Allowed

Karur Vysya Bank v. Prevalant Cab

DRT13 Nov 2023OA/481/2022

Case brief

AI extract

What is this about?

The DTII at Hyderabad allowed an Original Application filed by Karur Vysya Bank to recover Rs. 5.03 crore. The defendants were absent. The DRHT held them jointly and severally liable to pay the amount with interest and costs, and secured the claim via secured assets.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 5.03 crore with future interest; claim secured by assets; costs awarded; Recovery Certificate issued.

Karur Vysya Bank versus Prevalant Cab — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL.II AT HYDERABAD DATED THIS THE 13th DAY OF NOVEMBER, 2023 PRESENT; SH. MMESHWAR KoTI o*urro,ro^{rj;r1....?., L.LB. (Hons.), M.A.}

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Original Application No: 4Af OF 2022

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The Karur Vysya Bank Limited. 6anJara Hills Branch, Rep. by its Authorized Signatory/AGM.

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.....APplicant.

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Versus

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M/s.^prevalant Cab Srj ..J-ain +litesh Ramesh Kumar, )I^lot i?3,^{Rampa y vi aee,} Keesara Mandal,

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Hyderabad, Telangana_S01301.

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Also at:

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M/s.^prevalant Cab plot No. 37lC, IDA, phase_s, chertapalty, Hyderabad_5OOO5 1.

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!i._t?:, Hithes Ramesh Kumar, s/o.,Mr._Ramesh Kumar Otarmal Jain, Aged: 36-y-ears, Occ: Business, )l..1". ??3,^{Rempa y vi ase,} Keesara Mandal, Hyderabad' Tetangana-501jO1:^----'

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Also at:

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Mr Jain Hithesh Ramesh Kumar, s/o. Mr. Ramesh Kumar Otarmai Jain,

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rfiv<* L/^- "'

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oA,NO.481/2022

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Aqed: 36^{Years,Occ: Business,} D: No. 1-8-so3/10^{& 11/8,} Plot No. 43,^{SaiVatika,P G Road,} Street No.^{11, Sindhi Colony,} Secunderbad-500003.

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Also at:

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Mr. lain Hitesh^{Ramesh Kumar,} S/o. Mr.^{RameshKumar Otarmal Jain,} D. No.2-3-450,^{Sri Sai Residency,} B Block, Flat^{No. 303,} Gayadeen^{Bagh, Nallagutta,M G Road,} Secunderabad-500010.

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Sri Ramesh^{Kumar OtarmalJai,} lvl/s. Prevalant^{cab, SY.No. 223,} RampallY^{Village, Keesara Mandal,} Hyderabad,^{Telangana-501301.}

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Also at: Sri, Ramesh^{Kumar Otarmal lain,} S/o. Late^{Sri OtramalJain,} D. No. 1-8-503/10 &^11/8, Plot No.43, Sai^{Vatika,P.G. Road,} Street No. 11,^{Sindhi Colony,} Secunderbad-500003.

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Also at: Mr. Ramesh^{Kumar Otarmal Jain,} S/o. Late Sri^OtramalJain, D. No. 2-3-450, Sri^{Sai Residency,} B Block, Flat No.^303, Gayadeen Bagh,^{Nallagutta,14 G Road,} secu nderabad-^5OOO 10.

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.. . Defendants

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Counsel for the Applicant : Mr. G Krishna Chaitanya Defendants : ExParteExParte

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: ExParteExParte . , '.,,"'}

oA.NO.481/2022

:; ORDER::

The Applicant Bank filed the present OA for the recovery a total sum of Rs.5,03, !2,806/_ from the defendants joinuy and severally with future interest @ 18o/o p.a. from the date of application till the date of realization along with costs and in default for sale of OA schedule assets,

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Summon served on D1 to D3 through paper publication. The defendants were set exparte on OA.12.2022 as called absent and no representation.

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The Applicant Bank examined Chamarty Srinivasa Satish, Asset Recovery Manager, as AW-1 and marked 25 documents through him as Ex. A.1 to Ex. A.25.

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Heard the Ld. Counsel for the Applicant Bank and perused the material placed on record.

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5, 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 Defendants and OA schedute 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.25 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable to pay the OA claim to the Applicant Bank with future interest and costs.

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oA.NO.481/2022

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In the result, the^{present Original ApplicationNo'48U2022is} 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.5,03,12,806/-^{with future interest @18o/o} simple from the^{date of applicationtill the} date of realization;

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ii) the OA claim is^{secured bY way of} mortgage/hypothecation^{of assetsdescribed} in the schedule^{annexed to OA and the} applicant bank^{is entitledto proceed against} the same to realise^{its debu}

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iii) the applicant bank^{is also entitledto proceed} against the^person and^propertiesof defendants for realization^{of its dues;}

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ili) the applicant bank^{is entitled for the costs.}

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The Applicant Bank^{is directedto 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 partiesconcerned.} (Dictated to the steno, corrected, signed end^pronounced by me in the open court on this the 13s dayof November,2023).

¶44

H(o
ESHWAR KOTHE)
PRESIDING OFFICER

Karur Vysya Bank v. Prevalant Cab

Case brief

What is this about?

What did the court decide?

Karur Vysya Bank v. Prevalant Cab

Case brief

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What did the court decide?

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