Allowed

Icici Bank Limited v. Anil Reddy Educational Society

DRT22 Nov 2023OA/114/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal-II, Hyderabad, decided an original application filed by ICICI Bank Limited for recovery of dues. Finding the defendants remained ex-parte and the evidence affidavit clinched the claim, the Tribunal held the defendants jointly and severally liable.

What did the court decide?

Defendants declared jointly and severally liable to pay Rs. 38,81,914/- with interest; OA securitied by hypothecation of vehicles; applicant entitled to proceed against properties.

Icici Bank Limited versus Anil Reddy Educational Society — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 22Nd DAY OF NOVEMBER, 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: 174 OF 2022

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ICICI Bank Limited, Gachi Bowli, Hyderabad Rep. by its Debt Manager and General Power of Attorney Holder.

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.....Applicant.

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Versus

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Anil. Reddy Educational Society, Panthangi Gundla Bavi, Choutuppal,^yadadri Dist., Telang ana -5082 52.

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Smt. Bandi Veena Wo. Ravula Laxma Reddy, Aged; 41^years, Occ: Business. 1't Phase, Lumbini Hills, Laxma Reddy^palem, Pedda Amberpet, Hyderabad, Telangana-501505.

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.... Defendants

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Counsel for the Applicant

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Defenda nts

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: Ms. Anil Vydya : ExDartefr6o

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oA.NO.114/2022

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:: qLLEB::

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The Applicant Bank filed the^present OA^{for the recoverya total} sum of Rs.38,81,9741- frcm the^{defendants jointlyand} severally with future interest @^{10.50o/op.a. with compounded} monthly from L3.O7.2027 till the date of^{realization along with} costs and in default for sale of OA hypothecated^vehicles.

¶16

Summons served on D1 through^{paper publication,whereas} summons of D2 served. They were set exparte^{on 27,LO.2O22} as called absent and no representation,

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The Applicant Bank examined Sathlsh^Kumar M,^ZonalDebt Manager, as AW-1 and marked 12 documents through^{him as} Ex. A.1 to Ex. A.12.

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Ld. Counsel for the Applicant Bank reported orders^{may be} passed on merits. Perused the material placed on record.

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The point that arises for consideration ls:-

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Whether the Applicant Bank is entitled for the claim made in the oA against the Defendant and OA hyqothecated vehicles?

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As stated supra, the Defendants^{remainedex-parte.The} Evidence Affidavit coupled with the^recitals in the^documents viz., Exs. A.1 to A.12 marked^{on behalf of the ApplicantBank} clinches the claim of the^{ApplicantBankagainst the Defendants.} Hence, I hold that the Defendants^{are jointly and severallyliable} to^pay the OA claim to the^{Applicant Bankwith future interest} and costs.

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oA.NO.114/2022

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In the result, the present Original Application No.tt4/2}22 allowed as under: -

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i) The Defendants are joinHy and severally liable to pay to the Applicant Bank a sum of Rs.38,81,914l- with future interest @ 10.50o/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 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 entitled for the costs.

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B, The Applicant Bank is directed to file Cost i4emo within 2 weeks from the date of receipt of this Order.

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Issue Recovery Certifl cate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, corrected, signed and pronounced by me in the open court on this the 22'd Day of November, 2023) .

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PRESIDING OFFICER

Icici Bank Limited v. Anil Reddy Educational Society

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Anil Reddy Educational Society

Case brief

What is this about?

What did the court decide?

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