Allowed

Icici Bank Limited v. M/S Avatar B Enterprises

DRT15 Nov 2023OA/561/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by ICICI Bank Limited for recovery of Rs.38,37,184.04 owed by M/s Avatar'B' Enterprises and M/s V Jayanthi. The court held that the bank established its case and the defendants were absent.

What did the court decide?

Petition allowed with interest and costs; Recovery Certificate to be issued; liberty to sell schedule properties.

Icici Bank Limited versus M/S Avatar B Enterprises — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL^. I, KARNATAKA

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AT BENGALURU

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Dated this the 15th day of November,2023

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Present: Sri Imtiaz Ali

Presiding Officer

OA No.56Ll2022

BETWEEN:

ICICI Bank Limited,

Branch Office at -

The Senate IBC, Ulsoor Road

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Yellappa Garden, Yellappa Chetty Layout Sivachetti Gardens, Bangalore- 56O OO8

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Represented by its Officer and

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Power of Attorney Holder Sri Pramodh G

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.. APPLICANT

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AND:

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L. M l s Avatar'B' Enterprises Represented by its Proprietor Sri Narendra Naidu

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Having its office at No.109

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Venkateshappa Building Shikaripalya

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Bangalore- 56O 1O5

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Also at:

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M/s Avatar'B' Enterprises Represented by its Proprietor Sri Narendra Naidu No.E-003, Concord Tech Turf Apartment Shikaripalya, Jigani Hobli Electronic City Anekal Taluk Bangalore

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OA No.561/2022

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Miss V Jayanthi

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Aged about 31 years No.E-003, Concord Tech Turf Apartment

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Shikaripalya, Jigani Hobli Electronic City Anekal Taluk Bangalore-

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.DEFENDANTS

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Counsels on record /aooeared for; FX and Co Applicant : Defendants : Ex parte

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FINAL ORDER

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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.38,37,184.04 (Rupees thirty-eight lakhs thirty-seven thousand one hundred eighty-four and^paise four only) together with costs, Interest, etc.

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The case of the Applicant Bank is that, the Defendants being the Borrower and Co-Borrowers had approached the Applicant Bank for the following credit facilities which are as follows:

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i) Bharat Benz Vehicle Loan of Rs.25,95,000/- and accordlngly, the Applicant Bank sanctioned the loan under Account No.1V8NG00038207505 on 31.10.2018.

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ii) Tata LPT Vehicle Loan of Rs.13, 52,169/- and accordingly,

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oA No.561/2022

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the Applicant Bank sanctioned the loan under Account No.1V8NG00041131099 on 26.11.2019.

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iii) Working Capital Term Loan of Rs.6,38,000/- and accordingly, the Applicant Bank sanctioned the loan under Account No.UVBNG0004207 6a2O on 19.09.2020.

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In order to secure the Loans, the Defendants have executed various documents, viz., Power of attorney, Disbursal Memos, Deeds of Hypothecation, "B " Extract etc.,

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Further, the Defendants have agreed to repay the above Loans with variable rate of interests, as applicable from time to time as per the directions of the Head Office/Central Office of the Applicant Bank and^penal interest in case of default and keep the accounts regular by^paying installments as and when due to the satisfaction of the Applicant Bank, as detailed in the OA by the Applicant Bank.

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The Defendants after utilising the said Loans have failed and neglected to make the repayment of the Loans due as agreed and Defendants have not serviced the interest thereon as per the terms and condition agreed by the Defendants. In spite of repeated reminders and several demands, the Defendants have failed and neglected to make

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oA No.561/2022

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the payment. Thereafter, the Applicant Bank has sent Recall notices to the Defendants on 02.03.2021 and O2.O7.2O21, calling upon them to repay the total outstanding dues from the receipt of the notices. In spite of receipt of notices, the Defendants have failed to pay the outstanding dues and hence the recovery process is initiated to recover the dues.

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In the light of these factors, it is contended by the Applicant Bank that Defendants are liable to pay a total sum of Rs.38,37,LA4.O4 (Rupees thirty-eight lakhs thirtyseven thousand one hundred eighty-four and paise four only).

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After filing this OA, Summons were sent and served to the Defendants through RPAD. When the Defendants were called out, the Defendants remained absent and hence, they were placed Ex parte.

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To prove the case of the Applicant Bank, its Manager and Power of Attorney Holder Sri Pramodh G, has filed his affidavit by way of evidence the same was considered as evidence of AW.1 and marked at Ex.A1 and list of documents came to be marked at Ex.A2 and 23 documents came to be marked at Ex.A3 to A25.

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OA No.561/2022

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No evidence on behalf of the Defendants.

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Arguments of Learned Counsel for the plaintiff/

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Applicant Bank heard and perused the records of the case.

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Following points arise for my consideration:

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1. Whether Plaintiff/Applicant Bank proves its case as contended in the plaint/application ?

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1. What Order?

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For the following reasons, I answer the above_ referred points in the following manner:

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REASONS

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t2. The Manager and^power of Attorney Holder of the Applicant Bank came to be examined as AW.1. His affidavit by way of evidence reiterated the facts pleaded in the plaint and his affidavit is also corroborated by the above-referred Ex.A3 to A25 which clearly establish the case of the Applicant Bank to allow the present OA. Added to this, the Defendants have remained absent, hence it is to be construed that Defendants have admitted the entire case pleaded by the Applicant Bank in the present OA.

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OA No.561/2022

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Therefore, for these^{reasons, present OA is to be}

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allowed with costs^as sought^{by the ApplicantBank.}

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ORDER

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Present OA stands allowed as^{prayedfor with interest} and costs.

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In the event of failure of the Defendants to^{pay the said} OA amount, the Applicant. Bank is at^{liberty to sell the} Schedule^properties in accordance^{with law as soughtby the} Applicant Bank in the OA.

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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.

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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 realised 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.

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OA No.561/2022

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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.

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The Office is directed to issue, as far as possible, free copy of this order to the parties concerned.

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(Dictated to the Stenographer, after its transcription and necessary corrections, signed and pronounced by me in the Open Court on this the 15rh day of November, 2023)

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\v, (Imtiat I Ali) Presiding Officer DRT-I, Bengaluru

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ANNEXURES

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Witness Examined for the Aoplicant Bank: AW-1 : Sri Pramodh G

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The Manager and Power of

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Attorney Holder of the Applicant Bank

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List of Documents Exhibited for the Aoplicant Bank: Ex.A-l : Affidavit of AW-1 Ex.A-2 : List of Documents

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Ex.A-3 to A-25 : 23 documents

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Witness Examined for the Defendants:

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Nil -

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List of Documents Exhibited for the Defendants:

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Nil -

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,,);,rlll' Presiding Officer DRT-I, Bengaluru

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Icici Bank Limited v. M/S Avatar B Enterprises

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. M/S Avatar B Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

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Case details

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