Allowed

Kotak Mahindra Bank Limited v. Mr.Mohammed Muneer Ali

DRT27 Sept 2023OA/375/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Kotak Mahindra Bank Ltd. for the recovery of Rs. 28,68,357.10 plus interest from the Defendants. Holding that the evidence affidavit and documents clinched the claim, the Court ruled the Defendants jointly and severally liable and allowed the Bank to proceed against hypothecated assets and personal properties for debt realization

What did the court decide?

Defendants to pay Rs. 28,68,357.10 with interest; Bank entitled to proceed against hypothecated assets and defendant's personal properties; Costs allowed.

Kotak Mahindra Bank Limited versus Mr.Mohammed… — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDEMBAD DATED THIS THE 27th DAY OF SEPTEMBER, 2023

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

¶3

Original Application No: 375 OF 2022

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Kotak Mahindra Bank Ltd., 3'o Floor, Jewel Pawani Towers, Raj Bhavan Road, Somajiguda, Hyderabad -500082, Rep. by its Authorized, Legal Manager, .....Applicant

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VERSUS

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Mr. Mohammed Muneer Ali, S/o. Mohd Faiyaz Ali, Age-major, occ: Not known, H.No- 78/7/3O9/4, Aman Nagar, Yakutpura, Charminar, Hyderabad-500053.

¶7

Mrs. Shahanaz Begum. W/o. Mohammed Muneer Ali, Age: Major, occ: Not known,

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H.No. !8/7/30914, Aman Nagar, Yakutpura, Charminar, Hyderabad-500053.

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Defendants

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Counsel for the Applicant : Mr. N.B. SUDARSHAN

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Counsel for the Defendant :Ex-Parte

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O A No.37512022

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ORDER

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The Applicant Bank filed the^present OA for the^recovery of^a total sum of Rs. 28,68,357.1ops^from the^{defendants jointly} and severally as on 12.04.2022 with^{future interest} @36Vo^p.a. with monthly rests interest from the date of OA to till^{the date} of realization and in default for sale of OA^schedule hypothecated assets.

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2, Summons served on D1 and 2, They were set^{exparte on} 27.10,2022 as called absent and no representation.

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The Applicant Bank examined Mr.^{AbhishekP.S, Legal Associate} as Aw-1 and marked 9 documents through him as^{Ex. A.1 to} Ex. A. 9.

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Counsel for the Applicant Bank^reported that^{ordersmay 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 entitled for the claim made in the OA against the Defendants and hypothecation of assets?

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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^jolntly and severally liable to^pay the oA claim to the Applicant Bank^with future interest and coss. ,ful.nt)

¶21

¶22

OA No.37512022

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In the result, the present Original Application No.375l2022 is allowed as under: -

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i) The Defendants are joinUy and severally liable to pay to the Applicant Bank a sum of Rs. 28,68,357.10ps against all the defendants with further interest @ 11.36010 p.a. simple from the date of OA to till the date of realization;

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ii) The claim of the applicant is secured by way of hypothecation of assets described in OA schedule and applicant bank is entitled to proceed against the same for realization of its debt;

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

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iv) The applicant bank is entifled for the costs.

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The Applicant Bank is directed to file Cost lvlemo 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. {Didated^{to-the steno,} corrected, siSned and pronounced by me in the open court on this the 27rh day of Septem ber 2023) .

¶31

Ow^* (RA1VIESHWAR KOTHE) PRESIDING OFFICER

Kotak Mahindra Bank Limited v. Mr.Mohammed Muneer Ali

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Mr.Mohammed Muneer Ali

Case brief

What is this about?

What did the court decide?

What the court decided

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