The Debts Recovery Tribunal allowed an Original Application filed by ICICI Bank Limited to recover dues of approximately 33.85 lakhs from two respondents, who were a borrower and a guarantor, with interest and costs, noting the respondents' absence.
Order allowed with costs; liberty to sell schedule properties; Recovery Certificate to be issued.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL - I, KARNATAKA
AT BENGALURU
Dated this the 16th day of November,2023
Present: Sri Imtiaz Ali
Presiding Officer
OA No.53212022
BETWEEN:
ICICI Bank Limited,
Branch Office at -
The Senate IBC, Ulsoor Road
Yellappa Garden, Yellappa Chetty Layout Sivachetti Gardens, Bengaturu 56OOO8 Represented by its Officer and Power of Attorney Holder Sri PramOdh G
.. APPLICANT
AND:
Proprietor of Sri Yandamoori EnterPrises
Aged about 47years No.006, Lake View LaYout Opp: Koppaluru J.P. Nagar 3'd Stage Mysore- 57O OO8
S/o Sri Ramakrishnamaraju Aged about 39 Years No. 39/A, Bth Cross Vijaya Bank ColonY BasavanaPura Bangalore- 56O O36
..DEFENDANTS
Counsels on record/aooearedfor: Applicant : FX and Co Defendants : Ex Parte
OA No.532/2022
FINAL ORDER
The present OA have been filed by the Applicant Bank under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, seeking recovery of money of Rs,33,85,713.22 (Rupees thirty-three lakhs eighty-five thousand seven hundred thirteen andpaise twenty-two only) together with costs, interest, etc.
L
oA No.s3212022
Office/Central Office of theApplicant Bank and penalinterest in case of default and keep theaccountsregular by paying installments as and when due to the satisfaction ofthe Applicant Bank, as detailed in the oA by theApplicant Bank.
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OA No.532/2022
Applicant Bank heard and perused the records of the case.
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OA No.532/2022
REASONS
ORDER
Present OA stands allowed as prayed for with interest and costs.
In the event of failure of the Defendants to pay the said OA amount, the Applicant Bank is at liberty to sell the Scheduleproperties in accordance with law as sought by the Applicant Bank in the OA.
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oA No.532/2022
In spite of sale of the Schedule properties, if the OA amount is not fully realised, then the Applicant Bank is at liberty to proceed against the persons and other properties of the Defendants in accordance with law.
Applicant Bank shall file latest Memo of Calculation of OA amount together with interest, costs etc., to be paid by Defendants duly taking into account the amount/s, if any, paid by the Defendants and/or amount realized by sale of assets, etc., during the intervening period after filing the OA, to enable the office to prepare Recovery Certificate for the amount to be paid by the Defendants to the Applicant Bank.
Office is directed to issue Recovery Certificate as sought by the Applicant Bank in the OA and do the needful as required under the law forthwith.
The Office is directed to issue, as far as possible, free copy of this order to the parties concerned.
(Dictated to the Stenographer, after its transcription and necessary corrections, signed and pronounced by me in the Open Court on this the 16rh day of November, 2023)
t (rm[iaz ali) Presiding Officer DRT-I, Bengaluru
7
OANo.532l2O22
ANNEXURES
Witness Examined for the Applicant Bank: AW-1 : Sri Pramodh G
The Manager and Power of
Attorney Holder of the Applicant Bank
List of Documents Exhibited for the Aoolicant Bank:
Ex.A-l : Affidavit of AW-l Ex.A-2 : List of Documents
Ex.A-3 to A-18 : 16 documents
Witness Examined for the Defendants:
List of Documents Exhibited for the Defendants:
\ ti V :-+' \N (ImtiCz Ali) Presiding officer DRT-I, Bengaluru
2 issues framed by the court
Whether the Applicant Bank proved its case for recovery of dues including interest and costs?
Whether the present Original Application should be allowed?
1 provisions across 1 enactments
ICICI Bank Limited
Sri Murali Raju
Sri VenkatachalaPathi Raju
Imtiaz Ali
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
