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Indian Overseas Bank V/S Sri Satyanarayana Educational Society and Others.


Company & Directors' Information:- R P G OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1989PTC035238

Company & Directors' Information:- M K OVERSEAS PRIVATE LIMITED [Active] CIN = U25209DL1987PTC029976

Company & Directors' Information:- P K OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059051

Company & Directors' Information:- U & M OVERSEAS PRIVATE LIMITED [Active] CIN = U25200DL2007PTC165258

Company & Directors' Information:- B R K OVERSEAS PRIVATE LIMITED [Active] CIN = U51311DL2002PTC117390

Company & Directors' Information:- A V I OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059014

Company & Directors' Information:- INDIAN OVERSEAS CORPORATION PRIVATE LIMITED [Active] CIN = U51900DL2010PTC203948

Company & Directors' Information:- J C OVERSEAS LIMITED [Active] CIN = U65993WB1999PLC090116

Company & Directors' Information:- J S OVERSEAS PVT LTD [Active] CIN = U74899DL1994PTC058039

Company & Directors' Information:- H A OVERSEAS PRIVATE LIMITED [Active] CIN = U55101CH1999PTC032886

Company & Directors' Information:- B. R. OVERSEAS LIMITED [Active] CIN = U24111MP1973PLC001244

Company & Directors' Information:- A T OVERSEAS LTD [Active] CIN = U17115PB1995PLC015815

Company & Directors' Information:- A L OVERSEAS PRIVATE LIMITED [Active] CIN = U15300DL2013PTC250975

Company & Directors' Information:- D R OVERSEAS PRIVATE LIMITED [Active] CIN = U15122DL2013PTC253214

Company & Directors' Information:- M R OVERSEAS PRIVATE LIMITED [Active] CIN = U01111DL1998PTC092787

Company & Directors' Information:- B C C OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC058775

Company & Directors' Information:- R B OVERSEAS PVT LTD [Active] CIN = U24200MH1982PTC028320

Company & Directors' Information:- S L OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1999PTC099800

Company & Directors' Information:- B L OVERSEAS PRIVATE LIMITED [Active] CIN = U51109DL2008PTC177039

Company & Directors' Information:- G D R OVERSEAS LIMITED [Strike Off] CIN = U51909TN1994PLC028831

Company & Directors' Information:- S. B. OVERSEAS PVT LTD [Active] CIN = U27101WB1994PTC065565

Company & Directors' Information:- G B OVERSEAS PRIVATE LIMITED [Active] CIN = U51109WB2007PTC116567

Company & Directors' Information:- G B OVERSEAS PRIVATE LIMITED [Active] CIN = U74110DL2007PTC317094

Company & Directors' Information:- AT OVERSEAS INDIA PRIVATE LIMITED [Active] CIN = U74900DL2015PTC276303

Company & Directors' Information:- M D OVERSEAS LIMITED [Active] CIN = U52110DL1980PLC011099

Company & Directors' Information:- R C OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1991PTC045610

Company & Directors' Information:- S. R. O. OVERSEAS PRIVATE LIMITED [Active] CIN = U51101DL2014PTC268846

Company & Directors' Information:- K P OVERSEAS LIMITED [Active] CIN = U51311DL2004PLC125574

Company & Directors' Information:- M I OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1987PTC026966

Company & Directors' Information:- R F OVERSEAS PRIVATE LIMITED [Active] CIN = U51909PB1997PTC019643

Company & Directors' Information:- M R K OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1984PTC018631

Company & Directors' Information:- L & W OVERSEAS PRIVATE LIMITED [Active] CIN = U17221PB2013PTC037343

Company & Directors' Information:- C D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909DL1997PTC085553

Company & Directors' Information:- J D OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1990PTC038866

Company & Directors' Information:- A A P OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909KA2007PTC042105

Company & Directors' Information:- K G OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1993PTC054832

Company & Directors' Information:- OVERSEAS CORPN. PVT LTD [Active] CIN = U67120WB1947PTC014910

Company & Directors' Information:- G R OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1992PTC050950

Company & Directors' Information:- A M D OVERSEAS PRIVATE LIMITED. [Active] CIN = U52110DL1980PTC010622

Company & Directors' Information:- M S D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC069001

Company & Directors' Information:- R K G OVERSEAS PRIVATE LIMITED [Active] CIN = U51229DL1997PTC086734

Company & Directors' Information:- N D OVERSEAS PRIVATE LTD [Converted to LLP] CIN = U51900MH1994PTC076787

Company & Directors' Information:- N W OVERSEAS PRIVATE LIMITED [Active] CIN = U51507HR1999PTC034265

Company & Directors' Information:- R. G. OVERSEAS LIMITED [Strike Off] CIN = U27104TN1981PLC008963

Company & Directors' Information:- P M OVERSEAS PRIVATE LIMITED [Active] CIN = U51909DL1991PTC045126

Company & Directors' Information:- J M B OVERSEAS PRIVATE LIMITED [Active] CIN = U51909WB1997PTC085224

Company & Directors' Information:- S C J OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1993PTC052913

Company & Directors' Information:- M C S OVERSEAS PVT LTD. [Strike Off] CIN = U51909WB1994PTC063666

Company & Directors' Information:- B. J. OVERSEAS PVT. LTD. [Strike Off] CIN = U24134WB1994PTC063846

Company & Directors' Information:- A H OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51109UP1977PTC004421

Company & Directors' Information:- R M OVERSEAS LTD [Active] CIN = U51909PB1992PLC011971

Company & Directors' Information:- L O P OVERSEAS PRIVATE LIMITED [Active] CIN = U51109UP2001PTC026011

Company & Directors' Information:- R R OVERSEAS LTD [Active] CIN = U51909DL1993PLC054909

Company & Directors' Information:- U D OVERSEAS PRIVATE LIMITED. [Strike Off] CIN = U74999DL2000PTC105257

Company & Directors' Information:- S A OVERSEAS PRIVATE LIMITED [Active] CIN = U51909DL2001PTC112769

Company & Directors' Information:- A H R OVERSEAS PRIVATE LIMITED [Active] CIN = U51909DL2000PTC103069

Company & Directors' Information:- H S OVERSEAS PRIVATE LIMITED [Active] CIN = U51909DL2008PTC182147

Company & Directors' Information:- S G OVERSEAS PRIVATE LIMITED [Active] CIN = U18101DL2000PTC105649

Company & Directors' Information:- R AND R OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U18101DL1987PTC030154

Company & Directors' Information:- D & D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51420OR2009PTC010779

Company & Directors' Information:- A TO Z OVERSEAS PRIVATE LIMITED [Active] CIN = U51909PB2007PTC031342

Company & Directors' Information:- J P OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059744

Company & Directors' Information:- R Q OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909MH2012PTC230840

Company & Directors' Information:- J M OVERSEAS PRIVATE LIMITED [Active] CIN = U51909WB2008PTC128957

Company & Directors' Information:- D N OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U24119DL1999PTC102409

Company & Directors' Information:- A-3 OVERSEAS PRIVATE LIMITED [Active] CIN = U36900HR2016PTC063750

Company & Directors' Information:- D M OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74900DL1995PTC072532

Company & Directors' Information:- B R V K OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909DL1982PTC014130

Company & Directors' Information:- OVERSEAS (INDIA) LTD [Strike Off] CIN = U51909WB1945PLC012624

Company & Directors' Information:- B N OVERSEAS PVT LTD [Strike Off] CIN = U74899DL1991PTC042764

Company & Directors' Information:- S N R OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U00063KA1996PTC019873

Company & Directors' Information:- P B M OVERSEAS PVT LTD [Strike Off] CIN = U51311RJ1996PTC011483

Company & Directors' Information:- M H OVERSEAS LIMITED [Strike Off] CIN = U36911UP2000PLC025118

Company & Directors' Information:- V. R. OVERSEAS PRIVATE LIMITED [Active] CIN = U51109WB2006PTC107676

Company & Directors' Information:- THE INDIAN CORPORATION PRIVATE LIMITED [Active] CIN = U65993TN1946PTC000988

Company & Directors' Information:- I E S (OVERSEAS) PVT LTD [Active] CIN = U31200WB1974PTC029343

Company & Directors' Information:- L. S. EDUCATIONAL PRIVATE LIMITED [Active] CIN = U80221WB2010PTC142822

Company & Directors' Information:- V B OVERSEAS PRIVATE LIMITED [Active] CIN = U28995DL1996PTC077049

Company & Directors' Information:- J N OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC060359

Company & Directors' Information:- V C OVERSEAS PRIVATE LIMITED [Active] CIN = U51900DL2007PTC166741

Company & Directors' Information:- T M K OVERSEAS LIMITED [Strike Off] CIN = U51223KL1992PLC006416

Company & Directors' Information:- V E OVERSEAS PVT LTD [Strike Off] CIN = U31909DL1981PTC011849

Company & Directors' Information:- S R D OVERSEAS PRIVATE LIMITED [Active] CIN = U52209DL2008PTC178806

Company & Directors' Information:- C M D OVERSEAS PVT LTD [Active] CIN = U74899DL1995PTC073068

Company & Directors' Information:- M B OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC061016

Company & Directors' Information:- B G OVERSEAS PRIVATE LIMITED [Under Process of Striking Off] CIN = U74899DL1990PTC038859

Company & Directors' Information:- M N OVERSEAS PRIVATE LIMITED [Active] CIN = U51909WB2004PTC099257

Company & Directors' Information:- R L K OVERSEAS PRIVATE LIMITED [Converted to LLP] CIN = U74899DL1991PTC043115

Company & Directors' Information:- J S R OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U52399DL2009PTC190839

Company & Directors' Information:- K D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U18101DL1982PTC013342

Company & Directors' Information:- S S B OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74120WB1997PTC086041

Company & Directors' Information:- C J OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL1991PTC045545

Company & Directors' Information:- A AND P OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74999DL1992PTC048780

Company & Directors' Information:- V & D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909DL2009PTC186537

Company & Directors' Information:- P G OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74999DL1982PTC013479

Company & Directors' Information:- S N OVERSEAS PRIVATE LIMITED [Active] CIN = U74996DL2006PTC150004

Company & Directors' Information:- D. T. OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U36911UP1996PTC020289

Company & Directors' Information:- A R C OVERSEAS PRIVATE LIMITED [Active] CIN = U74899DL1989PTC036343

Company & Directors' Information:- T D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U52590DL2013PTC257410

Company & Directors' Information:- V K OVERSEAS PVT LTD [Strike Off] CIN = U18209CH1990PTC010214

Company & Directors' Information:- J B OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U17220DL1983PTC016197

Company & Directors' Information:- K H OVERSEAS PVT LTD [Strike Off] CIN = U51496CH1989PTC009704

Company & Directors' Information:- A. A. OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909PB2008PTC032010

Company & Directors' Information:- Z H OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51909MH2005PTC155819

Company & Directors' Information:- E B OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51101DL2007PTC157263

Company & Directors' Information:- A P OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51101DL2014PTC271288

Company & Directors' Information:- S H OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U18101DL2002PTC116516

Company & Directors' Information:- S D S OVERSEAS PRIVATE LIMITED [Active] CIN = U51909DL2013PTC249539

Company & Directors' Information:- L T OVERSEAS PRIVATE LIMITED [Active] CIN = U15122DL2014PTC272665

Company & Directors' Information:- R P OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U74899DL2000PTC108954

Company & Directors' Information:- S V OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U52100DL2013PTC258278

Company & Directors' Information:- T & Y OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51505HR2012PTC047468

Company & Directors' Information:- G R D OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U80301HR2012PTC046968

Company & Directors' Information:- T & T OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51900GJ2015PTC083022

Company & Directors' Information:- S K P OVERSEAS PRIVATE LIMITED [Active] CIN = U51909GJ2013PTC076553

Company & Directors' Information:- P R OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U27310GJ2014PTC079227

Company & Directors' Information:- G T C OVERSEAS PVT LTD [Strike Off] CIN = U18101PB1993PTC013743

Company & Directors' Information:- D AND P OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U18109DL1989PTC038623

Company & Directors' Information:- B G S OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U51101PB2007PTC031400

Company & Directors' Information:- I P S OVERSEAS PRIVATE LIMITED [Strike Off] CIN = U63030DL1976PTC008356

Company & Directors' Information:- SOCIETY BANK LIMITED [Dissolved] CIN = U65191KL1930PLC001021

Company & Directors' Information:- INDIA AND OVERSEAS CORPORATION LIMITED [Dissolved] CIN = U99999MH1947PTC005626

    O.A. No. 30 of 2019

    Decided On, 10 February 2020

    At, DEBTS RECOVERY TRIBUNAL VISAKHAPATNAM

    By, THE HONORABLE JUSTICE: DUPPALA VASUDEVA RAO
    By, (PRESIDING OFFICER)

    For Petitioner: K.M. Gupta and K. Vamsi Krishna, Ld. Counsels



Judgment Text


This application is filed under Section 19 of Recovery of Debts Due to the Banks and Financial Institutions Act, 1993 to pass an order directing the defendants to pay an amount of Rs. 34,07,37,205/- debt due under the four Loan accounts as follows: i) Rs. 7,91,41,167/- together with future interest at 13.25 % p.a. plus 2% penal interest with monthly rests due under CC loan account; ii) Rs. 5,15,38,869/-; iii) Rs. 13,91,99,034/- & iv) Rs. 7,08,58,135/- together with future interest at 13.75 % p.a. plus 2% penal interest with monthly rests from the date of OA till the realization of the entire amount and for issue of Recovery Certificate accordingly.

2. According to the facts of the case in brief, the 1st Defendant is a society reptd by 2nd defendant approached the applicant bank on 17-01-2012 for sanction of loan facilities and applicant bank sanctioned said loan facilities i) Cash Credit of Rs. 6,00,00,000/-) ii) Term loan (Fresh) of Rs. 5,00,00,000/- iii) Term Loan-I of Rs 3,57,00,000/- iv) Term Loan-II of Rs 9,85,00,000/- making it total credit loan facilities of Rs 24,42,00,000/- vide credit sanction advise dt. 27-03-2012 to 1st Defendant and defendants 2 to 8 stood as guarantors for said loan facilities and accepted the terms and conditions and acknowledged the credit sanction advise and 1st defendant reptd by 2nd defendants and defendants 2 to 8 executed DP Notes, Letter of Undertaking : Repayment in Installments, Letters of Hypothecations, Term loan Agreement on 30-03-2012 and on 19-04-2012 for said loan facilities and defendants 2 to 8 executed guarantee for cash credit etc for said loan facilities in favour of applicant bank and defendants 1 to 3 deposited title deeds and mortgaged the OA schedule properties and also executed Registered Memorandum deposit of title deeds dt. 20-04-2012 vide doc No's. 3504/2012, 3505/2012, 3506/2012, 3507/2012 & 3508/2012 in favour of applicant bank and Defendants executed revival letters on 21-01-2015 and thereafter all loan accounts became NPA on 30-06-2015 and applicant bank issued a Demand notice under section 13(2) under SARFAESI ACT to defendants on 17-07-2015 and again Defendants executed revival letters on 11-07-2016 and the applicant bank issued a legal notice on 13-09-2018 to defendants to repay the entire outstanding amount with interest but defendants failed to repay the same.

3. Written Statement has been filed by D1 to D4 & D6 denying the averments made in the application. Even though D1 to D4 & D6 filed written statement before the Tribunal, D1 to D4 & D6 did not adduce any evidence to substantiate their averments. Hence, evidence was closed.

4. Sri Sri Rambabu Dasari, Manager of applicant bank filed the evidence on affidavit along with the attested copies of the documents which have been proved and marked as Ex. A1 to A88 viz., A1 Evidence affidavit, A2 List of documents, A3 Memorandum and Articles of Association and Certificate of Registration, A4 Resolution, A5 Credit Sanction Advice, A6 Demand Promissory Note along with DP Note Delivery letter, A7 Demand Promissory Note, A8 Letter of Repayment, A9 Demand Promissory Note, A10 Letter of Repayment, A11 Demand Promissory Note, A12 Letter of Repayment, A13 to A16 Letter of Hypothecation, A17 Term Loan Agreement, A18 to A20 Letter of Hypothecation, A21 Term Loan Agreement, A22 & A24 Letter of Hypothecation, A25 Term Loan Agreement, A26 Guarantee for cash credit etc by D-2, A27 Guarantee for cash credit etc by D-3, A28 Guarantee for cash credit etc by D-4, A29 Guarantee for cash credit etc by D-5, A30 Guarantee for cash credit etc by D-6, A31 Guarantee for cash credit etc by D-7, A32 Guarantee for cash credit etc by D-8, A33 Guarantee for cash credit etc by D-2, A34 Guarantee for cash credit etc by D-3, A35 Guarantee for cash credit etc by D-4, A36 Guarantee for cash credit etc by D-5, A37 Guarantee for cash credit etc by D-6, A38 Guarantee for cash credit etc by D-7, A39 Guarantee for cash credit etc by D-8, A40 Guarantee for cash credit etc by D-2, A41 Guarantee for cash credit etc by D-3, A42 Guarantee for cash credit etc by D-4, A43 Guarantee for cash credit etc by D-5, A44 Guarantee for cash credit etc by D-6, A45 Guarantee for cash credit etc by D-7, A46 Guarantee for cash credit etc by D-8, A47 Guarantee for cash credit etc by D-2, A48 Guarantee for cash credit etc by D-3, A49 Guarantee for cash credit etc by D-4, A50 Guarantee for cash credit etc by D-5, A51 Guarantee for cash credit etc by D-6, A52 Guarantee for cash credit etc by D-7, A53 Guarantee for cash credit etc by D-8, A54 Registered Sale deed No. 5/2003, A55 Registered Sale deed No. 6/2003, A56 Registered Sale deed No. 830/2003, A57 Registered Sale deed No. 831/2003, A58 Registered Sale deed No. 1017/2002, A59 Registered Sale deed No. 1018/2002, A60 Registered Sale deed No. 1019/2002, A61 Registered Sale deed No. 1021/2002, A62 Registered Sale deed No. 1022/2002, A63 Registered Sale deed No. 1083/2002, A64 Registered Sale deed No. 1893/2003, A65 Registered Sale deed No. 1894/2003, A66 Registered Sale deed No. 405/1994, A67 Registered Sale deed No. 339/2007, A68 Registered Sale deed No. 296/1987, A69 Registered Sale deed No. 2487/2001, A70 Registered Sale deed No. 51/2001, A71 Registered Sale deed No. 76/2001, A72 Registered Sale deed No. 470/1987, A73 Registered Memorandum deposit of title deeds No. 3504/2012, A74 Registered Memorandum deposit of title deeds No. 3505/2012, A75 Registered Memorandum deposit of title deeds No. 3506/2012, A76 Registered Memorandum deposit of title deeds No. 3507/2012, A77 Registered Memorandum deposit of title deeds No. 3508/2012, A78 & A79 Revival letter, A80 13(2) Demand Notice, A81 & A82 Revival letter, A83 Legal Notice along with Postal Receipts, A84 Certified Extract of Loan account No. 233902000000227 along with interest calculation after NPA, A85 Certified Extract of Loan account No. 233903261200009 along with interest calculation after NPA, A86 Certified Extract of Loan account No. 233903261200010 along with interest calculation after NPA, A87 Certified Extract of Loan account No. 233903261200011 along with interest calculation after NPA, A88 Power of Attorney, respectively.

Thus the Applicant prays that the Tribunal to pass an order and issue a Recovery Certificate for a sum of Rs. 34,07,37,205/- debt due under the four Loan accounts as follows: i) Rs. 7,91,41,167/- together with future interest at 13.25 % p.a. plus 2% penal interest with monthly rests due under CC loan account; ii) Rs. 5,15,38,869/-; iii) Rs. 13,91,99,034/- & iv) Rs. 7,08,58,135/- together with future interest at 13.75 % p.a. plus 2% penal interest with monthly rest still the date of realization.

5. Heard the learned Counsel for applicant bank and having perused the OA, and also evidence affidavit filed along with documents and marked as above exhibits, and in view of the averments made in the application, the claim of the applicant bank is proved against defendants and OA deserves to be allowed with costs, for recovery of an amount of Rs. 34,07,37,205/- debt due under the four Loan accounts as follows: i) Rs. 7,91,41,167/- together with future interest at 13.25 % p.a. with monthly rests due under CC loan account; ii) Rs. 5,15,38,869/-; iii) Rs. 13,91,99,034/- & iv) Rs. 7,08,58,135/-together with future interest at 13.75 % p.a. with monthly rests from the date of OA, till the date of realization, to be recovered from the defendants jointly & severally.

6. In

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the result, the OA is allowed with costs. Issue Recovery Certificate for an amount of Rs. 34,07,37,205/- debt due under the four Loan accounts as follows: i) Rs. 7,91,41,167/- together with future interest at 13.25 % p.a. with monthly rests due under CC loan account; ii) Rs. 5,15,38,869/-; iii) Rs. 13,91,99,034/- & iv) Rs. 7,08,58,135/- together with future interest at 13.75 % p.a. with monthly rests from the date of OA, till the date of realization, to be recovered from the defendants jointly & severally and personally and also by sale of mortgaged/hypothecated property, If any. Accordingly issue Recovery Certificate. Let the copy of order be made available to the parties as per rule. [Typed to the dictation, corrected and pronounced by me in the open court on this 10th day of February, 2020].
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