Allowed

Kotak Mahindra Bank Limited v. M/S Mudithareddy Papers Pvt. Ltd.

DRT9 Aug 2023OA/11/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Kotak Mahindra Bank for recovery of dues totaling approximately Rs. 85.11 lakhs from five respondents, who were adjudged jointly and severally liable, along with future interest and costs.

What did the court decide?

Defendants are jointly and severally liable to pay Rs. 85,11,340.41 plus future interest and costs to the Applicant Bank, and the Bank is entitled to proceed against hypothecated vehicles and responde

Kotak Mahindra Bank Limited versus M/S Mudithareddy Papers Pvt. Ltd. — DRT (2023) — LawSathi Research

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IN THE DEBTS RECOVERY TRIBUNAT-IIAT HYDERABAD

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DATED THIS THE gth DAY OF AUGUST, 2023

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PRESENT: SH. MMESHWAR KOTHE, B.Com, L.LB. (Hons.), M.A. PRESIDING OFFICER

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Original Application NO: 7t OF 2022

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Kotak lYahindra Bank Ltd., Branch Offi ce at * 6-3- TtOg / I / p t 3O2 t 3- Floor, lewel^pavani Towers, Rajbhavan Road, 50maJr9uda, Hyderabad-500082. Rep. by its Manager-Legal.

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.....Applicant

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Versus

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M/s..Mudithareddy papers pvt.Ltd., Rep.by its Director M Rakesh Reddi, Having its office at # Flat No. 201,

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H. No. 8-2-293/ g2/ C/ 3Os / A, YS 9ot9!y,^{Road No. 12, Banjara Hi s,} Hyderabad -500034

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M/s. RHYME Organic Chemicals Ltd., Rep. by its Director ty Rakesh Reddy, Having its office at # Ftat No. 301, H. No. 1-1-65212,

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Radhakrishna Residency, Gandhi Nagar, Hyderabad - 500080.

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Mr. tvlanda Rakesh Reddy S/o. M. Raja Mahendra Reddy, Aged: 36^years, Occ: Business, Director of M/s. Mudithareddy

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Papers^pvt. Ltd.,

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lr1o.. !..No.^{B-2-2s3 I 82/ c/ 3os/ A,} MLA Colony, Road No. 12, Banjara Hills, Hyderabad-500034.

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M/s. Venkateswara pesticides & Altied Chemicats pvt. Ltd., Rep. by its Director tvt. l4uditha Reddy, Having its office at Flat No. 301, H. No. 1-1-65212, Radhakrishna

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OA No.11/2022

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Residency, Gandhi Nagar,Hyderabad-5OOOa0.

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i4r. Manda Muditha Reddy W/o. Raja lvlahender Reddy, Aged 55 Years, Occ; Direcior ot l"l/s. Venkateswara pesticides & Allied Chemicals pvt. Ltd., l{o.. !r.^{No. B-2-2s3/B2tc/3os/A,} MLA Colony, Road No.2 BanjaraHills,Hderabad-5OOO34

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.....Defendants

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Counsel for the Applicant Ivlr. M. Srinivas Reddy

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Defendants Exparte

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery of a total

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sum of Rs. 85,11,340.41ps from the defendants joinHy and

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severally with future interest @ 1go/o p.a. with monthly rests from till the date of realisation along with costs and for sale of hypothecated vehicles.

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The defendants were set exparte on f4.1O.2022 as called absent

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and no representation even after vakalath filed by their counsel.

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The Applicant Bank examined Abhishek, p.S. Legal Associate, as AW-1 and marked 14 documents through him as Ex. A.1 to Ex. A.14.

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Heard the Ld. Counsel for the Applicant Bank and perused the

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material placed on record. dw*

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OA No.11/2022

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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 hypothecated vehicles?

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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^{jointlyand 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 Origlnal Application No-1U2O22 is 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. 85,11,340.41ps with future interest @ llo/o 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 hypothecation of vehicles described in the schedule annexed to OA and the applicant bank is entitled to proceed against the same to realise its debu

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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; and

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iv) the applicant bank is entitled for the costs.

OWfr

oA No.11/2022

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.

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(Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 9s day of August, 2023) .

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/ilw* 1nfou(r-,wn*^KorHE) PRESIDING OFFICER

Kotak Mahindra Bank Limited v. M/S Mudithareddy Papers Pvt. Ltd.

Case brief

What is this about?

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Kotak Mahindra Bank Limited v. M/S Mudithareddy Papers Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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