Allowed

Icici Bank Limited v. Kanakamahalaxmi Earth Movers

DRT15 Sept 2023OA/278/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed ICICI Bank's original application against the defendants for recovery of Rs. 28,54,260.99 with interest. The court held the defendants jointly and severally liable and permitted the bank to proceed against hypothecated vehicles and other properties for debt realization.

What did the court decide?

Defendants held jointly and severally liable to pay Rs. 28,54,260.99 with future interest; bank entitled to proceed against hypothecated vehicle and respondent properties for debt realization; recover

Icici Bank Limited versus Kanakamahalaxmi Earth… — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDEMBAD DATED THIS THE 15th DAY OF SEPTEMBER, 2023

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

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Original Application No: Z7B OF 2022

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ICICI Bank Limited, ICICI Bank Tower, Plot No. 12, Nanakramguda, Serilingampally, Ranga Reddy-500032, Telangana State. Rep by its Power of Attorney.

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.....Applicant.

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Versus

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M/s. Kanakamahalaxmi Earth Movers Rep. by its^proprietor Badavath Bhadramma, W/o. Badavath Mangaiah, Aged: 49 years, Occ: Business, R/o. H. No.2-49g,

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Kaikondagudem Khamam Rural, Opp;^pinchaiah Kottu lvlallemadugu, Khamam-507003.

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Smt. Badavath Bhadramma, W/o. _Badavath [4an9aiah, Aged:49 years, Occ: Business, R/o. H. No.2_498, Kaikondagudem Khamam Rural, Opp:^pinchaiah Kottu Mallemadugu, Khamam-507003. Prop. Kanakamahalaxmi Earth lvlovers.

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Sri. Badravath Mangaiah S/o. Devla Bhadravath, Aged: 54^years, Occ: Business R/o. H. No. 2-499, Kaikondagudem Khamam Rural, O_pp:^pinchaiah Kottu Mallemadugu, Khamam-507003

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...Defendants

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oa-No.27al2022

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Counsel for the Applicant

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Defendants

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Mr. P. Rajendra Prasad

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Exparte

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:; ORDER::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.28,54,260.99ps as on 03.03.2022 from the defendants jointly and severally with future interest @ 24olo p.a. with monthly rests from the date of application till the date of realisation along with costs and in default for sale of OA hypothecation of vehicle.

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Summons served on D1 to 3. They were set exparte on 16.09.2022 as called absent and no representation.

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The Applicant Bank examined Sathish Kumar, Zonal Debt l4anager, as AW-1 and marked 9 documents through him as Ex. A.1 to Ex. A.9.

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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 entided for the claim made in the OA against the Defendants and OA hypothecation of vehicle?

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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.9 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. %-^*

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oa-No.27al2O22

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Hence, I hold that the Defendants are joinuy 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.27B|2OZZ is allowed as under: -

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i) The Defendants are joinfly and severally liable to pay to the Applicant Bank a sum of Rs.28,54,260.99ps 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 hypothecation of vehicle described in the schedule annexed to the OA and the applicant bank is entiHed to proceed against the same to realise its debt;

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iii) the applicant bank is also entitled to proceed against the person and properties of defendants for realization of its dues;

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iv) the applicant bank is entiued for the costs.

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The Applicant Bank is directed to file Cost Memo within 2 weeks from the date of receipt of this Order. Issue Recovery Certificate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated to the steno, corrected, signed end pronounced by me in the open court on this the 156 day of Septem ber, 2023) .

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K.',v'' (RITMESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Kanakamahalaxmi Earth Movers

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Kanakamahalaxmi Earth Movers

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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