Allowed

Idbi Bank Limited v. Ms Sahasra Joy of Dressing

DRT26 Sept 2023OA/313/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of dues totaling Rs. 53,03,273.00 under Cash Credit facilities. The court held the defendant liable to pay the principal, future interest, and costs, and directed the bank to proceed against secured and unsecured assets.

What did the court decide?

Defendant liable to pay Rs. 53,03,273.00 with future interest; bank entitled to proceed against secured and unsecured assets; recovery certificate to be issued.

Idbi Bank Limited versus Ms Sahasra Joy of Dressing — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 26th DAY OF SEPTEMBER, 2023

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PRESENT: SH. RAI4ESHWAR KOTHE, B.Com., L.LB.^(Hons.), M.A. PRESIDING OFFICER

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Original Application No: 313 OF 2022

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IDBI Bank Limited, KPHB Colony, Kukatpally, Hyderabad-500072. Rep. by its Branch Head DGM.

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.....Applicant.

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Versus a) M/s. 9lasra Joy of Dressing Prop: Mr. Challa Mallikarjun Rao, Flat No. 102, GHMC No. r5-3L-75/1O2, Plot No.41IMIG, Dharma Reddy Colony, Kukatapally, Hyderabad-500072, Medchal-Malkajglri District, Telangana State. ...Defendant

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: Mr. G. Murali Mohan Counsel for the Applicant Defendants : Exparte

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:: qLLIB::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.53,03,273.00ps i.e. a sum of Rs. 50,00,000/- and Rs. 3,O3,272.76ps under Cash Credit -1 and Cash Credit-2

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from the defendant with future interest @ 10.30o/o p.a. with ffi"*

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oA.NO.313/2022

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monthly rests from O4.O7.2Otg with costs and in default for sale of OA schedule hypothecated assets.

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Summons sent to sole defendant returned with endorsement Unclaimed, hence deemed to be served. He was set exparte on O5.O9.2022 as called absent and no representation.

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The Applicant Bank examined Adisheshu Kumar Veldandi, Manager, as AW-1 and marked 12 documents through him as Ex. A.1 to Ex. A.12.

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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 claim made in the OA against the Defendant and OA hypothecated assefs?

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As stated supra, the Defendant remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.12 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 the OA claim to the Applicant Bank with future interest and costs.

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In the result, the present Originat Application No.313/2022 is allowed as under: -

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i) The Defendant is liable to pay to the Applicant Bank a total sum of Rs.53,03,273.00ps i.e. a sum of Rs. 50,00,000/- and Rs. 3,03,272.76ps under fuda

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oA.NO.?L312022

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Cash Credit _1 and Cash Credit_2 with future interest @ 10.30olo simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of pledge,t/hypothecation of assets described in the schedule annexed to the OA and the applicant bank is entitled 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 defendant for realization of its dues;

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iv) the applicant bank is entifled 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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Crcmmunicate a copy of this order to the parties concerned. ll,,.1f:.T*.jil1^{.olr"d!9,-!,.snedana pronounclJlvi" #,,," open court} on rrr5 ure zo oay ot september, 2023) .

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Ow* (MMESHWAR KOTHE) PRESIDING OFFICER

Idbi Bank Limited v. Ms Sahasra Joy of Dressing

Case brief

What is this about?

What did the court decide?

Idbi Bank Limited v. Ms Sahasra Joy of Dressing

Case brief

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What did the court decide?

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