclusive of payme 37,03,855/- by way of returned bank guarantees /
cancelled bankarantees hence the debt reduced nearly 80% of the debt
but the authorized officer without debiting the credited amounts in the
loanut the authored auction notice on 09-11-2023 for an amount of
Rs. 39,53,10,898.43 ps as on 30-09-2023 and also mentioned further
interest, cost and other charges. The authorized officer charged high
rate of interest and also charged interest on penal amounts which is
not permissible under law and the authorized officer without obtaining
permission from the secured creditor doing several irregularities and
illegalities in issuing notices and following rules under act 2002.
Hence the authorized officer may be directed to file entire statement of
account from 13(2) demand notice dated 01-07-2021 to 30-09-2023 to
calculate the actual debt and to settle the loan account by the
borrowers within the stipulated period fixed by the Honourable
Tribunal may be ordered in the interest of justice.
17. The applicants submits that the authorized officer initiated
securitization proceedings for 1st applicant loan account recovery
issued demand notice dated 01-07-2021 is defective and further notice
issued by the authorized officer for taking possession of the assets
under notice dated 04-12-2021 also defective notice and the rule 8(1)
possession notice dated 28-01-2022, 17-03-2021 & 19-03-2021 also
unserved to the borrowers and guarantors moreover valuation
amounts of the properties intimated to the 1" applicant not
implemented in the auction notice dated 09-11-2023 moreover the 09-
11-2023 sale notice not served on all borrowers and guarantors and
the authorized officer done several irregularities and illegalities
wantonly and fixed the schedule properties 1 to 10 on 29-11- 2023
which is highly illegal and arbitrary and sale notice dated 09-11-2023
followed auction fixed on 29-11-2023 and further measures all are
liable to be set aside in limine and direction may be given to the
respondent bank authorized officer to follow the rules in accordance
with law and to start 13(2) demand notice on wards to recover the
actual dues from the borrowers and guarantors.
18. The applicants submits that as per the rules under act the
authorized officer shall serve 13(8) notice before going sale of the
schedule properties but in the applicants case the authorized officer
not issued specific 13(8) notice for redemption of the properties by the
borrowers and guarantors. This is also one of the irregularity done by
the authorized officer to set aside the securitization measures.
Therefore the applicants prays the Honourable Tribunal that it
may allow the application with the following reliefs. VI. Relief (s)
Sought: In view of the facts mentioned In paragraph V above, the
applicants prays the following reliefs.
a. All the 13(4) measures on the applicants schedule properties, may
be Set aside and may order to app fresh demand notice on all the
borrowers and guarantors
b. Declare the notice to take possession of the assets dated 04-12-
2021 may be declared illegal and invalid
c. Declare possession notice dated 28-01-2022 is invalid
d. Declare the possession notice dated 17-03-2022 is invalid
e. Declare the possession notice dated 17-03-2022 and 19-03-2022 is
invalid
f. Declare that rule 8(6) notice dated 23-02-2022 issued to the six
borrowers is illegal and invalid.
g. Declare the valuation report dated 01-02-2022 is invalid for present
auction notice dated 09-11-2023
h. Declare the sale notice dated 09-11-2023 is in valid and liable to be
set aside.
i. Declare the auction fixed on 29-11-2023 to the schedule properties
property 1 to property 10 is illegal
j. Cost of the application may be awarded
k. Any other relief or relief's may be ordered in the circumstances of
the case
VII. Interim order: Petition filed separately to grant interim relief
VIII. Matter not pending with any other court etc.: The applicant
further declares that the matter regarding which this application for
set aside the auction fixed on 29-11- 2023 basing on the auction
notice dated 09-11-2023 not challenged by way of amendment in
pending SA 29/2023 and filed this separate securitization application.
The applicants not filed any application regarding the sale notice
dated 09-11-2023 before any court of law or any other tribunals.
IX. Details of Index: An Index with details filed separately
X. List of enclosures: List of enclosures filed separately for Srivalli
shipping & Transport Pvt Ltd.
1.
2.
3.
4.
5.
6.
7.
8.
Advocate for the applicants Applicants

VERIFICATION
We the applicants do hereby verify that the contents of Para I to IX are
true to my personal knowledge and belief and that we have not
suppressed any material facts.
1.
2.
3.
4.
5.
6.
7.
8.
Visakhapatnam
Date: 22-11-2023 Applicants
VISAKHAPATNAM
S.A. /2023
22-21, 2nd Floor, S.A Old Sivalayam Street. Near 1 Town Gandhi
Statue, Visakhaptnam-530027/2023 And 7 others.
...Petitioners/Applicants
And
D.No. 26-15-150, Andhra Bank Building, Changalaraopets,
Visakhapatnam.
Buthcirajupalem, Visakhapatnam ..... Respondents
DOCUMENTS
1. Dated 13-01-2023 filed SA 29/2023 case status Page Nos.
2. Dated 09-11-2023 sale notice paper publication the Hindu Page
Nos.
3. Dated 01-05-2021 to 30-09-2023 applicants payments Page
Nos.
4. Dated 01-07-2021 demand notice copy Page Nos.
5. Dated 4-12-2021 notice to take possession of the assets Page Nos.
6. Dated 28-01-2022 possession notice paper publication Page Nos.
8. Dated 17-03-2022 & 19-03-2022 possession notice Page Nos.
publications
9. Dated 23-02-2022 e-auction sale notice for 6 applicants Page
Nos.
10. Dated 01-02-2022 Valuation report Page
Nos.
11. Dated 20-05-2023 bank issued fair market value copy Page
Nos.
Visakhapatnam
Date: Advocate for the applicants
BEFORE THE HONOURABLE DEBTS RECOVERY TRIBUNAL
AT VISAKHAPΑΤΝΑΜ
S.A /2023
M/s Srivalli Shipping and Transport Pvt. Ltd., Registered D.No. 23-22-
21, 2nd Floor, Old Sivalavam Street, Near 1 Town Gandhi Statue,
Visakhaptnam-530027 and 7 others. ...Applicants
And
Authorized Officer, Union Bank of India, Asset Recovery Branch, D.No.
26-15-150, Andhra Bank Building, Changalaraopeta, Visakhapatnam
530001. And 3 others. .... Respondents
SCHEDULE
Property no. 1
All that site measuring an extent of 311.11 sq.yds or 260.11 sq.mts of
site together with RCC house thereon consisting of Ground floor
measuring 923 sft and first floor measuring 1565 sft bearing D.No. 37-
12-/182, bearing plot no. 30 situated in NGGO'S colony, covered by
survey no. 14/2 of Kapparada Village within the limits of the Greater
Visakhapatnam Municipal Corporation Area and registration sub dist
of Dwarakanagar, Visakhapatnam.
East: Plot no. 31
South: Plot no. 15
West: Plot no. 29
North: 60 feet wide Road
Property no. 2
A plot of land measuring 895.33 sq.yds or 748.612 sq.mts being plot
no. 12, 13 & 14 in the layout covered by survey no. 119/4C &
119/4C/6 of Vadlapudi Village, Gajuwaka Mandal D.No. 27-28-
320/18 within the limits of the Greater Visakhapatnam Municipal
Corporation Sub Registrar Office at Pedagantyada in the name of
Polina Babu Rao.
East: Plot no. 11
South: 33 feet wide road
West: 33 feet wide road
North: Plot no. 5 6 & 7
FLAT NO. E-3 DETAILS
Out of which an undivided and unspecified share measuring 43.7
sq.yds or 36.53 sq.mts being an undivided and unspecified share 450
sq.yds or 376.258 sq.mts out of total extent 895.33 sq.yds of sites
together with Flat no. E-3 in Fourth Floor with a plinth area of 1150
sq.ft (Including all common areas) and 80 sq.ft car parking in still floor
of ABHIRMA'S KING"S COURT.
East: Open to Sky and Common lift
West: Joint wall of Flat no. E-2
South: Open set back space
North: Common Corridor
that site measuring 41.64 sq.yds or 34.816 sq.mts being undivided
and unspecified fare out of total extent of 416.67 sq.yards or 348.390
sq. meters together with Flat no. 02 with the total built up area of
1200 sft. In fourth Floor of M.K WOODS in Plot no. 2 situated at
Chinawaltair area, covered by TS no. 125/2A part and 125/1P (as per
VUDA approved proceedings) of Waltair Ward, within the limits of
Greater Visakhapatnam Municipal Corporation and Visakhapatnam
registration sub District Mrs. P.S. Subramanyeshawari.
East: Plot No.1
South: Property bearing D.No. 6-20-20 belonging to Sri SRDSRBVK
Raju and Others
West: Plot no. 3
North: 30 feet wide Municipal Road
Boundaries of lat no. 502 in fourth floor:

East: Open space for setback facing plot no. 1
South:Common corridor, lift and Flat no. 501
West: Open space for setback facing plot no.3
North:Open space facing 30 feet wide Road
PROPERTY NO. 4
All that site measuring 205.55 sq.yds covered by survey no. 50/1 &
53/3 of Ramadasupeta Village, Anandangar, Rajamhendravaram, East
Godavari District bearing Door no. 65-8-5/1, APP(M Employees Co
Operative building society Ltd., standing in the name of Mrs.
Mamallapalli Santha Kumari.
East: Property of Society

South: Item no. 11
West: Road
North: Road
Details of Collateral Security (tem no. II)
All that site measuring 44.52 sq.yds covered by survey no. 50/1 &
53/3 of Ramadasupeta Village, Anandangar, Rajamhendravaram, East
Godavari District bearing Door no. 65-8-5/1, APP[M Employees Co
Operative building society Ltd., standing in the name of Mrs.
Mamallapalli Santha Kumari.
East: Property of Society

West: Road
South: Remaining Land in this Plot
North: Item no. I
PROPERTY NO. 5
All that site measuring an extent 266 2/3 sq.yds or 222.95 sq.mts
being out of Ac 1.88 cents of land divided into plots (unapproved plan)
situated at Plot no. 3 survey no. 3, Survey ward no. 11, Ward No. 2,
Block no. 16, zone B, TS No. 1996/3A, Pallamraju Nagar, Dairy Farm
area, Sambamurthy Nagar, Suraraopeta, Kakinada, East Godavaju
District & SRO Kakinada standing in the name of Plina Srivallika
Subrahmenyeswari
plot no. 4 land belongs to Plina Sundaramma
plot no. 8 land belongs to Booka Bhanaraju
Plot no. 2 land belongs to Burugupudi Subba Rao 40 feet wide Road
TY NO. 6
The site measuring 351 sq.yds or 293.481 sq.mts of vacant site along
with building in being plot no. 62 or approved layout Tips of vacant
sited by S.No. 5/3 of Butchirajupalem Village, with in the limits of the
Greater Visakhapatnam Municipal Corporation Area and
Gopalapatnam SRO Visakhapatnam District standing in the name
Smt. Polina Srivallika Subrahmenyeswari & Polina Babu Rao.
East: Plot no. 63
South: Plot no. 60
West: 50 feet wide Road
North: 40 feet wide Road
PROPERTY NO, 7
All that piece or parcel of land measuring 67 sq.yds or 56.01 sq.mts
being undivided and unspecified total 14640 sq.yds or 12240 sq.mtrs
covered by TS No. 106/182 in Marripalem, Madhavadara Area, Near
NSTL, Visakhapatnam and in Division no. 41 of Greater
Visakhapatnam Municipal Corporation In the Registration Sub
District of Dwaraknagar, Visakhpatnam and total land standing in the
name of Smt. Polina Srivallika Subrahmanyeswari Polina Babu Rao
East : Road
South: land Belongs to M/s Prasad constructions & Co., Contractors
West: Compound wall of CQAE (EFS)
North: Land belongs to M/s Vizag PROFILES CONSTRUCTIONS
Flat no 104 in ground floor (Stilt + Ground + 4 upper Floors) of C

plinth area 1500 sft. Including balconies & common areas of K.S.R.
Valley situated at Marripalem, Madhavadhara Area, Near NSTL, In
Divis 41, Registration sub district of Dwarakanagar and Greater
Visakhaptnam Municipal Corporation area
East :Lift and Flat no. C/106
South:Flat no. C/103
West:Flat no. C/102
North: Drive way (Open to sky)
All that piece or parcel of land measuring 67 sq.yds or 56.01 sq.mts

being undivided and unspecified total 14640 sq.yds or 12240 sq.mtrs
covered by TS No. 106/182 in Marripalem, Madhavadara Area, Near
NSTL, Visakhapatnam and in Division no. 41 of Greater
Visakhapatnam Municipal Corporation In the Registration Sub
District of Dwaraknagar, Visakhpatnam and total land standing in the
name of Smt. Polina Srivallika Subrahmanyeswari Polina Babu Rao
East : Road
South: land Belongs to M/s Prasad constructions & Co., Contractors
West: Compound wall of CQAE (EFS)
North: Land belongs to M/s Vizag PROFILES CONSTRUCTIONS
Flat no 104 in ground floor (Stilt + Ground + 4 upper Floors) of C

plinth area 1500 sft. Including balconies & common areas of K.S.R.
Valley situated at Marripalem, Madhavadhara Area, Near NSTL, In
Divis 41, Registration sub district of Dwarakanagar and Greater
Visakhaptnam Municipal Corporation area
East : Lift and Flat no. C/106
South: Flat no. C/103
West: Flat no. C/102
North: Drive way (Open to sky)
Property No 8
Site measuring an extent 27.75 sq.yds or 23.202 sq.mts being

undivided and unspecified 1-16th share out of 444 sq.yds together
with Residential unit bearing flat no. F. 1st floor with a plinth
area measuring 916 sft (Including common area) bearing Door No. 58-
21-11/7, House Tax Assessment no. 1086398152, Electricity service
no. _____42151005181 of Sri Sai Enclave situated, Seetharamaraju
Nagar bearing plot 6 covered by Survey no. 5/1 A of Buchirajupalem,
within the limits of Visakhapatnam Municipal Corporation,
Visakhapatnam District.
East : 50 Feet Road
West : Plot No 27
North : Slabbed house in plot no 25
Boundaries of Residential unit no. F-4 in first floor
East: Common corridor and stair case
south: Flat no. F-3
West : Open set back space
North : Open set back space
Property No.9
Warehouse of open area ( in the name of Srivalli. Shipping and
transport PVt, Lto.) Measuring 8089,20 sq.mts or 9674.68 sa.yds in
block D plot no. 90-19 Industrial park, survey no. 95 part of
Chinagantyapda Village Gajuwaka Mandadal, Visakhapatnam 12
nearest D.No. 6-80-1. East Plot no.s. 90/20 to 90/23 S
East: Plot No.90/20 to 90/23
south: 60 Wide road

West : 50 wide road
North : APIIC Open space
Property No.10
Warehouse of open area ( in the name of Srivalli Shipping and
transport Pvt.. Ltd..) sq.yds land / plot no. 31, Measuring 31638.53
sq.mts or 37839.68 situated at Industrial park, Vakalapudi in survey
no. 245 part of vakalapudi Village, East Godavari District bounded as
below.
East: Plot No.39
south: Plot No.23
West : Existing 30 Meter wide road
North : land in Plot No.31A
Visakhapatnam
Date: Advocate for applicants

VISAKHAPATNAM
S.A. /2023
22-21, 2nd Floor, S.A Old Sivalayam Street. Near 1 Town Gandhi
Statue, Visakhaptnam-530027/2023 And 7 others.
...Petitioners/Applicants
And
D.No. 26-15-150, Andhra Bank Building, Changalaraopets,
Visakhapatnam.
Buthcirajupalem, Visakhapatnam ..... Respondents
DOCUMENTS
1. Dated 13-01-2023 filed SA 29/2023 case status Page Nos.
2. Dated 09-11-2023 sale notice paper publication the Hindu Page
Nos.
3. Dated 01-05-2021 to 30-09-2023 applicants payments Page
Nos.
4. Dated 01-07-2021 demand notice copy Page Nos.
5. Dated 4-12-2021 notice to take possession of the assets Page Nos.
8. Dated 17-03-2022 & 19-03-2022 possession notice Page Nos.
publications
9. Dated 23-02-2022 e-auction sale notice for 6 applicants Page
Nos.
10. Dated 01-02-2022 Valuation report Page
Nos.
11. Dated 20-05-2023 bank issued fair market value copy Page
Nos.
Visakhapatnam
Date: Advocate for the applicants

Before The Honourable Debts Recovery Tribunal at Visakhapatnam S.A /2023

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Before The Honourable Debts Recovery Tribunal at Visakhapatnam S.A /2023

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BEFORE THE HONOURABLE DEBTS RECOVERY TRIBUNAL AT

2. Polina Babu Rao, D.No. 58-21-7/1, APSEB Colony, Opp Happy

3. Mrs. P.S.V.S. Eswari (Director) D.No. 58-21-7/1, APSEB Colony,

4. Mr. Polina Ravi Kiran, D.No. 58-21-7/1, APSEB Colony,

5. Mr. Polina Pavani, D.No. 58-21-7/1, APSEB Colony, Seetharama

6. Mr. Polina Venkataratnam, S/o. Ramayya, D.No. 58-21-7/1,

7. Mr. Bollempalli Savitri, W/o. Krishna Rao D.No. 37-12-12/1 & 2,

8. Mrs. Mamallapalli Santha Kumari, W/o. Bayya Joseph Raju, D.No.

1. Application Page No.s. 1-19

2. Documents Page Nos. 20-58

3. Vakalat Page Nos. 59

2. Polina Babu Rao, D.No. 58-21-7/1, APSEB Colony, Opp Happy

3. Mrs. P.S.V.S. Eswari (Director) D.No. 58-21-7/1, APSEB Colony,

4. Mr. Polina Ravi Kiran, D.No. 58-21-7/1, APSEB Colony,

5. Mr. Polina Pavani, D.No. 58-21-7/1, APSEB Colony, Seetharama

6. Mr. Polina Venkataratnam, S/o. Ramayya, D.No. 58-21-7/1,

7. Mr. Bollempalli Savitri, W/o. Krishna Rao D.No. 37-12-12/1 & 2,

8. Mrs. Mamallapalli Santha Kumari, W/o. Bayya Joseph Raju, D.No.

APPLICATION FILED UNDER SECTION 17 OF SECURITISATION

I. PARTICULARS OF THE APPLICANTS:

1. M/s Srivalli Shipping and Transport Pvt. Ltd., Registered D.No.

2. Polina Babu Rao, D.No. 58-21-7/1, APSEB Colony, Opp Happy

3. Mrs. P.S.V.S. Eswari (Director) D.No. 58-21-7/1, APSEB Colony,

4. Mr. Polina Ravi Kiran, D.No. 58-21-7/1, APSEB Colony,

5. Mr. Polina Pavani, D.No. 58-21-7/1, APSEB Colony, Seetharama

6. Mr. Polina Venkataratnam, S/o. Ramayya, D.No. 58-21-7/1,

7. Mr. Bollempalli Savitri, W/o. Krishna Rao D.No. 37-12-12/1 & 2,

8. Mrs. Mamallapalli Santha Kumari, W/o. Bayya Joseph Raju, D.No.

II. PARTICULARS OF THE APPLICANTS:

3. JUSRISDUCTION OF THE TRIBUNAL : The applicants declares

Total facilities as per sanction letter Rs.63,41,00,00,000/-

Advocate for the applicants Applicants

Boundaries of lat no. 502 in fourth floor:

East: Property of Society

Details of Collateral Security (tem no. II)

East: Property of Society

South: Remaining Land in this Plot

North: Item no. I

Flat no 104 in ground floor (Stilt + Ground + 4 upper Floors) of C

All that piece or parcel of land measuring 67 sq.yds or 56.01 sq.mts

South: land Belongs to M/s Prasad constructions & Co., Contractors

West: Compound wall of CQAE (EFS)

North: Land belongs to M/s Vizag PROFILES CONSTRUCTIONS

Flat no 104 in ground floor (Stilt + Ground + 4 upper Floors) of C

South: Flat no. C/103

West: Flat no. C/102

North: Drive way (Open to sky)

Site measuring an extent 27.75 sq.yds or 23.202 sq.mts being

East : 50 Feet Road

North : Slabbed house in plot no 25

Boundaries of Residential unit no. F-4 in first floor

East: Common corridor and stair case

south: Flat no. F-3

West : Open set back space

North : Open set back space

East: Plot No.90/20 to 90/23

south: 60 Wide road

North : APIIC Open space

East: Plot No.39

south: Plot No.23

West : Existing 30 Meter wide road

North : land in Plot No.31A

Date: Advocate for applicants