Allowed

Kotak Mahindra Bank Limited v. Nakarakanti Shankar

DRT20 Jul 2023OA/22/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Kotak Mahindra Bank for recovery of Rs. 28.51 lakh plus interest and costs from three defendants. The court held defendants jointly and severally liable based on marked evidence documents.

What did the court decide?

Defendants to pay Rs. 28,51,065.26 with future interest, costs, and proceed against hypothecated asset.

Kotak Mahindra Bank Limited versus Nakarakanti Shankar — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 2OTH DAY OF JULY, 2023

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

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Original Application NO: 22 OF 2022

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-,,-'/

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Kotak Mahindra Bank Ltd. Branch Office, 6-3- 1 109/ I/P/302, III Floor, Jewel Pavani Towers Rajbhavan Road, Somajiguda Hyderabad - 500 082. Represented by its Authorized Signatory.

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.....Applicant.

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Versus

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Mr.Nakarakanti Shankar S/o Lingaiah, Occ: Business, Aged about 45 years, R/o. H. No.3-9-418, Saraswathi Nagar, Mansoorabad, L.B.nagar, Hydera bad-500074.

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Also at:-

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Mr.Nakarakanti Shankar R/o. H. No.3-9-245, Saraswathi Nagar, Chintalkunta, L.B Nagar, Hyderabad-500074.

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Mrs.Nakarakanti Sunitha W/o Shankar,

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Aged about 36 years, Occ: Housemaker, R/o.H.No.3-9-418,

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Saraswathi Nagar, Mansoorabad, L.B.Nagar, Hyderabad-500074. ^ffi"'o

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O A No .22/2022

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Also at:Mrs. Nakarakanti Sunitha R/o. H. No.3-9-245, Saraswathi Nagar, Chintalkunta, L.B Nagar, Hyderabad-500074.

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lY r. Naraka nti Lingaiah S/o Maraia h, Aged about 77^yearst Occ: Self Employed, R/o. H.No. 1-97, Koratikal, Nalgonda District-508244.

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.. . Defendants

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Cou nsel for the Applicant : lv'lr. M.Sinivas Reddy. Defendants : Ex-parte

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::qLLEB::

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The Applicant Bank filed the^present OA for the recovery of a sum of Rs.28,51,065.26ps with future interest @ 18o/o^p.a wlth monthly rests^jointly and severally from the Defendants from 15.12.2027 till the date of realisation with costs and sale of OA schedule asset.

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Summons served on Dl to 3 through^{paper publication.} They were set ex-parte on 14.09.2022 as called absent and no representation.

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The Applicant Bank examined Mr.Abhishek. P.S, Legal Associate as AW-1 and marked 11 documents through him as Ex. A.1to Ex.A.11. 7X*

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OA No.2212022

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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 entiiled for the balance OA claim against the Defendants and OA schedule asset?

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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. 11 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendants are joinfly and 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 Original Application No.22/2022 is allowed as under: -

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i) The Defendants are jointly and severally liable to pay to the Applicant Bank a sum of Rs.28,51,065.26ps with future interest @ 9.250lo 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 applicant bank is entiUed to proceed against the same to rea tise its debr; /ry*

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oANo.22l2O2Z

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iii) the Applicant Bank is entitled to^proceed against the person and^properties of the defendants^for

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realization of its dues; and

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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 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 pronounced by me in the open court on this the 20th day of luly, 2023.)

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(RAMESHWAR KOTHE) PRESIDING OFFICER

Kotak Mahindra Bank Limited v. Nakarakanti Shankar

Case brief

What is this about?

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Kotak Mahindra Bank Limited v. Nakarakanti Shankar

Case brief

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