Allowed

Kotak Mahindra Bank Limited v. Dhadi Ajay

DRT23 Aug 2023OA/183/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of ₹32,64,439.32 plus interest and costs against three defaulting borrowers. The court declared the defendants jointly and severally liable and granted the bank the right to proceed against the hypothecated asset in the schedule.

What did the court decide?

Defendants declared jointly and severally liable to pay ₹32,64,439.32 with future interest @ 9.25% p.a., costs, and proceed against OA schedule asset.

Kotak Mahindra Bank Limited versus Dhadi Ajay — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 23Td DAY OF AUGUST, 2023

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PRESENT: SH. RAMESHWAR KoTHE, B.com, L.LB. (Hons.), I\4.A. PRESIDING OFFICER

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Original Application NO: 183 OF 2022

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Kotak Mahindra Bank Ltd. Branch Office at 6-3-7tO9/Upl3O2 III Floor, Jewel^pavaniTowers Rajbhavan Road, Somajiguda Hyderabad - 500 082. Represented by its Authorised Signatory.

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.....Applicant.

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Versus

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M r. Dhad i Ajay, S/o.Veeraiah, Aged a bout 27 years, Occ : Business, R/o. H. No.3- 58, Appannapet Vittage,^peddapa lli, Karimnagar District - 505172.

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Mr.Thota Srinivas, S/o. Linga iah, Aged about 54 years, Occ: Business, R/o. H. No. S- 1/2, Appannapet Village,^peddapa lli, Karimnagar District - 505172.

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Mr.Tha lla pa lli Anil, S/o.Lalhaiah, Aged about 34 years, Occ: Business, R/o. H. No.6-32, Gundlapa lly Vlllage, Ganneruvaram, Karimnagar District-505530.

... Defendants

OA No.183/2022

Counsel for the Appllcant Defendants

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: Mr. M. Srinivas Reddy

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: Ex-parte

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::(LLD-LR::

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The Applicant Bank filed the present OA for the recovery of a total sum of Rs.32,64,439.32ps i.e., a sum of Rs.25 ,9O ,447 .26ps towards Loan Account No. CE-760019 and a sum of Rs.6,73,952.06ps towards Loan Account No.CE-890721 with future interest @ 18o/o p.a. with monthly rests from the Defendants jolntly and severally from the date of Application till the date of realisation with costs and sale of OA schedule asset.

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Summons served on D1 to 3. AII the defendants were set exparte on 08.09.2022 as called absent and no representation.

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The Applicant Bank examined Abhishek P.S, Legal Associate as AW-1 and marked 12 documents through him as Ex. A.1 to Ex.

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Heard the Ld. Counsel for the Applicant Bank and perused the material placed on record.

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The point that arises for consideration is:-

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Whether the Applicant Bank is enti ed for the OA claim against the Defendants and the OA schedule asset as prayed for?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Ex. A.1 to Ex.A.12 marked on behalf of the Applicant Bank ffi.o

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OA No.183/2022

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clinches the claim of the Applicant Bank against^the Defendants. Hence, I hold that the Defendants are^jointlyand severally liable to^pay to the Applicant^Bank the^clalmmadein the OA with future interest and costs.

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In the result, the^present Original Application No.183/2022^is allowed as under:^-

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r) The Defendants are^jointly and severally liable to^pay to the Applicant Bank a total sum of Rs.32,64,439.32ps i.e., a sum of Rs.25,90,487.26ps towards Loan Account No. CE-760019 and a sum of^{Rs.6,73,952.06ps} towards Loan Account No.CE-890721^with future interest @ 9.25olo^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 asset described in the schedule annexed to the OA, and the appllcant bank is entitled to^proceed against the same to realise its dues;

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iii) the applicant bank is also entltled to^proceed against the^person and^propertiesof defendants for realization of its dues;

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iv) the applicant bank is entitled for the costs. /K*

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OA No.183/2022.

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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. (Dictated to the steno, corrected, signed and p.r;r;.;;;;;; in the open court on this the 23'd day ofAugust, 2023) .

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Kotak Mahindra Bank Limited v. Dhadi Ajay

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Dhadi Ajay

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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Case details

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