Allowed

Hdfc Bank Ltd., v. Cubatic Infra and Power Pvt. Ltd.

DRT24 Nov 2023OA/639/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the original application filed by HDFC Bank Ltd. against Cubatic Infra and Power Pvt Ltd and Thiraphthi Sathibabu for recovery of Rs. 53,64,363.42 with interest, declaring respondents jointly and severally liable.

What did the court decide?

Direct recovery of Rs. 53,64,363.42 with interest; security of hypothecated vehicle; cost memo to be filed.

Hdfc Bank Ltd., versus Cubatic Infra and Power… — Contract and Commercial Disputes | DRT (2023)

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IN THE^{DEBTS RECOVERYTRIBUNAL-II AT HYDERABAD} DATED^{THIS THE 24th DAY OF NOVEMBER'2023} PRESENT:^{SH. MMESHWARKorHEiP"til} '^{L LB (Hons')'M A'}

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Original^{ApplicatlonNo: 639 OF 2022}

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HDFC Bank^Ltd., iavino its^{officeat # 1-10-60/3'} 3'd Flo;r,^{SurYodaYacomPlex,} oDD. ShoPPers^StoP, BeoumPet,^{HYderabad-500016'} .....APPlicant. ne-p. UY^{its Manager-Legal'}

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Versus

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Cubatic^{Infra and Power Pvt Ltd} ' ReP. bY^{its l4anaging Dlrector'} PIot No^{17,2no Floor,} Dwaraka^Heights, lubilee Enclave,^{Hi TechCitY'} HYderabad-500081'

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ThiDarthi^SathiBabu, - slo. srrYanatayana ThiParthi' Aoed: 61^{Years,Occ: Business'} P6t No. 149,^{Eswar villas'} NizamPet^{Road, KukatpallY'} ...Defendants HYderabad-500072'

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: Dr. M.^{P. KashYaP} Counsel^{for the APPlicant} Defendants : Expartefu-*'

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oA.NO.639/2022

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:: qLLLB::

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The Applicant Bank filed the present OA for the recovery a total sum of Rs.53,64,363.42ps from the defendants jointly and severally with future interest @ 24o/o p.a. from the date of application tlll the date of realization along with costs and in default for sale of OA hypothecated vehicle.

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Summons served on D1 to 2 through^paper publication. They were set exparte on 10.03.2023 as called absent and no representation.

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The Applicant Bank examined Yedla Nikhila, Legal Manager, as AW-1 and marked 6 documents through her as Ex. A.1 to Ex. A.6.

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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 Defendants and OA hypothecated vehicle?

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As stated supra, the Defendants remained ex-parte. The Evidence Affidavit coupled with the recitals in the documents viz., Exs. A.1 to A.6 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 the OA claim to the Applicant Bank with future interest and costs. Ary'*

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oA.NO.639/2022

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In the result, the present Original Application No.6gg/2022 allowed as under: -

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i) The Defendants are joinfly and severally liable to pay to the Applicant Bank a sum of Rs.53,64,363.42ps with future interest @ 9.85o/o p.a. simple from the date of application till the date of realization;

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ii) the OA claim is secured by way of hypothecated vehicle described in the schedule annexed to 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 defendants for realization of its dues;

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iii) the applicant bank is entiued for the costs.

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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 and pronounced by me in the open coud on this the 24'' Oay of November,2O23) .

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2(,t-,ttb
d"

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ESHWAR KOTHE) PRESIDING OFFICER

Hdfc Bank Ltd., v. Cubatic Infra and Power Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Hdfc Bank Ltd., v. Cubatic Infra and Power Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

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