Allowed

Kotak Mahindra Bank Limited v. Sai Deethya Bikes India Pvt. Ltd.

DRT4 May 2023OA/514/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of loan dues. The court held defendants jointly and severally liable for the balance claim after deducting Rs. 2.98 crore realised from auctioned property, directing issue of recovery certificate.

What did the court decide?

Defendants liable to pay balance dues of Rs. 3,77,30,412.59 less Rs. 2,92,50,000 realised on auction, along with future interest and costs; Recovery Certificate issued.

Kotak Mahindra Bank Limited versus Sai Deethya Bikes India… — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-II AT HYDERABAD DATED THIS THE 4IH DAY OF MAY, 2023

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

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oA. NO. 574 0F 2022

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Kotak Mahindra Bank Ltd. Zonal Office, 6-3- tL09 / t /^p / 202 III Floor, Jewel Pavani Towers Rajbhavan Road, Somajiguda Hyderabad - 500 082. Represented by its Branch Manager.

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.....Applicant.

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Vers us

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1, M/s. Sai Deethya Bikes India pvt. Ltd. Rep by its Managing Director D. No. 11-1-115, Aravinda Nagar Ananthapur, Ananthapur Dist. Andhra Pradesh, 515 001.

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Shri Mokshagundam Hari Krishna Sharma Age: 43 years, Occ: Business S/o Krishna Murthy, D. No. 11-1-115 Aravinda Nagar, Ananthapur Ananthapur Dist., Andhra^pradesh - 515 001.

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T. Deepthi, D. No. 11-1-115 Aged:42 years, Occ: Business Aravinda Nagar, Ananthapur Ananthapur Dist. 515 001.

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...Defendants

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Counsel for the Applicant : Mr. P. S. Sujatha. DefendantS i Ex-parte/Y*

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OA No.514/2022

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::ORDER::

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The^{Applicant Bank filed the present OA for the recovery of a} towards

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total^{sum of Rs'3,77,30'412'59Ps'i'e'Rs'1'90'79'323/-} OD alc^{No'4713694310with future interest @8'B0o/o'} No'

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Rs.1,20,44,8^{42'94Ps towards term loan alc} 78O4TLO1OOOOOO04^{with future interest @B'40o/oand} Rs.66,06,246'65Ps^{towards Working Capital Term Loanunder} ECLGS^{a/c No'7B04CLO1OOOOOOO5with future interest @B%} with monthly^{rests jointly and severally from the Defendants} from^{the date of Application till the date of realisation with costs} and^{sale of OA scheduleproperties'}

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The defendants set ex-parte^{on served 20 with '12'2022 summons' as called All the absent defendants and wereno} representation '

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The Applicant^{Bank examinedP' Srinivas' ChiefManageras} AW-1^{and marked 20 documents through him as Ex' A'1 to Ex'} A.20. It^{is submittedthat during the pendency of OA'} applicant^{bank realised an amount of Rs'2'92'50'0O0/-} by way^{of sale of Item No'2 of OA schedule-I property on} 27.12.2022^{and appropriatedtowards dues recoverable}

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from the^defendants'

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HeardtheLd.CounselfortheApplicantBankandperusedthe 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^{balance OA claim againstthe}

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OA No.514/2022

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Defendants and item No.1 of OA schedule-I property and Schedule-II assefs as prayed for?

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6 As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Ex. A.1 to Ex.A.20 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 to the Applicant Bank the claim made in the OA with future interest and costs, less Rs.2,92,SO,OOOlby way of sale of Item No.2 of OA schedule-I property realised on 27.L2.2O22.

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In the result, the present Original Application No.514/2022 is allowed as under: -

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i) the Defendants are jointly and severally liable to pay to the Applicant Bank a total sum of Rs.3,77,30,41 2. 59Ps. i,e. Rs.1,90,7 9,323 I - towards OD a/c No.4713694310 Rs,L,20,44,842.94ps towards term loan a/c No,7804T10100000004 and Rs.66,06,246.65Ps wards Working Capital Term Loan under ECLGS a/c No.7804C10100000005 along with interest @Bolo p.a. simple from the date of application till the date of realization less Rs.2,92,5O,OOO/- realised by way of sale of Item No.2 of OA schedule-I property on 27.L2.2022;

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ii) the OA claim is secured by way of hypothecation/ mortgage of properties described in the schedules annexed to the OA and the applicant bank is /Y,

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entitled^{to proceedagainst the unsold item No'1 of} Schedule-I^{and Schedule-II assets to realiseits} debt;

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iii) the^{Applicant Bank is entitled to proceed against} the^{person and propertiesof the defendants for} realization^{of its dues;and}

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iv) the^{Applicant Bank is entitledfor the costs'}

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The Applicant^{Bank is directed to file Cost Memo within2 weeks} from the^{date of receipt of this Order'}

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9, Issue Recovery^{Certificate accordingly'}

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Communicate^{a copv of this order} 19 ll.:pu'ti"t^{tol,t-"!l-"1^*} ^. (Dictated to $'"^{tt"no, i5"r."tted'signed and pronounced by me in the open coun on} t[iiine a"^{day of MaY,2023')}

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ffi*> MESHWAR^KOTHE) PRESIDING^OFFICER

Kotak Mahindra Bank Limited v. Sai Deethya Bikes India Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Sai Deethya Bikes India Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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