Allowed

Icici Bank Limited v. Mr.Mudavath Srinivas Chowan

DRT11 Oct 2023OA/239/2022

Case brief

AI extract

What is this about?

This judgment allowed an Original Application filed by ICICI Bank for recovery of Rs. 54,01,585.02 with interest and future interest. The bench held the defendants jointly and severally liable to pay the claim and costs based on the evidence affidavit and documents marked.

What did the court decide?

Defendants held jointly and severally liable to pay Rs. 54,01,585.02 with interest and costs. Bank entitled to proceed against hypothecated assets and properties of defendants.

Icici Bank Limited versus Mr.Mudavath Srinivas… — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 11th DAY OF OCTOBER, 2023 PRESENT: SH. MMESHWAR KOTHE, B.Com., L.LB. (Hons. ). M.A. PRESIDING OFFICER

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Original Application No: 239 OF 2022

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ICICI Bank Limited, Gachibowli, ICICI Toers, Serilingampally Mandal, Ranga Reddy District, Rep. by its Authorized Signatory and Power of Attorney holder,

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.....Applicant

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VERSUS

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Mr. Mudavath Srinivas Chowan, S/o. Mudavath Hanuma Naik Chowdn, Age: l4ajor, Occ: Self Employee, V9 .H^{No 5-9-2BO/2, Shaili Garden,} Sainikpuri, Yapral, Tirumalgiri, Behind Jupalli Swimming pool, Hyderabad - 500087, Telangana State. ,,..Defendant Counsel for the Applicant : lr4.V. KINI Counsel for the Defendant ; Ex-parte

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ORDER

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The Applicant Bank filed the present OA for the recovery of a total sum of Rs. 54,01,S85.02ps from the defendant as on

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22.02.2022 with future interest @24olo p.a. with monthly rests ,V)"tz^,

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V'tt'to'-'

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OA No.239/2022

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from 23.O2.2022 till the date of realization and in default for sale of OA schedule hypothecated assets.

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The defendant was set exparte on 27.7O.2022 as called absent and no representation.

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The Applicant Bank examined Mr. Sathish Manappuram, Zonal Debt lvlanager, as AW-1 and marked 7 documents through him as Ex. A.1 to Ex. A. 7.

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Ld. Counsel for the Applicant Bank reported that orders may be passed on merits, 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 claim made in the OA against the Defendants and hypothecat;d 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.7 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. 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. 4#*

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OA No.239/2022

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In the result, the present Original Application No.239/2022 is allowed as under: -

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i) The Defendants are joinuy and severalty liable to pay to the Applicant Bank a sum of Rs. 54,01,585.02ps with further interest @ 9.5olo p.a. simple from the date of OA to till the date of realization.

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ii) The claim of the applicant is secured by way of hypothecation of asset described in OA schedule and applicant bank is entiued to proceed against the same for realization of its debU

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iii) The. applicant bank is entiued to proceed ?g9ins.t .th9^{person and properties} of oetendants for realization of its dues;

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iv) The applicant bank is entiued for the costs.

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8, 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 Certifi cate accordingly.

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Communicate a copy of this order to the parties concerned, j3,,.".".,^"r,1?* '-,:::.:rreced, sisned and pronounced by me in the open court on u s u'e -(r ory or October 2023) .

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Ow*" (RA}'fSHWAR KOTHE) pnesloltrtc orrucei

Icici Bank Limited v. Mr.Mudavath Srinivas Chowan

Case brief

What is this about?

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Icici Bank Limited v. Mr.Mudavath Srinivas Chowan

Case brief

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