Allowed

Kotak Mahindra Bank Limited v. Chandana Traders

DRT26 Jul 2023OA/343/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's recovery application, declaring defendants jointly and severally liable to pay dues, interest, and costs, with security via hypothecation/mortgage of schedule properties.

What did the court decide?

Defendants jointly and severally liable to pay Rs.38,62,400.62 with future interest; bank entitled to proceed against schedule properties and defendants' person/properties for realization; costs award

Kotak Mahindra Bank Limited versus Chandana Traders — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY^{TRIBUNAL-II AT HYDERABAD} DATED THIS THE^{26TH DAY OF JULY,2023}

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PRESENT: SH. RAMESHWAR^{KOTHE,B'COM,L.LB. (HONS.),M.A'} PRESIDING OFFICER

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Original Application^{NO: 343 OF 2022}

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Kotak Mahindra^{Bank Ltd.} Zonal Office, 6-3'1109 I^LIP l2O2 III Floor, lewel^PavaniTowers Rajbhavan Road,^Somajiguda Hyderabad - 500^082. Represented bY its^{BranchManager,} Branch at 11-119,^{Sundarayyar Street,} P.B.No.26, Sabari ComPlex, Chittoor, Andhra^{Pradesh-517001'}

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.....Applicant.

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Versus

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M/s.Chandana Traders Rep by its Managing^ProPrietor Shri.V.Lakshmi Pathi,

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D. No. 15-2387 /8,^{Balaji Nagar,} Chittore, Chittore^{District-51700 1.}

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Shri.V.Lakshmi^Pathi S/o Shri Seshama^Naidu Aged about 53^years,

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Occ: Business,

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D. No. 15-2387 /8, Balaji^Nagar, Chittore, Chittore^{District-517001.}

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J.') Smt.V.Bindu W/o Shri V.Lakshmi Pathi, Aged about 37^years,

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Occ: Business, D.No.15-2387/8, Balaji Nagar, lWo-

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OA No,343/2022

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Chittore, Chittore District_517001.

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Shri.V. Chandra Sekhar S/o Shri Seshama Naid u. Aged about 61 years, Oc-c: Retd.Government Employee, D.No.15-2387/8, Bataii Naoar. Chittore, Chittore Oistiict_ Si Zb0 r.

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... Defendants

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Counsel for the Applicant :Mrs.P. S. Sujatha. DefendantS '. Ex-parte

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::o R D E R::

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The Applicant Bank filed the present OA for the recovery of a total sum of Rs.38,62,400.62ps as on 11.0S.2021 i.e., a sum of Rs.32,73,679.76ps towards OD Account and a sum of Rs.5,88,721.46ps towards Working Capital Term Loan with future interest @ 10.45olo & golo p.a. respectively with monthty rests from the Defendants joinfly and severally from the date of Application till the date of realisation with costs and sale of OA schedule properties.

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Summons served on D1 to 4. All the defendants were set ex-

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parte on 06.09.2022 as called absent and no representation.

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The Applicant Bank examined Srinivas ponduri, Chief tvlanager as AW-1 and marked 16 documents through him as Ex. A.1 to Ex. A.16.

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Heard the Ld. Counsel for the Applicant Bank and perused the materiat ptaced on record. OX"

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OA No.343/2022

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The^point that arises^{for consideration ls:-}

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Whether the Applicant^{Bank is entitled} for the balance oA claim against^the Defendants and the OA^schedules properties as prayed for?

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As stated supra, the^{Defendants remained ex-parte. The} Evldence Affidavit coupled with^{the recitalsin the documents} viz., Ex. A.1 to Ex.A.16^{marked on behalf of the ApplicantBank} clinches the claim of the^{ApplicantBank againstthe} Defendants. Hence, I hold that the^{Defendantsare jointlyand} severally liable to^pay to the^{ApplicantBank the claimmadein} the OA with future interest^{and costs.}

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In the result, the^{present OriglnalApplicationNo.34312022is} allowed as under:^-

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i) The Defendants are^jointly and^severally liable to^pay to the^{Applicant Bank a sum of} Rs.38,62,400.62Ps i.e., a^sumof Rs.32,73,679.\6ps towards^{OD Account and} a sum of Rs.5,88,721 46ps^{towardsWorking} Capital Term Loan^{wlthfutureinterest@ 8olo} 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} properties

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hypothecation/mortgage of described in the^{schedulesannexedto the} OA, and the applicant^{bank is entitledto} proceed against the same to realise^{its dues;}

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OA No.343/2022

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ii) the applicant bank is also entifled to proceed against the person and properties of defendants for realization of its balance dues;

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iii) the applicant bank is entitled 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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1. Issue Recovery Certificate accordingly.

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1. Communicate a coDV of this order to the parties concerned. this (Dictated the 26th to the day steno, o f July,2023) coriected, . signed and *;;;Jd";;;e in the open court on

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Ow* (RAMESHWAR KOTHE) PRESIDING OTruCEN

Kotak Mahindra Bank Limited v. Chandana Traders

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Chandana Traders

Case brief

What is this about?

What did the court decide?

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