Allowed

Icici Bank Limited v. Shamshiri Infra Projects Pvt. Ltd.

DRT13 Nov 2023OA/323/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an original application filed by ICICI Bank against Abdul Rahman Shamshiri for recovery of Rs. 29,50,112 with future interest and costs, holding the defendants jointly and severally liable and permitting proceedings against hypothecated vehicle.

What did the court decide?

Defendants ordered to pay Rs.29,50,112 with future interest at 16% p.a.; applicant allowed to realize debt from hypothecated vehicle and defendants' properties.

Icici Bank Limited versus Shamshiri Infra Projects Pvt. Ltd. — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECO\ DATED THIS TH E, J:::J:,:ffi :;:i] :J,",'**", PRESENT: SH. RAMESHWAR

¶2

.^..,#i:%ri.i..r?.,^{L. LB. (Hons.} ), M.A.

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Original Application No: 323 OF 2022

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ICICI Bank Limited. Gachibowli, ICICI io*... )entrngampally Mandat_ Kanga Reddy District_ X""*;l#'i.fl1lll?zed^{s is natorya nd}

¶5

.....Applicant.

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Versus

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' ;x;:l'x li:,;'#"'nfi,;.,?i.t."., :rr,^{Aoout Rahman Shamshri} x,":,,i..;l{Bl.iljilli^j' l-lyoerabad_500004. I elangana State-

¶8

Mr. Abdul Rahman Shamshiri i6l;|i,11;jLLiro",.^{st'u,,''r'i.i,} l;:::,"r.s,i:i,ii;!Hf"l;(i"

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...Defendants

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Counsel for the Applicant : lYr.^p.G.S. prasad Defendants : Exparte 0y_

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oA.NO.323/2022

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:: ORDER::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.29,50,t12/- from the defendants joinfly and severally with future interest @ 24o/o p.a. with monthly rests from 04.03.2022 till the date of realization along with costs and in default for sale of OA hypothecated vehicle.

¶14

The defendants were set exparte on 1.2.t2.2122 as called absent and no representation.

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

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Ld. Counsel for the Applicant Bank reported 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 entitted for the claim made in the OA against the Defendants and OA hypothecated 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. 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. ,4V<.* (-,'/^-"rt't'

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oA.NO.123l2022

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In the result, the present Original Application No.323/2022 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.29,5O,LL2/- with future interest @ 160lo 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 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 entiiled 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.

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Issue Recovery Certificate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated t-o the steno, corrected, signed and pronounced by me in the open court on this the 13u Day of November, 2023) .

¶29

Kr* MESHWAR KOTHE) PRESIDING OFFICER

Icici Bank Limited v. Shamshiri Infra Projects Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Shamshiri Infra Projects Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

Parties & counsel

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