Allowed

American Express Banking Corp v. Somagani Satish Goud

DRT27 Sept 2023OA/388/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by American Express Banking Corp. for recovery of a sum of Rs. 24,67,320.89 with future interest and costs from the sole proprietor of Linnqcle Global, who was tried ex-parte.

What did the court decide?

Direction to pay Rs. 24,67,320.89 with 18% p.a. simple interest and future costs; direction to issue Recovery Certificate.

American Express Banking Corp versus Somagani Satish Goud — Money Laundering | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 27th DAY OF SEPTEMBER, 2023 PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), M.A. PRESIDING OFFICER

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Original Application No: 3BB OF 2022

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M/s.American Express Banking Corp., (Formerly Known as American Express Ltd.) Registered Office at MGF Metropolitan, 7th Floor, Saket District Centre, New Delhi - 110017. Corporate Office at Cyber Citv, Tower C, Building No.B, Sector 25, DLF City Phase II, Gurgaon-122002.

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rl ...Applicant

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Vers u s

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Mr.Somagani Satish Goud, Sole Proprietor of linnqcle Global, Flat No.302, Plot No.40i41/A,^.,; 4U8,42, Sri Sainath Aashray Apaftment, Cross Road,Num 3, Sardar Patel Nagar, Kukatpally, Hyderabad-500085. I

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",.1

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Mr,Somagani Satish Goud, L2- L56l 8l / 2, Salarjungpet, Kodada, Mandalam, Near Lorry Office, Kodada, Nalgonda - 508206, Telangana.

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...... Defendant

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, ' ,:

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Counsel for the Ab6tica'nt : Mr.N.B.Sudarshan

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:' :1 :
Defendants : Exparte
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' OA.No.388/2022 :

:: ORDER ::

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The Applicant Bar,rk filed:the ptesent OA fori dhe recovery of a sum of Rs.24,67,320.89ps as on 18.01.2022 from the defendant with future interest @ 18% p.m. from the date of application till the date I

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-^)-

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of realisation along with costs. .i

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Summon served on sole defe.ndant through paper publication and ,, :||

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was set exparte on 02.03.2023 as called absent and no representation.

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The Applicant K N, Senior Manager as AW-1 and him as Ex. A.1 to Ex. A.9.

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Heard the t-0. ciunsel ror Bank and perused the material placed o;d.ecoid. :

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The point that arises for consideration

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Whether the Applicant Bank is entitled for the claim made in the OA against the Defendant?

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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.9 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. ffirn

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oA.No.388/2022

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In the result, the present allowed as under: -

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No.3BB/2022 is

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i) The Defendant is liable to pay to the Applicant Bank a sum of Rs.24,67,320.89ps with future interest @ L2o/o p.a. simple, from the date of applicatilon till the date of realization;

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ii) the applicant bank is also entiiled to proceed against the person and properties of the defendant for realization of its dues;

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I .i I

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iii) the applicant bank is entiUed for the costs.

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B. The Applicant Bank is' directed' to fite cost'lr4"ro within 2 weeks t,

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from the date of receipt of this Order. j i

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9" Issue Recovery Certificate accordingly.

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Communicate a co,py of this order to the concerned. (Dictated to the steno., transcii6ed by him,'correcteb, pronounced by me in the open court on this the 27th day of September, ZOZ3I . ..c OWse "'-(RAMESHWAR KOTHE) PRESIDING OFFICER

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American Express Banking Corp v. Somagani Satish Goud

Case brief

What is this about?

What did the court decide?

American Express Banking Corp v. Somagani Satish Goud

Case brief

What is this about?

What did the court decide?

What the court decided

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