Allowed

Idbi Bank v. Sahasr Home Appliances

DRT25 May 2023OA/119/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, hearing an Original Application filed by IDBI Bank for recovery of dues from defendants, allowed the application. The court held defendants jointly and severally liable to pay the principal sum, future interest, and costs. The mortgaged property was confirmed as security for the claim.

What did the court decide?

Defendants ordered to pay Rs. 29,58,819.24 plus future interest at 10.70% p.a. and costs; OA claim secured by mortgage of properties.

Idbi Bank versus Sahasr Home Appliances — Contract and Commercial Disputes | DRT (2023)

¶1

IN THE DEBTS RECO\

¶2

DArED rHrs #t::::.-rr Ar H'DERABAD PRESENT; rn. oF tqAy, 2o.= ^orurno' "::^:* r^.ililHl%.i.?..u?., L. LB (Hons.), M.A. Origina, Application No; 1 19 OF 2OZ2

¶3

IDBj Bani. r .. L.B. waga.'eX,-^ riyderabaa -"'", ;:i,?J,t: *:? !:.J"3g *,

Versus

.....Applicant.

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Mrs.p.Shalini

¶8

D/o Burra Vasudev Goud. Aged 39 years, rc_z_zssitz. Gaddiannaram, Dilsuknaoal

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Hyderabad, reia nga na _i6oti:0.

¶10

Mr. Mudiganti Narsing coud, S/o Sri. M.yadaiah coud, Age 55 years,

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H.No.2-2-1 125l18, Narsimha Basthi, New Nallakunta, Hyderabad-500044.

¶12

... Defendants

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Cou nsel for the Applicant : M/s.Trivikram Chitturu Defenda nts : Exparte M"O

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The Applicant Bank filed the^present oA for the^recovery of^a sum of Rs.29,58,819.24ps from the defendants^{jointly and} severally with future interest @ 10.70olo^{p.a. plus penal interest} with monthly interest from date of application till the date of realisation along with costs, and in default, for sale of OA schedule property.

¶19

The defendants 1& 2 are sent summons returned with endorsement unclaimed, hence deemed to be served. Whereas summons served on D3 through publication, they were set exparte on 23.12.2022 as called absent and no representation.

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The Applicant Bank examined R.K.Ramesh, Assistant General Manager, as AW-1 and marked 11 documents through her as Ex. A.1 to Ex. A.11.

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Heard the Ld. Counsel for the / qpplicant Bank and perused the

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material ptaced on record.

¶23

The point that arises for consideration is:_

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Vr'hether the At ',:;rri":l:,:iff:,?:?i;:;;";:,;: ProPerty? -"v )A schedub

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to pay the OA claim to the Applicant Bank with future interest and costs.

¶31

In the resutt, the present Original Application No.119/2022 is allowed as under: -

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i) The Defendants are joinuy and severally liable to pay to the Applicant Bank a sum of Rs.29,58,819.24ps @ 10.70olo p.a with future interest simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of mortgage of properties described in the schedule annexed to the 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 realizationof its dues;}

¶35

iV)^{the applicant bank is entitled for the costs'}

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Idbi Bank v. Sahasr Home Appliances

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Sahasr Home Appliances

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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