Allowed

Icici Bank Limited v. Shamanth M N

DRT4 Dec 2023OA/564/2022

Case brief

AI extract

What is this about?

DRT-I, Bengaluru allowed an Originating Application filed by ICICI Bank Limited for recovery of dues under the RDB Act, 1993. The court observed that defendants remained absent, permitting the applicant's evidence to stand unrefuted, and directed the issuance of a recovery certificate.

What did the court decide?

Originating Application allowed with interest and costs; liberty given to sell schedule property if dues not realized; direction to issue Recovery Certificate.

Icici Bank Limited versus Shamanth M N — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL - I, KARNATAKA AT BENGALURU

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Dated this the 4th day of December, 2023

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present: sri Imtiaz Ala

Presiding Officer

OANo.S64/ZOZ2

BETWEEN:

ICICI Bank Limited,

Branch Office at -

The Senate IBC, Ulsoor Road Yellappa Garden

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Yellappa Chetty Layout Sivachetti Gardens, Bengaluru 560 OOB Represented by its Officer and Power of Attorney Holder Sri Pramodh G

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.. APPLICANT

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AND:

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Sri Shamanth M N

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S/o. Sri Sri Narayan

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Aged Major

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No.40, Bth Main, 12th Cross K H Road, Kuvempunagar Mysore-570 023

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Miss. Tharamani T

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D/o. Sri Kempegowda Thammaiah Aged Major No.4O, 8th Main

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l2thCross,KHRoad Kamakshi Hospital Road Saraswathipuram Mysore-S7o 000

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.. DEFENDANTS

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Counsels on record/appeared for:

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Applicant : Sri Francis Xavier Defendants i Ex parte

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FINAL ORDER

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The present OA have been filed by the Applicant Bank

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OA No.564/2022

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under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, seeking recovery of money of Rs.22,31,3a5.97 (Rupees twenty-two lakhs thirty-one thousand three hundred and paise ninety-seven only) together with costs, interest, etc.

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The case of the Applicant Bank is that, the Defendant No.1 and 2 are Co-Borrower have approached the Applicant Bank for vehicle Loan for the purchase of AUDI Q3/3sTDL Accordingly the Applicant Bank has considered the request of the Defendants and sanctioned vehicle loan of Rs.20,00,000/- on 05.08.2019, in terms of loan agreements. In order to secure the Loans, the Defendants have executed various documents, viz., Disbursement Memo, Credit Application From, Deed 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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OA No.s5412022

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The Defendants after utilising the said Loans have failed and neglected to make the payment with stipulate time. However, the Defendant has failed and neglected to make the payment despite of repeated reminders, as as such the Defendants has committed default in making the payment of the amount due to the Applicant Bank. With no other alternative, the entire loan was recalled and the Applicant Bank issued a notice on 15.03.2021 and, called upon them to repay the entire outstanding dues within 7 days from the receipt of the notice. In spite of receipt of repeated notice, 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.22,31,38S.97 (Rupees twenty_two lakhs thirty_ one thousand three hundred and paise ninety-seven 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, absent and hence placed ex parte.

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oA No.564/2022

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10^prove the case^{of the Applicant Bank,its Manager,} Sri Pramodh^{G, has filed his affldavit by way of evidence the} same was considered^{as evidence of AW.1and marked at} Ex.A1 and list of^{documentscame to be markedat Ex A2 and} 09 documents came^{to be markedat Ex.A3 to All'}

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No evidence on behalf^{of the Defendants.}

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Arguments of Learned^{Counselfor the Plaintiff/} Applicant Bank heard^{and perusedthe records of the case'}

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Following^points arise^{for my consideration:}

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1. Whether Plaintiff/Applicant^{Bank provesits case} as contended in^{the plaint/application?}

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What Order?

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For the following^{reasons,Ianswer the above-} referred^points in the^{follo,Yingmanner:}

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REASONS

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The Manager of the^{Applicant Bank came to be} examined as AW.L.^{Hisaffidavitby way of evidence reiterated} the facts^pleaded in the^{plaint and his affidavit is also} corroborated by the above-referred^{Ex.A3 to 411 which} clearly establish the^{case of the ApplicantBankto allow the}

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oA No.s6412022

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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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Therefore, for these reasons, present OA is to be allowed with costs as sought by the Applicant Bank.

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ORDER

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Present OA stands allowed as prayed for with interest and costs.

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In the event of failure of the Defendant to pay the said OA amount, the Applicant Bank is at liberty to sell the Schedule property in accordance with law as sought by the Applicant Bank in the OA.

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In spite of sale of the schedule property, 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 Defendant in accordance with law.

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Applicant Bank shall flle 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

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oANo.564/2022

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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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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

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copy of this order to the parties concerned.

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(Dictated to the Stenographer, after its transcription and necessary corredions, signed and pronounced by me in the Open court on this the 4th day of DTember, 2023)

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Y (Imti{z Ali) Presiding Officer DRT-I, Bengaluru

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ANNEXURES

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WitnessExami	nedfortheAoolicantBank:
AW-1	:SriPramodhG
	TheManager ofApplicantBank
ListofDocume	nts Exhibitedforthe ApplicantBank:
Ex.A-1	:AffidavitofAW-1
Ex.A-2	:List ofDocuments
Ex.A-3toA-11	:09documents
WitnessExami	nedfor theDefendants:

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Nil -

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List of Documents Exhibited for the Defendantsl

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'h.t,

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(r mti a Ari) Presiding Officer DRT-I, Bengaluru

Icici Bank Limited v. Shamanth M N

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Shamanth M N

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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