Allowed

Icici Bank Limited v. Mohammed Hamed Ali

DRT9 Nov 2023OA/512/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed ICICI Bank's recovery application of Rs.20.90 lakh against absented defendant Mohammed Hamed Ali, directing recovery of principal, interest, costs, and permission to sell hypothecated vehicle.

What did the court decide?

Defendant liable to pay Rs.20,90,685.98 with future interest @ 24% p.a., bank to realize debt from hypothecated vehicle and defendant properties.

Icici Bank Limited versus Mohammed Hamed Ali — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 9th DAY OF NOVEMBER, 2023

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PRESENT: SH. RAMESHWAR KOTHE, B.Com., L.LB. (Hons.), I.4,A. PRESIDING OFFICER

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Original Application No: 512 OF 2023

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ICICI Bank Limited, Gachibowli, ICICI Towers, Serilingamapally Mandal, Ranga Reddy Dist. Rep. by its Authorized Signatory and Power of Attorney Holder.

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.....Applicant.

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Versus

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Mohammed Hamed Ali, S/o. Mohammed Omer Ali, Aged: 40 Years, Occ: Business, PJo- 2O-7-2O2, Near Masjid Toor, Fateh Darwaza, Charminar, Shahalibanda, Hyderabad-500065. Telangana State. Also at: Mohammed Hamed Ali, S/o. I'lohammed Omer Ali, Aged: 40 Years, Occ: Business, Taiba the Designers, Shop No. G1, Ground Floor, No.s 21-3-205, 2L-3-2O6, 2L-3-2O7, r abia Commercial Complex, Charimnar, Hyderabad-500063. Telangana State. ... Defendant : M.V. KINI Counsel for the Applicant Defendants : Exparte OY*o

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oA.NO.s12l2023

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:: qL9-E8 ::

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The Applicant Bank filed the^present OA for the recovery a total sum of Rs.20,90,685.98ps as on 23.03.2023 from the defendant with future interest @ 24o/o^p.a. with monthly rests frcm 24.O3.2023 till the date of realization along with costs and in default for sale of hypothecated vehicle.

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Summons served on sole defendant through^{paper publication,} he was set exparte on 29-08-2023 as called absent and no representation.

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J. The Applicant Bank examined N Chandrasekar, Regional Relationship Manager, as AW-1 and marked 7 documents through him as Ex. A.1 to Ex. A.7.

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Ld. Counsel for the Applicant Bank reported orders may 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 Defendant and OA hypothecated vehicle?

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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.7 marked on behalf of the Applicant Bank clinches the claim of the Applicant Bank against the Defendant. Hence, I hold that the Defendant ls liable to pay the OA claim to the Applicant Bank with future interest and costs, .Ctfi4-. - ),, --o,yr.\

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oa.No.512/2023

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In the result, the present Original Application No.StZ/zO23 allowed as under: -

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i) The Defendant is liable to pay to the Applicant Bank a sum of Rs.20,90,685.98ps with future interest @ 74o/o p.a. simple from the date of apptication ti the date of realization;

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ii) the OA claim is secured by way of hypothecation of vehicle described in the schedule annexed to the OA and the applicant bank is entiued to proceed against the same to realise its debt;

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

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iv) the applicant bank is enti ed for the costs.

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

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Issue Recovery Certifi cate accordingly.

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Communicate a copy of this order to the parties concerned. (Dictated,to the steno, corrected, signed end pronounced by me in the open court on this the 9'" Day of November,2023) .

¶27

PRESIDING OFFICER

Icici Bank Limited v. Mohammed Hamed Ali

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Mohammed Hamed Ali

Case brief

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What did the court decide?

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