Allowed

Karur Vysya Bank v. Flare Cables

DRT22 Aug 2023OA/484/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's application for recovery of debt and future interest from the defaulting borrowers and its proprietors based on ex-parte evidence. The bank was also granted costs.

What did the court decide?

Defendants directed to pay Rs. 5.03 crores with future interest at 12% p.a.; bank allowed recovery of dues via OA schedule assets; costs awarded to bank; Recovery Certificate to be issued.

Karur Vysya Bank versus Flare Cables — Banking and Recovery | DRT (2023)

¶1

IN THE DEBTS^{RECOVERYTRIBUNAL-II AT HYDEMBAD} DATED THIS THE^{22"dDAY OF AUGUS-|,2023}

¶2

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

¶3

Original Application^{NO: 484 OF 2022}

¶4

M/s. The Karur VYsYa^BankLimited Banjara Hills Branch Represented by its^{AuthorizedSignatory/AcMr} Asset Recovery Branch, Chirg Ali Lane,^Abids, Hvdera bad-500001

¶5

......Appricant

¶6

VERSUS

¶7

M/s Flare Cables,^{ReP. bY its Sole} Proprietor: Sri Jain Hitesh^{Ramesh Kumar,} Sy No. 223, RemPally^Village, Keesara Mandal, Hyderabad, Telangana-501301.

¶8

Also at:

¶9

M/s Flare cables, Rep. by its Sole Proprietor: Sri Jain Hitesh Ramesh Kumar, Plot No. A z8/Ut4lO/SF, Industrial Park, Nacharam, Hyderabad-500076.

¶10

Mr. Jain Hitesh Ramesh Kumar, S/o. Mr Ramesh Kumar Otarmal Jain Aged: 36 Years, Occ: Business

¶11

D. No. 1-8-50/3/0 & 11/8, Plot No.43, Sai Vatika PG Road, Street No. 11, Sindhi Colony,Secunderabad-500003.

¶12

Also at:

¶13

Mr. Jain Hitesh Ramesh Kumar dY"O

¶14

OA No.4a4/2022

¶15

S/o. .l4r.,Ramesh Kumar Otarmal Jain, Aged: 36 Years, Occ: Business ? l',13.^{2---3:4s0,Sri Sai Resdinecy, B Btock,} I-lat No.303, Gayadeen Bagh, Nailagutta, 14G Road, Secunderabad-5bd0 to.

¶16

.......Defendants

¶17

Counsel for the Applicant : Mr. c. Krishna Chaitanya Counsel for the Defendant :Ex-Parte

¶18

ORDER

¶19

The Applicant Bank filed the present OA for the recovery of a sum of Rs. 5,03,66,219.00ps from the Defendants joinuy and severally with future interest @ 18o/o p.a. with monthly rests from the date of this Application till the date of realization along with costs and in default for sale of OA schedule assets.

¶20

Summons served on D1 and 2 through paper publication. The defendants were set exparte on Og,72.2022 as called absent and no representation.

¶21

The Applicant Bank examined Chamarty Srinivasa satish, Asset Recovery lvlanager as AW-1 and marked 22 documents through him as Ex. A.1 to Ex. A.22.

¶22

Heard the Ld. Counsel for the Applicant Bank, perused the

¶23

material placed on record. 6fu."o

¶24

oA No.484/2022

¶25

5. The^point that arises for consideration is:

¶26

Whether the Applicant Bank is entitled for the claim made in the OA against the Defendants and OA schedule assets?

¶27

As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.22 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.

¶28

In the result, the present Original Application No.483/2022 is allowed as under: -

¶29

i) The Defendants are jointly and severally liable to^pay to the Applicant Bank a sum of Rs. 5,03,66,219.00 with future interest @ l2o/o p.a. simple from the date of application till the date of realization;

¶30

ii) the OA claim is secured by way of assets described in the

¶31

hypothecatlon of schedule annexed to OA and the applicant bank is entitled to proceed against the same to realise its debt; 'rye

¶32

oa No.48,.l2O22.

¶33

iiD the applicant bank is entiued to proceed against the person and properties of defendants for realization of its dues;

¶34

iii) the applicant bank is entifled for the costs.

¶35

B. The Applicant Bank is directed to file Cost i4emo within 2 weeks from the date of receipt of this Order.

¶36

o Issue Recovery Certifi cate accordingly. 10. Communicate a copy of this order ll,,tl;* :* m#lJ:,',:;'":J:,:J,l:",#.lf f^i? i"",1!""iii?;.^

¶37

¶38

//w." th{'ruesnwnn xotnrr PRESIDING OFFICER

Karur Vysya Bank v. Flare Cables

Case brief

What is this about?

What did the court decide?

Karur Vysya Bank v. Flare Cables

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Bank of India versus M/s Royal Steel Fabrication

Bank of India versus M/S Sri Krishna Enterprise and Ors.

Ms Rising Enterprises and Others versus Punjab National Bank

Land End Automotives Private Limited versus Jammu and Kashmir Bank Limited

Hdfc Bank versus Suraj Kumar Mahto and Others

Bank of Baroda versus M/s Tarumita Nonwoven Manufacture Private Limited and Others