Allowed

State Bank of India v. Dubbaka Sridhar

DRT20 Jun 2023OA/264/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 65,76,003/- from the defendant, which remained absent. The court held the defendant liable to pay the claimed amount with future interest, secured by hypothecated assets and the defendant's personal properties, and entitled the bank to costs.

What did the court decide?

Defendant to pay Rs.65,76,003/- with future interest @11.90%p.a.; claim secured by hypothecated asset and defendant's property; costs awarded.

State Bank of India versus Dubbaka Sridhar — Execution and Attachment | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 2OTH DAY OF ]UNE, 2023

¶2

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

¶3

Originat Application NO:- 264 OF ZO23

¶4

State Bank of India SME Centre, Main Branch, Patny Circle, Secunderabad. Rep. by its Chief Manager.

¶5

....Applicant.

¶6

Versus

¶7

Mr. Dubbaka Sridhar S/o Dubbakka Narsimha Aged 30 years, Occ: Business, Ibrahimpatnam, Ranga Reddy, Telangana-501508.

¶8

.....Defendant,

¶9

Counsel for the Applicant : Mr. D.Vijendra Kishore. Defendants : Exparte.

¶10

:: ru-B::

¶11

The Applicant Bank filed the present OA for the recovery of a sum of Rs.65,76,003/- from defendant with future interest @11.90o/o^{p.a. (contractual} rate of interest) with^quarterly rests, from the date of application till the date of realisation along with costs and sale of OA schedule OroOertV./ryp,

¶12

0A.26412023 .

¶13

The defendant served with summons and set^exparteon f2.O5.2O23 as called absent and no representation.

¶14

The Applicant Bank examined^{R.Venkateswara Rao, Manageras} AW-1 and marked 11 documents^{throughhim as Ex. A.1 to Ex.} A.11.

¶15

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

¶16

The point that arises for consideration is:-

¶17

Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule asset as^prayed for?

¶18

As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled wlth the recitals in the docu ments viz., Ex. A.1 to Ex.A.11 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant is liable to pay to the Applicant Bank the claim made in the OA with future interest and costs.

¶19

In the result, the present Original Application No.264/2023 is allowed as under: -

¶20

i) the Defendant is lia ble to pay to the Applicant Bank the claim amount of Rs.65,76,003/- with future Bit,3

¶21

oA.26412023

¶22

interest @11'90o/o^{p.a. simple from the date of} application till the^{date of realization;}

¶23

ii) the OA claim^{is secured by way of hypothecationof} asset described^{in the scheduleannexed to the OA} and the applicant^{bank is entitled to proceed} against the same to^{realiseits dues;}

¶24

iii) The Applicant^{Bank is also entitled to proceed} against the^{personand properties of defendants for} realization of its dues;^and

¶25

iv) The Applicant Bank^{is entitledfor the costs.}

¶26

The Applicant Bank^{is directed to file Cost Memo within2 weeks} from the date of receipt^{of this order.}

¶27

Issue Recovery Certificate^accordingly.

¶28

Communicate a copy of^{this order to the parties concerned.} (Dlctated to the steno, corrected, signed^{and pronounced by me in the opencourt on} this the 20th day of^{June, 2023).}

¶29

Ow'r* (RAMESHWAR KOTHE) PRESIDING OFFICER

State Bank of India v. Dubbaka Sridhar

Case brief

What is this about?

What did the court decide?

State Bank of India v. Dubbaka Sridhar

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Deva Matha Rock Products versus Hero Fincorp Ltd.

Canara Bank versus Messers Poddar General Stores

Punjab National Bank versus Gunjeet Kumar

Manik Madhukar versus Dakshin Bihar Gramin Bank

Nitin Nagorao Taral versus Uco Bank

Shri Bimal Rai versus State Bank of India